<SEC-DOCUMENT>0001171843-24-002343.txt : 20240430
<SEC-HEADER>0001171843-24-002343.hdr.sgml : 20240430
<ACCEPTANCE-DATETIME>20240430085543
ACCESSION NUMBER:		0001171843-24-002343
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		103
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240430
DATE AS OF CHANGE:		20240430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EUROSEAS LTD.
		CENTRAL INDEX KEY:			0001341170
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33283
		FILM NUMBER:		24894204

	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>esea20231231_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
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<ix:nonFraction id="c111386912" contextRef="d_2023-01-01_2023-12-31" unitRef="USD" name="esea:NetGainLossOnSaleOfVesselsRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">142,266</ix:nonFraction>
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<ix:footnote xml:lang="en-us" id="f29e829fc-05e8-4722-aedd-acc1a8d9d674">Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019.</ix:footnote>
<ix:footnote xml:lang="en-us" id="f36579192-b122-41df-bda0-4ca08b825c9d">On September 13, 2022, the Company signed a term loan facility with HSBC, and a loan of $19,250,000 was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in ten consecutive quarterly installments of $1,000,000 each followed by a balloon payment of $9,250,000 payable together with the last installment in June 2025. The loan bears interest at SOFR plus a margin of 1.95%. The loan is secured with the following: (i) first priority mortgages over M/V &#8220;Emmanuel P&#8221; and M/V &#8220;Rena P&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $115,500 within 2022 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</ix:footnote>
<ix:footnote xml:lang="en-us" id="f9c233c8f-2455-406d-b829-f12a59a67e85">On October 22, 2021, the Company signed a term loan facility with HSBC, and on October 26, 2021, a loan of $15,000,000 was drawn by Jonathan Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V &#8220;Jonathan P&#8221; and to finance general corporate purposes of the Company. The loan is payable in twelve consecutive quarterly installments of $1,100,000 followed by a balloon payment of $1,800,000 payable together with the last installment in October 2024. The loan bears interest at SOFR plus a margin of 2.35%. The loan is secured with the following: (i) first priority mortgage over M/V &#8220;Jonathan P&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $117,500 within 2021 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</ix:footnote>
<ix:footnote xml:lang="en-us" id="f3ebd7d48-9612-4624-9bc6-f204cdce3572">
On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. (&#8220;Piraeus&#8221;) 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 was 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 payable together with the last instalment in November 2023. The loan bore interest at SOFR plus a margin of 3.50%.

On November 26, 2021, the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on November 29, 2021 drew the amount of $16,500,000 in order to finance general corporate needs of the Company. The loan was payable in sixteen consecutive quarterly instalments, the first four in the amount of $1,500,000 each, the next eleven in the amount of $560,000 each and a final balloon instalment of $4,340,000. The loan bore interest at SOFR plus a margin of 2.60%. The Company paid loan arrangement fees of $115,000 within 2021 for this loan.







F- 31



Euroseas Ltd. and Subsidiaries

Notes to consolidated financial statements

as of December 31, 2022 and 2023 and for the

years ended December 31, 2021, 2022 and 2023

(All amounts expressed in U.S. Dollars)



9.

Long-Term Bank Loans &#8211; continued




 	 	On July 13, 2023, the Company signed and drew a new term loan facility with Piraeus of $40,000,000  in order to refinance all the outstanding amounts of the two previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in sixteen consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in July 2027. A margin of 0.9% above SOFR is applicable to the portion of the loan equivalent to the Company&#8217;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 2.25% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V "Synergy Antwerp&#8221;, M/V "Synergy Busan&#8221;, M/V "Synergy Keelung&#8221; and M/V "Synergy Oakland&#8221;, (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within 2023 for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.</ix:footnote>
<ix:footnote xml:lang="en-us" id="fe5f6b03f-3d60-4534-9ce9-41814fb1f400">On September 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#8220;Sinopac&#8221;) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan.</ix:footnote>
<ix:footnote xml:lang="en-us" id="f029b2fd1-859c-440d-baed-3703836fd6cd">On  March 30, 2023, the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0 million or up to 67% of the vessel&#8217;s market value, in order to finance part of the construction cost of M/V &#8220;Gregos&#8221; (Hull No. 4201). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on March 31, 2023. The loan is payable in twenty-eight consecutive quarterly instalments, twelve in the amount of $700,000 and sixteen in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in March 2030. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) first priority mortgage over M/V "Gregos", (ii) first assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</ix:footnote>
<ix:footnote xml:lang="en-us" id="fd5915dd7-6ec0-4979-936a-d792e3679592">On May 30, 2019, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;) in relation to the financing of M/V &#8220;EM Astoria&#8221; and M/V &#8220;Evridiki G&#8221; totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in 16 equal consecutive quarterly principal installments of $375,000 followed by a balloon amount of $6,000,000 payable together with the last principal installment in May 2023. The margin of the loan was 3.90% over the Secured Overnight Financing Rate, or &#8220;SOFR&#8221;. On June 26, 2020, Eurobank agreed to defer the amount of $1,125,000 (the remaining three installments of 2020) to be repaid together with the balloon payment in May 2023, increasing the balloon amount to $7,125,000. The loan was 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. On May 30, 2023, Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7,500,000, by using the Company&#8217;s own funds and became unencumbered.</ix:footnote>
<ix:footnote xml:lang="en-us" id="f90527a34-b3f3-4648-8847-dfa2fb61b062">On  June 29, 2023, the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#8220;Terataki&#8221; (Hull No. 4202). The loan is payable in twenty-four consecutive quarterly instalments, twelve in the amount of $800,000 and twelve in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in June 2029. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) first priority mortgage over M/V "Terataki", (ii) first assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</ix:footnote>
<ix:footnote xml:lang="en-us" id="fe10fb9f1-5fad-4a2b-9d82-7352a9516015">On July 30, 2019, the Company signed a term loan facility with HSBC Bank Plc. (&#8220;HSBC&#8221;) 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 was payable in fourteen consecutive equal quarterly installments of $450,000 plus a balloon payment of $6,200,000 payable together with the last instalment in February 2023. The loan bore interest at SOFR plus a margin of 2.95%. The loan was 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. On February 6, 2023, the Company repaid the full amount of outstanding indebtedness amounting to $6,650,000, by using the Company&#8217;s own funds and the three abovementioned vessels became unencumbered.</ix:footnote>
<ix:footnote xml:lang="en-us" id="feb59904f-6bd9-466b-967a-ff61960e0ebc">On December 14, 2021, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;), and a loan of $34,000,000 was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V &#8220;Marcos V&#8221;. The loan is payable in sixteen consecutive quarterly installments, comprising twelve installments of $2,000,000 followed by four installments of $750,000 each and by a balloon payment of $7,000,000 payable together with the last installment in December 2025. The loan bears interest at SOFR plus a margin of 2.80%. The loan is secured with the following: (i) first priority mortgage over M/V &#8220;Marcos V&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 within 2022 for this loan.</ix:footnote></ix:hidden>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>UNITED STATES</b></p>
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>WASHINGTON, DC 20549</b></p>
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>_________________</b></p>
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&#160;</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>_________________</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(Mark One)</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&#160;</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>OR</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><ix:nonNumeric name="dei:DocumentShellCompanyReport" format="ixt-sec:boolballotbox" contextRef="d_2023-01-01_2023-12-31" id="ixv-22350">&#9744;</ix:nonNumeric></p> </td><td style="vertical-align: middle; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p> </td></tr>
<tr><td style="vertical-align: top; width: 4%;">&#160;</td><td style="vertical-align: middle; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Date of event requiring this shell company report</b></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 4%;">&#160;</td><td style="vertical-align: middle; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commission file number </b><b><span style="text-decoration: underline; "><ix:nonNumeric name="dei:EntityFileNumber" contextRef="d_2023-01-01_2023-12-31" id="ixv-22351">001-33283</ix:nonNumeric></span></b></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>EUROSEAS LTD.</b></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Exact name of Registrant as specified in its charter)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Not applicable</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Translation of Registrant&#8217;s name into English)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Republic of the <ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:edgarprovcountryen" contextRef="d_2023-01-01_2023-12-31" id="ixv-22352">Marshall Islands</ix:nonNumeric></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Jurisdiction of incorporation or organization)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="d_2023-01-01_2023-12-31" id="ixv-22353">4 Messogiou &amp; Evropis Street</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="d_2023-01-01_2023-12-31" id="ixv-22354">151 24</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="d_2023-01-01_2023-12-31" id="ixv-22355">Maroussi</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressCountry" format="ixt-sec:countrynameen" contextRef="d_2023-01-01_2023-12-31" id="ixv-22356">Greece</ix:nonNumeric></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Address of principal executive offices)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:ContactPersonnelName" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22357">Tasos Aslidis</ix:nonNumeric>, Tel: (<ix:nonNumeric name="dei:CityAreaCode" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22358">908</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22359">301-9091</ix:nonNumeric>, euroseas@euroseas.gr, Euroseas Ltd. c/o Tasos Aslidis,</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22360">11 Canterbury Lane</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressCityOrTown" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22361">Watchung</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressStateOrProvince" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22362">NJ</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" contextRef="d_2023-01-01_2023-12-31_EntityAddressesAddressTypeAxis-BusinessContactMember" id="ixv-22363">07069</ix:nonNumeric></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities registered or to be registered pursuant to Section 12(b) of the Act:</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><span style="text-decoration: underline; ">Title of each class</span></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><span style="text-decoration: underline; ">Trading Symbol(s)</span></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><span style="text-decoration: underline; ">Name of each exchange on which registered</span></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:Security12bTitle" contextRef="d_2023-01-01_2023-12-31" id="ixv-22364">Common shares, $0.03 par value</ix:nonNumeric></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:TradingSymbol" contextRef="d_2023-01-01_2023-12-31" id="ixv-22365">ESEA</ix:nonNumeric></p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><ix:nonNumeric name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" contextRef="d_2023-01-01_2023-12-31" id="ixv-22366">Nasdaq</ix:nonNumeric> Capital Market</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities registered or to be registered pursuant to Section 12(g) of the Act:</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">None</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Title of Class)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="border-bottom:solid 1px #000000;vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">None</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(Title of Class)</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td colspan="2" style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report</p> </td></tr>
<tr><td style="vertical-align: top; width: 892px;">&#160;</td><td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 629px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="Share" decimals="INF" format="ixt:num-dot-decimal" contextRef="i_2023-12-31" id="ixv-22367">7,014,331</ix:nonFraction> common shares, $0.03 par value</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9744;Yes &#9746;&#160;<ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" contextRef="d_2023-01-01_2023-12-31" id="ixv-22368">No</ix:nonNumeric></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9744;&#160;Yes &#9746;&#160;<ix:nonNumeric name="dei:EntityVoluntaryFilers" contextRef="d_2023-01-01_2023-12-31" id="ixv-22369">No</ix:nonNumeric></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Note &#8211;&#160;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.</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9746;<ix:nonNumeric name="dei:EntityCurrentReportingStatus" contextRef="d_2023-01-01_2023-12-31" id="ixv-22370">Yes</ix:nonNumeric> &#9744;&#160;No</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9746;&#160;<ix:nonNumeric name="dei:EntityInteractiveDataCurrent" contextRef="d_2023-01-01_2023-12-31" id="ixv-22371">Yes</ix:nonNumeric> &#9744;&#160;No</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, or an emerging growth company. See definition of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;&#160;and &#8220;emerging growth company&#8221;&#160;in Rule 12b-2 of the Exchange Act.</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:80%;margin-left:0pt;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Large accelerated filer&#160;&#9744;</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accelerated filer&#160;&#9744;</p> </td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><ix:nonNumeric name="dei:EntityFilerCategory" format="ixt-sec:entityfilercategoryen" contextRef="d_2023-01-01_2023-12-31" id="ixv-22372">Non-accelerated filer</ix:nonNumeric>&#160;&#9746;</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;">&#160;</td><td style="vertical-align:top;width:auto;">&#160;</td><td style="vertical-align:top;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:top;width:auto;">&#160;</td><td style="vertical-align:top;width:auto;">&#160;</td><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Emerging growth company&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" contextRef="d_2023-01-01_2023-12-31" id="ixv-22373">&#9744;</ix:nonNumeric></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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;&#160;provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;&#160;&#160;&#160;&#9744;</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&#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.</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&#160;<ix:nonNumeric name="dei:IcfrAuditorAttestationFlag" format="ixt-sec:boolballotbox" contextRef="d_2023-01-01_2023-12-31" id="ixv-22374">&#9744;</ix:nonNumeric></p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#9746;&#160;&#160;<ix:nonNumeric name="dei:DocumentAccountingStandard" contextRef="d_2023-01-01_2023-12-31" id="ixv-22376">U.S. GAAP</ix:nonNumeric></p> </td></tr>
<tr><td style="vertical-align:top;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#9744;&#160;&#160;International Financial Reporting Standards as issued by the International Accounting Standards Board.</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#9744;&#160;&#160;Other</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If &#8220;Other&#8221;&#160;has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9744;&#160;Item 17 &#9744;&#160;Item 18</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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).</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><ix:nonNumeric name="dei:EntityShellCompany" format="ixt-sec:boolballotbox" contextRef="d_2023-01-01_2023-12-31" id="ixv-22377">&#9744;</ix:nonNumeric>&#160;Yes &#9746;&#160;No</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td></tr>
<tr><td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&#9744;&#160;Yes &#9744;&#160;No</p> </td></tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p></div>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGNUM" style="text-align: center; width: 100%">
    &#160;
   </div>
   <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
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    &#160;
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   &#160;
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  <div>
   <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">TABLE OF CONTENTS</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
    <tbody>
     <tr>
      <td colspan="3" style="vertical-align:middle;width:auto;">&#160;</td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; ">Page</span></p> </td>
     </tr>

     <tr>
      <td colspan="3" style="vertical-align:middle;width:auto;">&#160;</td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td colspan="3" style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#forward_looking_statement" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Forward-Looking Statements</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#forward_looking_statement">1</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;">&#160;</td>
      <td style="vertical-align: middle; width: 1335px;">&#160;</td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td colspan="3" style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#part_1" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Part I</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;">&#160;</td>
      <td style="vertical-align: middle; width: 1335px;">&#160;</td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p1" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 1.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p1" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Identity of Directors, Senior Management and Advisers</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#p1">3</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p2" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 2.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p2" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Offer Statistics and Expected Timetable</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#p2">3</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p3" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 3.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#p3" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Key Information</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#p3">3</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#i4" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 4.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#i4" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Information on the Company</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#i4">41</a></span></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item4a" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 4A.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item4a" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Unresolved Staff Comments</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#item4a">61</a></span></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item5" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 5.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item5" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Operating and Financial Review and Prospects</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#item5">61</a></span></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item6" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 6.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item6" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Directors, Senior Management and Employees</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#item6">78</a></span></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item7" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 7.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item7" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Major Shareholders and Related Party Transactions</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item7">85</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item8" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 8.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item8" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Financial Information</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item8">88</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item9" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 9.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item9" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">The Offer and Listing</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item9">90</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item10" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 10.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item10" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Additional Information</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item10">90</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item11" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 11.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item11" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Quantitative and Qualitative Disclosures About Market Risk</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item11">103</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item12" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 12.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item12" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Description of Securities Other than Equity Securities</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item12">104</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;">&#160;</td>
      <td style="vertical-align: middle; width: 1335px;">&#160;</td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td colspan="3" style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#part2" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Part II</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;">&#160;</td>
      <td style="vertical-align: middle; width: 1335px;">&#160;</td>
      <td style="vertical-align:middle;width:auto;">&#160;</td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item13" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 13.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item13" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Defaults, Dividend Arrearages and Delinquencies</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item13">104</a></p> </td>
     </tr>

     <tr>
      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item14" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 14.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item14" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Material Modifications to the Rights of Security Holders and Use of Proceeds</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item14">104</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item15" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 15.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item15" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Controls and Procedures</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item15">104</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16a" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16A.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16a" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Audit Committee Financial Expert</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16a">106</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16b" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16B.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16b" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Code of Ethics</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16b">106</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16c" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16C.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16c" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Principal Accountant Fees and Services</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16c">106</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16d" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16D.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16d" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Exemptions from the Listing Standards for Audit Committees</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16d">106</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16e" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16E.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16e" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16e">106</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16f" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16F.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16f" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Change in Registrant</span><span style="text-decoration: underline; ">&#8217;</span><span style="text-decoration: underline; ">s Certifying Accountant</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16f">107</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16g" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16G.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16g" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Corporate Governance</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16g">107</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16h" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16H.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16h" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Mine Safety Disclosure</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16h">107</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16i" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16I.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16i" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16i">108</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16j" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16J.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16j" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Insider Trading Policies</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16j">108</a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16k" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 16K. </span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item16k" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Cybersecurity</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item16k">108</a></p> </td>
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      <td style="vertical-align: middle; width: 78px;">&#160;</td>
      <td style="vertical-align: middle; width: 1335px;">&#160;</td>
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      <td colspan="3" style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#part3" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Part III</span></a></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;">&#160;</td>
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      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item17" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 17.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item17" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Financial Statements</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#item17">109</a></span></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item18" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 18.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item18" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Financial Statements</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><span style="text-decoration: underline; "><a class="tocPGNUM" href="#item18">109</a></span></p> </td>
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      <td style="vertical-align: middle; width: 22px;">&#160;</td>
      <td style="vertical-align: middle; width: 78px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item19" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Item 19.</span></a></p> </td>
      <td style="vertical-align: middle; width: 1335px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="#item19" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Exhibits</span></a></p> </td>
      <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#item19">109</a></p> </td>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>FORWARD-LOOKING STATEMENTS<a id="forward_looking_statement" title="forward looking statement" href="#"></a></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; 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:</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">our future operating or financial results;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">future, pending or recent acquisitions, joint ventures, business strategy, areas of possible expansion, and expected capital spending or operating expenses;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">container shipping industry trends, including charter rates and factors affecting vessel supply and demand;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">fluctuations in our stock price as a result of volatility in securities markets;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the impact of increasing scrutiny and changing expectations from investors, lenders, charterers and other market participants with respect to our Environmental, Social and Governance (&#8220;ESG&#8221;) policies;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">fluctuations in currencies, interest rates and foreign exchange rates;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">availability of crew, number of off-hire days, drydocking requirements and insurance costs;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">our expectations about the availability of vessels to purchase or the useful lives of our vessels;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">our expectations relating to dividend payments and our ability to make such payments;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">our ability to leverage to our advantage the relationships and reputations of Eurobulk Ltd. (&#8220;Eurobulk&#8221;), our affiliated ship management company or &#8220;Manager&#8221;, in the container shipping industry;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in seaborne and other transportation patterns;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in governmental rules and regulations or actions taken by regulatory authorities;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">potential liability from future litigation;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">global and regional political conditions;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">acts of terrorism and other hostilities, including piracy, the war between Russia and Ukraine, the war between Israel and Hamas and the trade disruption in the Red Sea region;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the severity and duration of natural disasters or public health emergencies, including the effect of coronavirus (&#8220;COVID-19&#8221;) on our business and operations and any related remediation measures on our performance and business prospects; and</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">other factors discussed in the section titled &#8220;Risk Factors.&#8221;</p> </td>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:18pt;"><b>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.</b>&#160;&#160;&#160;&#160;&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>PART I<a id="part_1" title="part 1" href="#"></a> </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 1.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Identity of Directors, Senior Management and Advisers <a id="p1" title="p1" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 2.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Offer Statistics and Expected Timetable <a id="p2" title="p2" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">Not Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 3.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Key Information <a id="p3" title="p3" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Please note: 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>[Reserved] </i></b></p> </td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>B.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Capitalization and Indebtedness </i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">Not Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>C.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Reasons for the Offer and Use of Proceeds </i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>D.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Risk Factors</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Risk Factors Summary </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The uncertainties in global and regional demand for chartering containerships;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The volatile container shipping market and difficulty finding profitable charters for our vessels;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fluctuations in our stock price as a result of volatility in securities markets;</p> </td>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The impact of the COVID-19 pandemic;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to comply with various financial and collateral covenants in our credit facilities;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties related to the market value of our vessels;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our dependence on a limited number of customers operating in a consolidating industry;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to enter into time charters with existing and new customers, and to re-charter our vessels upon the expiry of existing charters;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to obtain additional debt financing for future acquisitions of vessels or to refinance our existing debt;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties related to availability of new or secondhand vessels to acquire;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties related to the price of fuel, and our reliance on suppliers;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to attract and retain qualified, skilled crew at reasonable cost;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A potential increase in operating costs associated with the aging of our fleet;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to leverage to our advantage our Manager&#8217;s relationships and reputation within the container shipping industry;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our ability to hedge against fluctuations in exchange rates and interest rates;</p> </td>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
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     <td style="vertical-align:top;width:4%;">&#9679;</td>
     <td style="vertical-align:top;width:auto;">We are exposed to volatility in the Secured Overnight Financing Rate (&#8220;SOFR&#8221;) in respect of our SOFR based borrowings;</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as requirements imposed by classification societies and standards demanded by our charterers;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The expected cost of, and our ability to comply with, changing environmental and operational safety laws;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Potential cyber-attacks which may disrupt our business operations;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Potential disruption of shipping routes due to accidents, political events, piracy or acts by terrorists and armed conflicts;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Potential conflicts of interest between us, our principal officers and our Manager;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:middle;width:4%;">&#160;</td>
     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties related to compliance with sanctions and embargo laws;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties in the interpretation of corporate law in the Marshall Islands;</p> </td>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Uncertainties over our ability to pay dividends;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The expected costs associated with complying with public company regulations; and</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The effect of any future issuance of preferred stock on the voting power of our shareholders.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Industry Risk Factors</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our future profitability will be dependent on the level of charter rates in the international container shipping industry. </i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 influences 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 COVID-19 pandemic, 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">supply of, and demand for, containerized cargo;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in the production of semi-finished and finished consumer and industrial products, and the resulting changes in the international pattern of trade;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">embargoes and strikes;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 1477px;">&#160;</td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the location of consuming regions for semi-finished and finished consumer and industrial products;</p> </td>
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     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the distance containerized commodities are to be moved by sea;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">environmental and other regulatory developments;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in global production and manufacturing distribution patterns of finished goods that utilize containerized commodities;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">Some of the factors that influence the supply of vessel capacity include:</td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the number of newbuilding orders and deliveries including slippage in deliveries;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the scrapping rate of older vessels;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
    </tr>

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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">port and canal congestion;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
    </tr>

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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
    </tr>

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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the price of fuel;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
    </tr>

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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vessel casualties;</p> </td>
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     <td style="vertical-align: top; width: 19px;">&#160;</td>
     <td style="vertical-align: top; width: 23px;">&#160;</td>
     <td style="vertical-align: top; width: 1477px;">&#160;</td>
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  <p style="margin: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif;">&#160;</p>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the number of vessels that are out of service; and</p> </td>
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     <td style="vertical-align: top; width: 23px;">&#160;</td>
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     <td style="vertical-align: top; width: 23px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1477px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in global commodity production.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>The market value of our vessels can fluctuate significantly,</i></b> <b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The value of our vessels may fluctuate, adversely affecting our earnings and liquidity and causing us to breach our secured credit agreements.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The market value of our vessels may increase or decrease depending on the following factors:</p>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">supply of container vessels, including newbuildings;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">demand for container vessels;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">types and sizes of vessels in our fleet;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">scrap values;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">other modes of transportation;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">cost of newbuildings;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">technological advances;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">new regulatory requirements from governments or self-regulated organizations;</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">competition from other shipping companies; and</p> </td>
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     <td style="vertical-align: top; width: 1479px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">prevailing level of charter rates.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217; carrying values or their useful lives. A determination that a vessel's estimated remaining useful life or recoverable value has declined below its carrying amount could result in an impairment charge against our earnings and a reduction in our shareholders' equity.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>An over-supply of containership capacity may lead to a reduction in charter rates and profitability and may require us to raise additional capital in order to remain compliant with our loan covenants and affect our ability to pay dividends in the future.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The market supply of containerships was highly elevated at the beginning of last decade, with the number of containerships on order reaching historic highs. The orderbook gradually declined and by the end of 2020 neared its lowest level of the last twenty years, though it has been on the rise since. As reported by industry sources, the containership fleet increased by 4.0% in 2019, 2.9% in 2020, 4.5% in 2021, 4.0% in 2022 and 8.2% in 2023. As of March 31, 2024, containership volumes have increased by 9.4%. Specifically, as reported by industry sources, the capacity of the fully cellular worldwide container vessel fleet, as of March 31, 2024, was approximately 28.33 million teu with approximately another 6.56 million teu, or about 23.16% of the fleet capacity on order. 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 reduction of charter rates. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If 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. During 2020, the disruption in trade flows and markets caused by the COVID-19 pandemic caused volatility in charter rates. By the end of the year, the market was amongst the best performing across all containership segments, with charter markets celebrating new highs. Charters renewed or entered into during 2021 and 2022 were at rates that were profitable, while charters renewed during 2023 were at lower, but still profitable levels for some of our vessels. Due to events in the Red Sea, Panama Canal and the implementation of certain environmental regulations, rates have increased in late 2023 and so far in 2024, but depending on changes of demand for and supply of shipping capacity, they could decrease again. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Adverse economic conditions, especially in the Asia Pacific region, the European Union or the United States and the current Ukraine Russia conflict, could harm our business, results of operations and financial condition.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.&#160;China has been one of the world&#8217;s fastest growing economies and a major manufacturing hub for the production and export of finished goods which are predominantly shipped in containerships. However, even prior to the COVID-19 pandemic, China&#8217;s high rate of real GDP growth had already reached a plateau, posting a 0.5 percentage points decline, year on year, in 2019, followed by a tremendous decline to 3.8 percentage points in 2020 as a result of the COVID-19 pandemic. With a global economic recovery under way in 2021, China&#8217;s GDP increased by 6.1 percent, to stand at 8.4 percentage points. The rapid spread of COVID infections in China, along with its troubled property market, dampened growth significantly in 2022, which expanded by a mere 3.0 percent. Nevertheless, Chinese economy grew further in 2023 by 2.2 percentage points to stand at 5.2 percent, despite an underwhelming boost following the lifting of pandemic sanctions and persistent property sector woes. Projections now show a Chinese growth of 4.6 percentage points in 2024 and further growth of 4.1 percentage points in 2025. In addition, the rise in interest rates to tame inflation and the war between Russia and Ukraine and the war between Israel and Hamas continue to impact economic activity. The United States, a major trading partner of China, has imposed tariffs on certain goods and 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. The trade and financial sanctions imposed on Russia have also directly impacted prices and economic activity. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Pandemics, epidemics or other infectious disease outbreaks and government responses to such outbreaks could affect our operations negatively. For instance, COVID-19, which was initially declared a pandemic by the World Health Organization on March 11, 2020 and was declared no longer a global health emergency on May 5, 2023, negatively affected economic conditions, supply chains, labor markets, and demand for certain shipped goods both regionally and globally as a result of government efforts to combat the pandemic, including the enactment or imposition of travel bans, quarantines and other emergency public health measures.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The extent to which our business could be negatively affected by future pandemics, epidemics or other outbreaks of infectious diseases is uncertain and may depend on numerous evolving factors that we cannot predict and that are outside of our control, such as the duration and severity of the infectious disease outbreak; government responses to such outbreak including travel restrictions and quarantine; the effect such an outbreak would have on the global business environment and the demand for the goods we transport; its effect on the price of fuel for our vessels; shortages or reductions of supply of essential goods, services or labor; and fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase in interest rates or reduction in the availability of credit, and governmental responses thereto. We cannot predict the effect that an outbreak of a new COVID-19 variant or strain, or any future infectious disease outbreak, pandemic or epidemic may have on our business, results of operations and financial condition, but it could be material and adverse.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Eurozone</i></b>&#8217;<b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, especially, as the COVID-19 pandemic resulted in lower economic growth in almost all countries. In March 2011, the European Council agreed on the need for Eurozone countries to establish a permanent stability mechanism, the European Stability Mechanism (or &#8220;the ESM&#8221;), 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. An extended period of adverse development in the outlook for Eurozone 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Effects and events related to the Greek sovereign debt and economic crisis may adversely affect our operating results.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Greece has experienced a macroeconomic downturn in previous years, from which it has been recovering, partially as a result of the sovereign debt crisis and the related austerity measures implemented by the Greek government. Eurobulk&#8217;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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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. </i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The decline in global trade after the financial crisis of 2008 and the subsequent economic slowdown 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.&#160;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. The COVID-19 pandemic had a major impact on containership rates, causing prolonged uncertainty in the markets through most of 2020. However, by the end of the year, rates reached ten-year highs.&#160;2021 and the first half of 2022 were strong periods for the containership markets, with rates exceeding average and median levels for the last 20 years, due in large part to logistical disruptions and firm trade demand in containership products. However, starting from the third quarter of 2022, containership rates began to gradually soften as a result of a slowdown in world economic activity, including waning demand for containership trade, alongside lower consumer activity due to inflationary pressures and the easing of logistical disruptions. Containership rates have slightly increased starting from December 2023 and so far in 2024 following the continued Houthi attacks on ships in the Red Sea and in the Gulf of Aden. However, strong supply growth in the next two years is likely to increase pressure in containerized trade. These challenges may reduce demand for containership charters and may increase the likelihood of our customers being unable or unwilling to pay us contracted charter rates.&#160;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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. </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Changes in the economic and political environment in China and policies adopted by the Chinese government to regulate China</i></b>&#8217;<b><i>s economy may have a material adverse effect on our business, financial condition and results of operations.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Chinese economy differs from the economies of most countries belonging to the Organization for Economic Cooperation and Development, (or &#8220;OECD&#8221;), 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We may have difficulty securing profitable employment for our vessels if their charters expire in a depressed market.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">All of our vessels are employed on time charter contracts. Seven of our vessels are under time charters scheduled to expire during 2024, nine are scheduled to expire in 2025, and five in 2026. As of March 31, 2024, the containership charter rates for vessels like ours are above historical averages. In addition, we have secured employment for another one of our newbuildings scheduled to be delivered in the second quarter of 2024, until 2026. 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 vessels in proper operating condition, insure them and service any indebtedness secured by such vessels. 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. Despite the fact that all of our 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We will not be able to take advantage of potentially favorable opportunities in the current market with respect to vessels employed on time charters.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of March 31, 2024, all of our vessels are employed under time charters with remaining terms ranging from 2 months to 28 months based on the minimum duration of the charter contracts, with options to extend for an additional 12 months.&#160;The percentage of our fleet that is under time charter contracts represents approximately 76% of our vessel capacity for the remainder of 2024, 30% of our capacity in 2025 and 8% of our capacity for 2026.&#160;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 on the spot market, 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Global economic conditions may continue to negatively impact the container shipping industry.</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Major market disruptions and adverse changes in market conditions and regulatory climate in China, the United States, the European Union and worldwide may adversely affect our business.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Accordingly, our financial condition and results of operations, as well as our future prospects, would likely be hindered by an economic downturn in any of these countries or geographic regions. In recent years China and India have been among the world&#8217;s fastest growing economies in terms of gross domestic product, and any economic slowdown in the Asia Pacific region, particularly in China or India, may adversely affect demand for seaborne transportation of our products and our results of operations. Moreover, any deterioration in the economy of the United States or the European Union, may further adversely affect economic growth in Asia.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Economic growth is expected to slow, including due to supply-chain disruption, the recent surge in inflation and related actions by central banks and geopolitical conditions, with a significant risk of recession in many parts of the world in the near term. In particular, an adverse change in economic conditions affecting China, Japan, India or Southeast Asia generally could have a negative effect on the container shipping market.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance (</b>&#8220;<b>ESG</b>&#8221;<b>) policies may impose additional costs on us or expose us to additional risks.</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company&#8217;s ESG practices. Companies which do not adapt to or comply with investor, lender or other market participant expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us. If we do not meet these standards, our business and/or our ability to access capital could be harmed.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Additionally, certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to environmental, social and governance factors. These limitations in both the debt and equity capital markets may affect our ability to develop as our plans for growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On March 6, 2024, the Securities and Exchange Commission (&#8220;SEC&#8221;) adopted final rules to require registrants to disclose certain climate-related information in SEC filings of all public companies. The final rules require companies to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management&#8217;s role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas (GHG) emissions on a phased-in basis when those emissions are material; the filing of an attestation report covering the required disclosure of such registrants&#8217; Scope 1 and/or Scope 2 emissions, also on a phased-in basis; and disclosure of the financial statement effects of severe weather events and other natural conditions including, for example, costs and losses. The final rules include a phased-in compliance period for all registrants, with the compliance date dependent on the registrant&#8217;s filer status and the content of the disclosure.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If we fail to adapt to or comply with investor, lender or other industry shareholder expectations and standards, which are evolving, or if we fail to comply with the SEC&#8217;s requirements, or if we are perceived to have failed to respond appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, we may suffer from reputational damage and incur costs related to litigation or as a failure to comply with regulatory requirements, and our business, financial condition, and/or stock price could be materially and adversely affected.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Furthermore, events like the explosion of the <i>Deepwater Horizon </i>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, 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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. 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 operations. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe vessel operations and for dealing with emergencies. We rely upon the safety management system that we and our technical manager 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;&#160;Currently, each of our vessels and Eurobulk, are ISM Code-certified, but we may not be able to maintain such certification indefinitely.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained 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&#8217; International Maritime Organization (the &#8220;IMO&#8221;). The document of compliance (the &#8220;DOC&#8221;) and the safety management certificate (the &#8220;SMC&#8221;) are renewed as required.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. As mentioned above, 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: &#8220;Information on the Company &#8211; Business Overview &#8211; Environmental and Other Regulations in the Shipping Industry&#8221; for more information.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Regulations relating to ballast water discharge may adversely affect our revenues and profitability.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast water. Depending on the date of the International Oil Pollution Prevention (&#8220;IOPP&#8221;) renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after September 8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. 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 2 vessels that will be fitted to comply with the updated guideline in 2024 during their respective drydock. Costs of compliance may be substantial and adversely affect our revenues and profitability.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General Permit (&#8220;VGP&#8221;) program and U.S. National Invasive Species Act (&#8220;NISA&#8221;) are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018, requires that the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) develop national standards of performance for approximately 30 discharges, similar to those found in the VGP within two years. On October 26, 2020, the EPA published a Notice of Proposed Rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA. On October 18, 2023, the EPA published a supplemental notice of the proposed rule sharing new ballast water data received from the U.S. Coast Guard (&#8220;USCG&#8221;) and providing clarification on the proposed rule. The public comment period for the proposed rule ended on December 18, 2023. Once EPA finalizes the rule (possibly by fall 2024), USCG must develop corresponding implementation, compliance and enforcement regulations regarding ballast water within two years. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs. Until the EPA publishes its final standards and issues its corresponding implementing regulations, interim requirements established through the EPA 2013 Vessel General Permit (VGP) and the USCG ballast water regulations, and any applicable state and local government requirements, continue to apply.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Marine Environment Protection Committee (MEPC 80) continued discussions of amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. These amendments introduce requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. To achieve a 40% reduction in carbon emissions by 2030 compared to 2008, shipping companies are required to include: (i) a technical requirement to operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (&#8220;CII&#8221;). The Energy Efficiency Existing Ship Index (EEXI) is required to be calculated for ships of 400 gross tonnage and above. The IMO and MEPC will calculate &#8220;required&#8221; EEXI levels based on the vessel&#8217;s technical design, such as vessel type, date of creation, size and baseline. Additionally, an &#8220;attained&#8221; EEXI will be calculated to determine the actual energy efficiency of the vessel. A vessel&#8217;s attained EEXI must be less than the vessel&#8217;s required EEXI. Non-compliant vessels will have to upgrade their engine to continue to travel. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. The vessel&#8217;s attained CII must be lower than its required CII. Vessels that continually receive subpar CII ratings will be required to submit corrective action plans to ensure compliance. MEPC 79 adopted amendments to MARPOL Annex VI, Appendix IX to include the attained and required CII values, the CII rating and attained EEXI for existing ships in the required information to be submitted to the IMO Ship Fuel Oil Consumption Database. The amendments will enter into force on May 1, 2024.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Additionally, MEPC 75 proposed draft amendments requiring that, on or before January 1, 2023, all ships above 400 gross tonnage must have an approved Ship Energy Efficiency Management Plan, or SEEMP, on board. For ships above 5,000 gross tonnage, the SEEMP would need to include certain mandatory content. MEPC 75 also approved draft amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil by ships in Arctic waters on and after July 1, 2024. The draft amendments introduced at MEPC 75 were adopted at the MEPC 76 session held on June 2021, entered into force on November 1, 2022 and became effective on January 1, 2023.&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Regulations relating to low sulfur emissions that came into effect on January 1, 2020 may adversely affect our revenues and profitability.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Under maritime regulations that came into effect on January 1, 2020, ships are required to reduce sulfur emissions from 3.5% to 0.5% m/m through 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Increased inspection procedures and tighter import and export controls and new security regulations could increase costs and disrupt our business.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 (&#8220;DNV&#8221;), Bureau Veritas and Nippon Kaiji Kyokai. ISM and International Ship and Port Facilities Security (&#8220;ISPS&#8221;) certifications have been awarded to the vessels by Bureau Veritas or Liberian Flag Administration and to the Manager by Bureau Veritas.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">A vessel must undergo annual surveys, intermediate surveys, dry-dockings 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 have its underwater parts inspected by class every 30 to 36 months, but for vessels subject to enhanced survey requirements and above 15 years of age, its underwater parts must be inspected in dry-dock.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 (&#8220;IACS&#8221;). 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: &#8220;Information on the Company &#8211; Business Overview &#8211; Environmental and Other Regulations in the Shipping Industry&#8221; for more information.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Rising fuel prices may adversely affect our results of operations</i></b> <b><i>and the marketability of our vessels.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Fuel prices are highly based on, and are highly correlated to, the price of oil. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments, such as the recent war between Russia and Ukraine, which remain ongoing as of the date of this annual report, supply and demand for oil and gas, actions by the Organization of the Petroleum Exporting Countries (&#8220;OPEC&#8221;) 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% and by 2018 and 2019, the price of fuel fluctuated from a low of $42.53/bbl (for West Texas Intermediate, &#8220;WTI&#8221;) on December 24, 2018 to $61.0/bbl in December 2019. In 2020, the COVID-19 pandemic resulted in crude oil prices hitting a major slump as oil demand drastically declined following lockdowns and travel restrictions. By April 2020, prices fell to $18.44/bbl, after OPEC and Russia failed to agree on maintaining production cuts, and Saudi Arabia increased its own production. As the COVID-19 pandemic continued to spread around the world, oil prices dropped to historical lows during 2020 and closed the year at $43.52/bbl. Oil traded lower throughout the year, as rising COVID-19 infections and the new strain, sparked demand concerns. Prices edged slightly higher in December 2020, ranging around $48/bbl, upon the rolling out of the COVID-19 vaccines, coupled by Saudi Arabia&#8217;s announcement regarding a large output reduction for February and March 2021. In February 2021, the average WTI stood at $59/bbl, the highest value since the start of the pandemic, with hopes of steady vaccination roll out and OPEC production limits having led to cautious optimism at global markets. Prices fluctuated throughout the year, with the annual average price reaching about $68/bbl; a significant increase compared to the 2020 average. Since then, we have seen a significant increase, after Western countries imposed sanctions on Russia, raising fears of supply disruptions from one of the largest producers of oil and gas. During 2022, oil prices fluctuated significantly. Following Russia&#8217;s invasion in Ukraine and fears over low crude oil inventories, prices rose to over $130/bbl in March 2022. Prices starting waning towards the end of 2022 and the beginning of 2023, to around $80/bbl, briefly rising to around $91/bbl in September 2023, before dropping to around $74/bbl by the end of the year. Oil prices remained high and well above their 10-year average of about $63/bbl (for WTI) throughout 2023. At year-end 2023, the price of WTI/bbl was $71.33 and currently stands at around $80/bbl. Prices are currently influenced by concerns over the Red Sea crisis amid an escalating conflict in the Middle East, further economic slowdown fears and central banks&#8217; efforts to address inflation. Any increases in the price of fuel, especially if exceeding its 10-year average, may adversely affect our operations, particularly if such increases are combined with lower containership rates.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Rising crew costs may adversely affect our profits.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Moreover, the COVID-19 pandemic had affected the rotation of our crew members due to quarantine restrictions placed on embarking and disembarking on our vessels. Any such disruptions could impact the cost of rotating our crew. Any increase in crew costs may adversely affect our profitability especially if such increase is combined with lower containership rates.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Maritime claimants could arrest or attach our vessels, which would interrupt our business or have a negative effect on our cash flows.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us. </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Governments could requisition our vessels during a period of war or emergency, resulting in loss of earnings.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts, including the continued global trade war between the U.S. and China, 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. The continuing conflicts in Iraq, Iran, Afghanistan, Libya, Egypt, Ukraine, Syria, Palestine and the Red Sea region 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. More recently, the trade and financial sanctions imposed on Russia due to its invasion in Ukraine, have caused turbulence in the global 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, including most recently, disruptions in the Red Sea in connection with the conflict between Israel and Hamas. 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. Additionally, any escalations between the North Atlantic Treaty Organization countries and Russia could result in retaliation from Russia that could potentially affect the shipping industry. There may also be long-term adverse impacts from the COVID-19 pandemic that negatively affect industrial production. In addition, the continued global trade war between the U.S. and China, including the introduction by the U.S. of tariffs on selected imported goods, mainly from China, may provoke further retaliation measures from the affected countries which has the potential to impede trade. Any of these occurrences could have a material adverse impact on our financial condition, costs and operating cash flows.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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 decline.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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 (&#8220;QE&#8221;) and more recently the reversal of it, high levels of Non-Performing Loans (&#8220;NPLs&#8221;) in Europe and stricter lending requirements may reduce bank lending capacity and/or make the terms of any lending more onerous.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In addition, public health threats, such as the COVID-19 pandemic, 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If there are further disruptions in world financial markets, 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Moreover, cyber-attacks against the Ukrainian government and other countries in the region have been reported in connection with the ongoing conflict between Russia and Ukraine. It is possible that such attacks could have collateral effects on additional critical infrastructure or financial institutions globally, which could adversely affect our business, operating results and financial condition. At this time, it is difficult to assess the likelihood of such threat and any potential impact.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Further, in July 2023, the SEC adopted amendments to its rules on cybersecurity risk management, strategy, governance, and incident disclosure. The amendments, require us to report material cybersecurity incidents involving our information systems and periodic reporting regarding our policies and procedures to identify and manage cybersecurity risks, among other disclosures.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The increased number of our shore personnel working remotely might increase our vulnerability to cyber-attacks and risk of cyber-security breaches which would affect our operations and financial results.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We, and our Manager, have implemented a policy permitting personnel to work remotely when necessary. While adapting to new ways of operating, employees are encouraged and in certain cases required to operate remotely. When not working at our shore office location, our staff is working remotely, typically, from their private residences. While we have taken measures to ensure secure communications with our office information systems and systems on-board our vessels, we do not control all of the equipment and communication systems that each of our staff is using at their residence. Consequently, we may face an increased risk of cyber-security attacks and cyber-security breaches which could impede our ability to manage our operations and affect our financial results.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Seasonal fluctuations could affect our operating results and the amount of available cash with which we service our debt or could pay dividends.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 continue the 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Reliance on suppliers may limit our ability to obtain supplies and services when needed.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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</i></b>&#8217;<b><i> equity as well as charges against our income, while there is no assurance of the credit worthiness of our counterparties.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 (&#8220;LIBOR&#8221;), which we transitioned to SOFR. Interest rates and currency hedging may result in us paying higher than market rates. In April 2020, October 2021, and June 2022, we entered into new interest rate swap agreements for a notional amount of $30.0 million, $10.0 million and $20.0 million, respectively. The swaps entered into in April 2020 and October 2021 were liquidated in March 2023. As of December 31, 2023, the aggregate notional amount of interest rate swaps relating to our fleet was $20.0 million. There is no assurance that our interest rate swap contracts or any other derivative contract 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 swaps 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 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 statement of operations. In addition, to the extent any future derivative contracts qualify for treatment as hedges for accounting purposes, the effective portion of changes in the fair value of our derivative contracts would be recognized in &#8220;Accumulated Other Comprehensive Income/(Loss)&#8221; 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 &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11. Quantitative and Qualitative Disclosures about Market Risk&#8221;.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Company Risk Factors</b></p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We depend entirely on Eurobulk to manage and charter our fleet, which may adversely affect our operations if Eurobulk fails to perform its obligations.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the operations of the shipyards that build any newbuild vessels we may order;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the availability of employment for our vessels;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">locating and identifying suitable high-quality secondhand vessels;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">obtaining newbuild contracts at acceptable prices;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">obtaining required financing on acceptable terms;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">consummating vessel acquisitions;</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We and our principal officers have affiliations with the Manager that could create conflicts of interest detrimental to us.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Eurobulk currently manages vessels for Euroseas, and one containership vessel that is not owned by Euroseas, potentially causing conflicts such as those described above. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Companies affiliated with Eurobulk or our officers and directors may acquire vessels that compete with our fleet.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Companies affiliated with Eurobulk or our officers and directors 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 Investment Company Inc. (&#8220;Friends&#8221;) 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our officers do not devote all of their time to our business.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, Investor Relations 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. (&#8220;EuroDry&#8221;), 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We may not be able to pay dividends.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.&#160;In May 2022, our Board of Directors reinstated our common stock dividend plan, declaring a quarterly dividend of $0.50 per share for the first quarter of 2022, paid on June 16, 2022. Subsequent quarterly dividends of $0.50 per share were declared for the second, third and fourth quarters of 2022. These dividends were paid on September 16, 2022, December 16, 2022 and March 16, 2023, respectively. In 2023, our Board of Directors declared quarterly dividends of $0.50 per share for each of the first, second and third quarters of 2023 and on February 21, 2024 our Board of Directors declared a quarterly dividend of $0.60 per share for the fourth quarter of 2023. These dividends were paid on June 16, 2023, September 16, 2023, December 16, 2023 and March 15, 2024, respectively.&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The declaration and payment of any dividends will be subject at all times to the discretion of our Board of Directors. The timing and amount 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our existing loan agreements contain restrictive covenants that may limit our liquidity and corporate activities.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our existing loan agreements impose operating and financial restrictions on us. These restrictions may limit our ability to:</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">create liens on our assets;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">sell capital stock of our subsidiaries;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">engage in mergers or acquisitions;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">change the management of our vessels or terminate or materially amend the management agreement relating to each vessel; and</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">sell our vessels.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Servicing future debt would limit funds available for other purposes.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 partly finance the acquisition of our newbuild vessels on order or 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 31, 2023, we had total bank debt of approximately $131.0 million. Our bank debt repayment schedule as of December 31, 2023 required us to repay $31.20 million of bank debt during 2024, $34.75 million of bank dent during 2025, $9.05 million of bank debt during 2026, $26.35 million bank debt during 2027, $2.60 million in 2028 and the remaining $27.05 million in the sixth and seventh years. As of March 31, 2024, we repaid $7.35 million of our total bank debt, decreasing our outstanding bank debt to $123.65 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our ability to obtain additional debt financing may be dependent on the performance of our then existing charters and the creditworthiness of our charterers.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Credit market volatility may affect our ability to refinance our existing debt or incur additional debt.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>We are exposed to volatility in SOFR, and have entered into and may selectively enter from time to time into derivative contracts, which can result in higher than market interest rates and charges against our income. Volatility in SOFR could affect our profitability, earnings and cash flow.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our indebtedness accrues interest based on SOFR, which is volatile. The publication of U.S. Dollar LIBOR for the one-week and two-month U.S. Dollar LIBOR tenors ceased on December 31, 2021, and the ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom&#8217;s Financial Conduct Authority, ceased the publication of all other U.S. Dollar LIBOR tenors on June 30, 2023. The United States Federal Reserve concurrently issued a statement advising banks to cease issuing U.S. Dollar LIBOR instruments after 2021. As such, any new debt agreements we entered into did not use LIBOR as an interest rate, and we transitioned any existing loan agreements from U.S. Dollar LIBOR to an alternative reference rate prior to June 2023.&#160;In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has selected the SOFR as the preferred alternative to LIBOR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. SOFR is now the predominant interest rate being used across cash and derivatives markets and the one we have used following the transition away from LIBOR. The impact of such a transition from LIBOR to SOFR was not significant for us. In light of the transition we added fallback language to existing debt tied to LIBOR and in some cases agreed to pricing adjustments in our credit agreements. In particular, in certain cases the fallback language provides for the implementation of the so called &#8220;hardwire approach&#8221; where even the pricing adjustment (the Credit Adjustment Spread or &#8220;CAS&#8221;) is agreed to in advance, and in other cases the fallback language provides for a negotiation framework and timing in advance of the expected transition. All our loan agreements that previously accrued under LIBOR have been amended accordingly. As of December 31, 2023, our obligations under our credit facilities which accrue interest based on SOFR amounted to approximately $131.0 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In order to manage our exposure to interest rate fluctuations under SOFR, we have and 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 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>As we expand our business, our Manager 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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our Manager&#8217;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&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We expect to acquire additional vessels in the future either from the secondhand markets or by placing newbuilding orders. 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. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Labor interruptions could disrupt our business.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Risks involved with operating ocean-going vessels could affect our business and reputation, which may reduce our revenues.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The operation of an ocean-going vessel carries inherent risks. These risks include, among others, the possibility of:</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">grounding, fire, explosions and collisions;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 COVID-19 outbreak; and</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">work stoppages or other labor problems with crew members serving on our vessels including crew strikes and/or boycotts.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The operation of containerships has certain unique operational risks which could affect our business, financial condition, results of operations and ability to pay dividends.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our vessels may suffer damage and may face unexpected drydocking costs, which could affect our cash flows and financial condition.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 repairs, would decrease our earnings. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility or our vessels may be forced to travel to a drydocking facility that is not conveniently located near our vessels&#8217; positions. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. As of March 31, 2024, the vessels in our fleet had an average age of approximately 16.6 years. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">If we sell vessels, we are not certain that the price for which we sell them will equal their carrying amount at that time.&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of March 31, 2024, the vessels in our fleet had an average age of approximately 16.6 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Technological innovation could reduce our charter income and the value of our vessels.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A decrease in spot charter rates may provide an incentive for some charterers to default on their charters.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We enter into, among other things, charter-party agreements. When we enter into a time charter, charter rates under that charter are fixed for the term of the charter. 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. 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. 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 obligations under those contracts, especially when the contracted charter rates are significantly above market 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We may not have adequate insurance to compensate us adequately for damage to, or loss of, our vessels.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We procure insurance for our fleet against risks commonly insured 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 maintain insurance against loss of hire which covers business interruptions that result in the loss of use of a vessel 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Because we obtain some of our insurance through protection and indemnity associations (</i></b>&#8220;<b><i>P&amp;I Associations</i></b>&#8221;<b><i>), 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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are indemnified for legal liabilities incurred while operating our vessels through membership in P&amp;I Associations or clubs. P&amp;I Associations are mutual insurance associations whose members must contribute to cover losses sustained by other association members. The objective of a P&amp;I Association is to provide mutual insurance based on the aggregate tonnage of a member&#8217;s vessels entered into the association. 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. 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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our vessels are exposed to operational risks, including terrorism, cyber-terrorism and piracy that may not be adequately covered by our insurance.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, in 2023, the number of piracy acts slightly increased compared to 2022. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If these piracy attacks occur in regions in which our vessels are deployed that insurers characterized as &#8220;war risk&#8221; zones or Joint War Committee &#8220;war and strikes&#8221; listed areas, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including 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 &#8220;on-hire&#8221; 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Recent action by the IMO&#8217;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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We occasionally 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.</p>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government, the European Union, the United Nations, or other governmental authorities, it could lead to monetary fines or other penalties and/or adversely affect our reputation and the market for our shares of common stock and its trading price.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Although none of our vessels have called on ports located in countries or territories that are the subject of country-wide or territory-wide comprehensive sanctions or embargoes imposed by the U.S. government or other governmental authorities (&#8220;Sanctioned Jurisdictions&#8221;) in violation of sanctions or embargo laws during 2023, and we endeavor to take precautions reasonably designed to mitigate such risks, it is possible that, in the future, vessels in our fleet may call on ports located in Sanctioned Jurisdictions on charterers' instructions and/or without our consent in violation of applicable sanctions laws. If such activities result in a violation of applicable sanctions or embargo laws, 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Beginning in February of 2022, President Biden and several European leaders announced various economic sanctions against Russia in connection with the conflict in the Ukraine region, which may adversely impact our business. Our business could also be adversely impacted by trade tariffs, trade embargoes or other economic sanctions that limit trading activities by the United States or other countries against countries in the Middle East, Asia or elsewhere as a result of terrorist attacks, hostilities or diplomatic or political pressures.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On March 8, 2022, President Biden issued an executive order prohibiting the import of certain Russian energy products into the United States, including crude oil, petroleum, petroleum fuels, oils, liquefied natural gas and coal. Additionally, the executive order, as amended, prohibits any new investments in Russia by U.S. persons, among other restrictions.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Furthermore, the United States has also prohibited a variety of specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering, financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering. These prohibitions took effect on December 5, 2022, with respect to the maritime transport of crude oil, and on February 5, 2023, with respect to the maritime transport of other petroleum products. Due to their nature, the Company&#8217;s vessels do not transport any crude oil or petroleum products. Although these sanctions do not presently apply to the maritime transport of containers transported by our vessels, the expansion of such sanctions could adversely affect our business.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or expanded over time. Current or future counterparties of ours, including charterers, may be affiliated with persons or entities that are or may be in the future the subject of sanctions or embargoes imposed by the U.S. government, the EU, and/or other international bodies. If we determine that such sanctions or embargoes 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Under 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 March 31, 2024, none of our vessels have called on ports in Sanctioned Jurisdictions in the past or are arranged to call on such ports in the future in violation of applicable sanctions laws. The vessels&#8217; ship-owning companies do not presently have, and have not in the past had, any agreements, arrangements or contracts with the governments of Sanctioned Jurisdictions, such as Iran, North Korea, Crimea Region of Ukraine, Syria or Cuba, or entities that these countries control.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations in 2023, 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 or 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 the countries or territories that we operate in.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>As a result of sanctions arising from the Russian invasion of Ukraine, the ability to make payments to accounts at certain Russian banks may be limited, which could affect our ability to pay the wages of any crew members or consultants who hold such accounts.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As a result of sanctions arising from the Russian invasion of Ukraine, our ability to make payments to accounts at certain Russian banks may be limited. Currently our vessels have only a small number of Ukrainian crew members. &#160;Although wage payments have not been affected by this issue as of March 31, 2024, continuing or additional sanctions may affect our ability to pay the wages of any crew members or consultants who hold such accounts, which could adversely impact our operations.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We expect to operate substantially outside the United States, which will expose us to political and governmental instability, which could harm our operations.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 occurred against targets in the United States on September&#160;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, Gaza 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 that the United States may seek to implement more protective trade measures. The results of the 2020 presidential election in the United States have created significant uncertainty about 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, in March 2018, former President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade generally and in January 2019, the United States announced sanctions against Venezuela, which may have an effect on its oil output,&#160;and in turn, affect global oil supply.&#160;The U.S. government has recently made statements and taken certain actions that may lead to changes to U.S. and international trade policies, including recently-imposed tariffs affecting certain Chinese industries. It is unknown whether and to what extent new tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on us or our industry. If any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated or, in particular, if the U.S. government takes retaliatory trade actions due to the recent U.S.-China trade tension, such changes could have an adverse effect on our business, financial condition, and results of operations. In February 2022, at the onset of the Russia-Ukraine conflict, economic and trade sanctions were imposed against Russia, which have had large economic consequences on a global scale. Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Moreover, increasing trade protectionism may cause an increase in:</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(a) the cost of goods exported from regions globally,</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(b) the length of time required to transport goods and</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(c) the risks associated with exporting goods.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The international nature of our operations may make the outcome of any bankruptcy proceedings difficult to predict.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Obligations associated with being a public company require significant company resources and management attention.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the other rules and regulations of the SEC, including the Sarbanes-Oxley Act of 2002 (&#8220;Sarbanes-Oxley&#8221;). Section 404 of Sarbanes-Oxley requires that we evaluate and determine the effectiveness of our internal control over financial reporting.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Exposure to currency exchange rate fluctuations will result in fluctuations in our cash flows and operating results.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We generate all our revenues in U.S. dollars, but we incur approximately 24% of our vessel operating expenses and drydocking expenses, all of our vessel management fees, and approximately 5% in 2023 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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. </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have historically derived a significant part of our revenues from a small number of charterers. During 2023, 2022, and 2021, approximately 84%, 82%, and 78%, respectively, of our revenues were 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">A foreign corporation will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for United States federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive income&#8221;. For purposes of these tests, &#8220;passive income&#8221; 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 &#8220;passive income.&#8221; 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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;&#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;&#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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#160;&#8212; Passive Foreign Investment Company Status and Significant Tax Consequences". We urge U.S.&#160;Holders to consult with their own tax advisors regarding the possible application of the PFIC rules.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Changes in tax laws and unanticipated tax liabilities could materially and adversely affect the taxes we pay, results of operations and financial results.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are subject to income and other taxes in the United States and foreign jurisdictions, and our results of operations and financial results may be affected by tax and other initiatives around the world. For instance, there is a high level of uncertainty in today&#8217;s tax environment stemming from global initiatives put forth by the Organisation for Economic Co-operation and Development&#8217;s (&#8220;OECD&#8221;) two-pillar base erosion and profit shifting project. In October 2021, members of the OECD put forth two proposals: (i) Pillar One reallocates profit to the market jurisdictions where sales arise versus physical presence; and (ii) Pillar Two compels multinational corporations with &#8364;750 million or more in annual revenue to pay a global minimum tax of 15% on income received in each country in which they operate. The reforms aim to level the playing field between countries by discouraging them from reducing their corporate income taxes to attract foreign business investment. Over 140 countries agreed to enact the two-pillar solution to address the challenges arising from the digitalization of the economy and, in 2024, these guidelines were declared effective and must now be enacted by those OECD member countries. It is possible that these guidelines, including the global minimum corporate tax rate measure of 15%, could increase the burden and costs of our tax compliance, the amount of taxes we incur in those jurisdictions and our global effective tax rate, which could have a material adverse impact on our results of operations and financial results.</p>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>As a Marshall Islands corporation and with some of our subsidiaries being Marshall Islands entities and also having subsidiaries in other offshore jurisdictions, our operations may be subject to economic substance requirements, which could impact our business.</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are a Marshall Islands corporation and some of our subsidiaries are Marshall Islands entities. The Marshall Islands has enacted economic substance laws and regulations with which we may be obligated to comply. We believe that we and our subsidiaries are compliant with the Marshall Islands economic substance requirements. However, if there were a change in the requirements or interpretation thereof, or if there were an unexpected change to our operations, any such change could result in noncompliance with the economic substance legislation and related fines or other penalties, increased monitoring and audits, and dissolution of the non-compliant entity, which could have an adverse effect on our business, financial condition or operating results.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">EU Finance ministers rate jurisdictions for tax rates and tax transparency, governance and real economic activity. Countries that are viewed by such finance ministers as not adequately cooperating, including by not implementing sufficient standards in respect of the foregoing, may be put on a &#8220;grey list&#8221; or a &#8220;blacklist&#8221;. Effective October 23, 2023 the Marshall Islands has been designated as a cooperating jurisdiction for tax purposes. If the Marshall Islands is added to the list of non-cooperative jurisdictions in the future and sanctions or other financial, tax or regulatory measures were applied by European Member States to countries on the list or further economic substance requirements were imposed by the Marshall Islands, our business could be harmed.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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. </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Under Section&#160;404 of Sarbanes-Oxley, we are required to include in each of our annual reports on Form 20-F a report containing our management&#8217;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&#160;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>We may have to pay tax on United States source income, which would reduce our earnings.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#160;883 of the Code, or Section 883, and the applicable Treasury Regulations promulgated thereunder.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We intend to take the position that we qualified for this statutory tax exemption for United States&#160;federal income tax return reporting purposes for our 2023 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&#160;federal income tax on our U.S.-source shipping income. For example, in certain circumstances we may no longer qualify for exemption under Section&#160;883 for a particular taxable year if shareholders, other than &#8220;qualified shareholders&#8221;, 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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If we are not entitled to exemption under Section&#160;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<b><i>.</i></b></p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Failure to comply with the U.S. Foreign Corrupt Practices Act (FCPA) could result in fines, criminal penalties, and an adverse effect on our business.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We may 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 respective officers, directors, employees and agents may take actions determined to be in violation of such anti-corruption laws. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties and 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 time- and attention-consuming for our senior management.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>It may be difficult to enforce service of process and enforcement of judgments against us and our officers and directors.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Risk Factors Relating To Our Common Stock</b></p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 low over the last couple of years. Such limited liquidity may cause our common stock to trade at lower prices and make it difficult to sell your common stock.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The market price of our common stock has recently been volatile and may continue to be volatile in the future, and as a result, investors in our common stock could incur substantial losses on any investment in our common stock.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The market price of our common stock has recently been volatile and may continue to be volatile in the future. For example, the reported closing sale price of our common stock on the Nasdaq Capital Market was $17.03 per share on March 17, 2023 and $33.80 per share on December 22, 2023. In addition, on November 9, 2023, the intra-day sale price of our common stock reported on the Nasdaq Capital Market fluctuated between a low of $22.50 per share and a high of $26.40 per share without any discernable announcements or developments by the Company or third parties to substantiate the movement of our stock price.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Among the factors that have in the past and could in the future affect our stock price are:</p>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">changes in earnings estimates or shortfalls in our operating results from levels forecasted by securities analysts;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">speculation in the press or investment community about our business or the shipping industry;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">payment of dividends;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">domestic and international economic, market and currency factors unrelated to our performance.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 or disproportionate to the operating performance of particular companies. In addition, the COVID-19 pandemic caused broad stock market and industry fluctuations. These broad market fluctuations may adversely affect the trading price of our common stock.&#160;&#160;As a result of this volatility, our shares may trade at prices lower than you originally paid for such shares and you may incur substantial losses on your investment in our common stock.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Investors may purchase our common stock to hedge existing exposure or to speculate on the price of our common stock. Speculation on the price of our common stock may involve long and short exposures. To the extent an aggregate short exposure in our common stock becomes significant, investors with short exposure may have to pay a premium to purchase common stock for delivery to common stock lenders at times if and when the price of our common stock increases significantly, particularly over a short period of time. Those purchases may in turn, dramatically increase the price of our common stock. This is often referred to as a &#8220;short squeeze.&#8221; A short squeeze could lead to volatile price movements in our common stock that are not directly correlated to our business prospects, operating performance, financial condition or other traditional measures of value for the Company or our common stock.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>If our common stock does not meet the Nasdaq Capital Market</i></b>&#8217;<b><i>s minimum share price requirement, and if we cannot cure such deficiency within the prescribed timeframe, our common stock could be delisted.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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. Our common stock has been above $1.00 per share since this reverse stock split.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If the market price of our common stock falls 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Our Amended and Restated Articles of Incorporation, Bylaws and Shareholders' Rights Plan contain anti-takeover provisions that may discourage, delay or prevent (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.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217; ability to realize any potential change of control premium.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Future sales of our common stock could cause the market price of our common stock to decline.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On December 29, 2022, we filed with the SEC a shelf registration statement on Form F-3, pursuant to which we may sell, from time to time, securities up to a total dollar amount of $400,000,000.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our Board of Directors approved the issuance of 30,700 shares of our Series B Preferred Shares in 2014 (of which none are outstanding as of December 31, 2023) 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&#8217; ability to realize any potential change of control premium.</p>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>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.</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;BCA&#8221;). 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, 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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Information on the Company<a id="i4" title="i4" href="#"></a></b></p> </td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>History and Development of the Company</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 (the &#8220;Spin-off&#8221;). 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. Our containerships transport dry and refrigerated containerized cargoes, mainly including manufactured products and perishables. As of March 31, 2024, our fleet consisted of 20 containerships. The total cargo carrying capacity of the 20 containerships is 777,749 dwt or 61,661 teu. After the delivery of our remaining six newbuilding containerships, our fleet will consist of 26 containerships with a cargo carrying capacity of 956,246 dwt or 75,461 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. Since June 2005, the Company has purchased 40 vessels, sold 22 vessels and ordered 13 newbuildings. Euroseas took delivery of three of the newbuildings in February 2016, January 2017 and May 2018, respectively, under its previous newbuilding program of dry bulk vessels, while one newbuilding vessel contract was cancelled. The Company spun-off 6 of its vessels into EuroDry on May 30, 2018.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In October 2021 we took delivery of a feeder containership, M/V &#8220;Jonathan P.&#8221;, for a purchase price of $25.5 million and in December 2021 of an intermediate container, M/V &#8220;Marcos V.&#8221;, with an attached time charter, for a purchase price of $40.0 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In June 2021, January 2022, March 2022 and May 2022, we entered into four separate agreements with Hyundai Mipo Dockyard Co., Ltd. to construct nine modern containerships; six with a carrying capacity of 2,800 teu each and three with a carrying capacity of 1,800 teu each. Furthermore, in May and June 2022, we took delivery of two intermediate 4,250 teu containerships, M/V &#8220;Rena P&#8221; built in 2007, and M/V &#8220;Emmanuel P&#8221; built in 2005, for a combined price of $37 million. We also assumed the existing charter arrangements of both vessels.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The M/V &#8220;Gregos&#8221;, the first of the two newbuilding vessels ordered in June 2021, was delivered on April 6, 2023, while M/V &#8220;Terataki&#8221;, the second of the two, was delivered on July 6, 2023. The combined price for the construction of these two newbuildings was approximately $80.5 million. The Company paid another $4.4 million for costs relating to the construction and to make the vessel available for use, as well as capitalized interest costs. The cost of these newbuilding contracts was financed with a combination of own cash and a bank loan of $26 million for each of the vessels. We also ordered two newbuilding vessels in January 2022; the first of these, the M/V &#8220;Tender Soul&#8221;, was delivered to us on February 6, 2024, while the other newbuilding is scheduled to be delivered in the second quarter of 2024. The combined price for the construction of these two new buildings was approximately $88.8 million. The three vessels ordered in March 2022 are scheduled to be delivered during the second and third quarter of 2024 for approximately $101.6 million. Finally, the two vessels ordered in May 2022 are scheduled to be delivered during the fourth quarter of 2024 for approximately $89.3 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In December 23, 2022, we agreed to sell M/V &#8220;Akinada Bridge&#8221; for scrap, at a gross price of $14.2 million. The vessel was delivered to her new owners on January 9, 2023.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our executive offices are located at 4 Messogiou &amp; Evropis Street, 151 24, Maroussi, Greece. Our telephone number is +30-211-1804005.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The SEC maintains an Internet website at <i>www.sec.gov</i>, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our website address is <i>www.euroseas.gr</i>. The information contained on our website is not part of this annual report.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>B.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Business Overview</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our fleet consists of containerships that transport container boxes providing scheduled service between ports. Please see the information in the section titled "Our Fleet", below. During 2021, 2022, and 2023 we had a fleet utilization of 98.5%, 98.3% and 98.6%, respectively, our vessels achieved daily time charter equivalent rates of$19,327, $31,964 and $29,714, respectively, and we generated time charter revenue totalling $97.98 million, $189.6 million and $195.80 million respectively.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Our Fleet </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Currently, the profile and deployment of our fleet are the following:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Name</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Type</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Dwt</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">TEU</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Year Built</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Employment (*)</p> </td>
     <td style="border-width: 1px; border-style: solid; border-color: black black rgb(0, 0, 0); vertical-align: middle; width: auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">TCE&#160;Rate ($/day)</p> </td>
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     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;"><b>Container Carriers</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
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     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
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    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">MARCOS V(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">72,968</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">6,350</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2005</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Dec-24</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Jul-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$42,200</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$15,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">SYNERGY BUSAN(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,726</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2009</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Aug-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$25,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">SYNERGY ANTWERP</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,726</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2008</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Mar-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$26,500</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">SYNERGY OAKLAND(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,787</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2009</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until May-26</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$42,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">SYNERGY KEELUNG(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,969</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2009</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Apr-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$23,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EMMANUEL P(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,796</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,250</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2005</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Apr-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$21,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">RENA P (*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Intermediate</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">50,796</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">4,250</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2007</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Apr-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$21,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EM KEA(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">42,165</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">3,100</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2007</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until May-26</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$19,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GREGOS(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">37,237</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2023</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Apr-26</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$48,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">TERATAKI (*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">37,237</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2023</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Jul-26</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$48,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">TENDER SOUL(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">37,237</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Oct-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$17,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">LEONIDAS Z (*)</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">Feeder</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; padding: 0pt; text-align: center;">37,237</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; padding: 0pt; text-align: center;">2,800</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; padding: 0pt; text-align: center;">2024</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; padding: 0pt; text-align: center;">TC until Mar-26</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black; padding: 0pt; text-align: center;">$20,000</td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EM ASTORIA(+) (***)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">35,600</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,788</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2004</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Feb-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$20,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EVRIDIKI G(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">34,677</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,556</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2001</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Feb-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$40,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EM CORFU(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">34,654</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,556</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2001</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Feb-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$40,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">DIAMANTIS P(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">30,360</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,008</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1998</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Oct-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$27,000</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EM SPETSES(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">23,224</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2007</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Jul-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$29,500</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">JONATHAN P.(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">23,357</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2006</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Sep-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$26,662(**)</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">EM HYDRA(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">23,351</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2005</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Mar-25</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$13,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">JOANNA(+)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">22,301</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,732</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1999</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until May-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$10,250</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">AEGEAN EXPRESS(*)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">18,581</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,439</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1997</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TC until Oct-24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: auto; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">$8,000</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 18pt;text-indent:-18pt;"><b>Total Container Carriers</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>21</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>814,986</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>64,461</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: auto; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
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     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 27%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><span style="text-decoration: underline; ">Vessels under construction</span></b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 13%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Type</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 8%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Dwt</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 7%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>TEU</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 10%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>To be delivered</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black; border-top: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Employment (*)</b></p> </td>
     <td style="border-width: 1px; border-style: solid; border-color: black black rgb(0, 0, 0); vertical-align: top; width: 18%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>TCE Rate ($/day)</b></p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">MONICA (H4248)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">22,262</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Q2 2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">STEPHANIA K (H4249)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">22,262</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Q2 2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PEPI STAR (H4250)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">22,262</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">1,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Q3 2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">DEAR PANEL (H4251)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">37,237</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Q4 2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
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    <tr style="background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SYMEON P (H4252)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Feeder</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">37,237</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Q4 2024</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
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    <tr style="background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 27%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Total under construction</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 13%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>5</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 8%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>141,260</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 7%; border-left: 1px solid black;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>11,000</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 10%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 17%; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 18%; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 50px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(*)</p> </td>
     <td style="vertical-align: top; width: 1471px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 (+ ).</p> </td>
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     <td style="vertical-align: middle; width: 50px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(**)</p> </td>
     <td style="vertical-align: middle; width: 1471px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Rate is net of commissions (which are typically 5-6.25%).</p> </td>
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     <td style="vertical-align: middle; width: 50px;">(***)</td>
     <td style="vertical-align: middle; width: 1471px;">We have committed to sell the vessel to a third party (please refer to &#8220;Recent Developments&#8221; section).</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. We employ our vessels in the spot and time charter market. Currently, all of our vessels are employed under time charter contracts.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of March 31, 2024, approximately 78% of our ship capacity days for the remainder of 2024, 28% of our ship capacity days in 2025 and 8% of our ship capacity days in 2026 are under contract.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In &#8220;Critical Accounting Estimates &#8211; Impairment of vessels&#8221; 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. As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below those vessels&#8217; carrying value. We may not impair those vessels&#8217; carrying value under our impairment accounting 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&#8217; carrying amounts.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The table set forth below indicates (i) the carrying value of each of our vessels as of December 31, 2022 and 2023, 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. This aggregate difference represents the approximate analysis of the amount by which we believe we would have to reduce our net income if we sold all of such vessels in the current environment, using industry-standard valuation methodologies, in cash, in arm&#8217;s-length transactions. For purposes of this calculation, we have assumed that the vessels would be sold at a price that reflects our estimate of their basic market values as of the respective year end. However, we are not holding our vessels for sale, except as otherwise noted in this report.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Our estimates are based on information available from various industry sources, including:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">news and industry reports of similar vessel sales;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">offers that we may have received from potential purchasers of our vessels; and</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As we obtain information from various industry and other sources, our estimates of basic market value are inherently uncertain. 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.</p>
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     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Name </b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Capacity</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Purchase Date</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Carrying Value as of December 31, 2022 (in millions) (1)</b></p> </td>
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    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><span style="text-decoration: underline; ">Container Carriers</span></b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(teu)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;">&#160;</td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EVRIDIKI G</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,556</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">May-2008</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$5.96</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$4.96</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">JOANNA</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">1,732</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Jul-2013</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$2.24</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$1.83</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">AEGEAN EXPRESS</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">1,439</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Sep-2016</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$1.63</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$1.49</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EM ASTORIA</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,788</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Jun-2017</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$4.06</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$3.95</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EM CORFU</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,556</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Nov-2017</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$4.34</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$3.90</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EM KEA</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">3,100</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Aug-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$8.47</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$8.00</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EM SPETSES</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Aug-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$6.43</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$6.03</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EM HYDRA</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Aug-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$5.81</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$5.34</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">DIAMANTIS P</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,008</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Aug-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$3.01</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$2.65</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">SYNERGY BUSAN</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Nov-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$9.08</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$10.31</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">SYNERGY ANTWERP</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Nov-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$8.99</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$8.60</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">SYNERGY OAKLAND</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Nov-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$9.32</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$8.95</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">SYNERGY KEELUNG</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,253</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Nov-2019</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$10.05</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$9.60</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">JONATHAN P.</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">1,740</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Oct-2021</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$22.87(1)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$6.88(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">MARCOS V.</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">6,350</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Dec-2021</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$52.33(1)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$46.63(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">EMMANUEL P</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,250</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">May-2022</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$31.28(1)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$27.74(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">RENA P</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">4,250</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">June-2022</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$30.70(1)</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$27.87(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">GREGOS</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Apr-2023</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">-</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$41.15(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">TERATAKI</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">2,800</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Jul-2023</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">-</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">$41.76(2)</p> </td>
    </tr>

    <tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 20%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total Container Carriers </b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>58,861</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 15%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>$216.57</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 25%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>$267.63</b></p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Indicates container vessels for which we believe, as of December 31, 2022, the basic charter-free market value is lower than the vessel&#8217;s carrying value as of December 31, 2022. We believe that the aggregate carrying value of these vessels, assessed separately, of $137.2 million as of December 31, 2022 exceeds their aggregate basic charter-free market value of approximately $65.0 million by approximately $72.2 million. As further discussed in &#8220;Critical Accounting Estimates &#8211;&#160;Impairment of vessels&#8221;&#160;below, we believe that the carrying values of our vessels as of December 31, 2022 were recoverable.</p> </td>
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     <td style="vertical-align: top; width: 2%;">(2)</td>
     <td style="vertical-align: top; width: 95%;">Indicates container vessels for which we believe, as of December 31, 2023, the basic charter-free market value is lower than the vessel&#8217;s carrying value as of December 31, 2023. We believe that the aggregate carrying value of these vessels, assessed separately, of $192.0 million as of December 31, 2023 exceeds their aggregate basic charter-free market value of approximately $137.1 million by approximately $54.9 million. As further discussed in &#8220;Critical Accounting Estimates &#8211; Impairment of vessels&#8221; below, we believe that the carrying values of our vessels as of December 31, 2023 were recoverable.</td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We note that as of March 31, 2024, all but one of our container vessels are employed under time charter contracts of durations from 2 to 27 months until the earliest redelivery charter period (one is undergoing drydock). 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We refer you to the risk factor entitled &#8220;<b><i>The market value of our vessels can fluctuate significantly,</i></b><b> </b><b><i>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</i></b>&#8221; and the discussion in Item 3.D under &#8220;Industry Risk Factors.&#8221;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Our Competitive Strengths </b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We believe that we possess the following competitive strengths:</p>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Experienced Management Team</i>. 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.&#160;Anastasios Aslidis, our Chief Financial Officer, holds a Ph.D. in Ocean Systems Management also from Massachusetts Institute of Technology and has over 30 years of experience, primarily as a partner at a Boston based international consulting firm focusing on investment and risk management in the maritime industry.</p> </td>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Cost Efficient Vessel Operations</i>. 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 16.6 years on March 31, 2024, our total vessel operating expenses, including management fees and general and administrative expenses but excluding drydocking expenses were $7,875 per day for the year ended December 31, 2023. 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, 2023, our operational fleet utilization was 99.1%, from 98.4% in 2022, while our commercial utilization rate was 99.6%, from 99.9% in 2022. Our total fleet utilization rate in 2023 was 98.6% from 98.3% in 2022.</p> </td>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Strong Relationships with Customers and Financial Institutions</i>. 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.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Our Business Strategy </b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Key elements of the above strategy are:</p>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Renew and Expand our Fleet</i>. 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 October and December 2021, we acquired two secondhand containerships, further expanding our fleet to 16 containership vessels. In June 2021 and January 2022, we entered into contracts for the construction of four newbuilding containership vessels with a capacity of 2,800 teu each, while in March and May 2022, we entered into another two contracts for the construction of three newbuilding containership vessels with a capacity of 1,800 teu each and two additional newbuilding containership vessels with a capacity of 2,800 teu each. Two of the newbuilding vessels were delivered in April and July 2023, while the third was delivered in February 2024 and the fourth one in April 2024. The remaining five newbuilding vessels are expected to be gradually delivered by the end of 2024. In May and June 2022, we acquired two intermediate 4,250 teu containerships built in 2005 and 2007, respectively. In December 2022, we sold one containership vessel for scrap, which was delivered in January 2023 to its new owners.</p> </td>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Maintain Balanced Employment</i>. 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&#8217;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 March 31, 2024, on the basis of our existing time charters, approximately 78% of our vessel capacity for the remainder of 2024 and approximately 28% in 2025 and 8% in 2026, are under time charter contracts, which will ensure employment of a portion of our fleet, and will 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.</p> </td>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Optimize Use of Financial Leverage</i>. 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, 2023 calls for a reduction of approximately 24% of our debt by the end of 2024 and an additional reduction of about 27% by the end of 2025 for a total of 51% reduction over the next two years, excluding any new debt that we 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.</p> </td>
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     <td style="vertical-align: middle; width: 98%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Environmental, Social and Governance (ESG) Practices. </i>We actively manage a broad range of ESG initiatives, taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our business on society and the environment. Regarding environmental initiatives, in 2022 and 2023 we implemented technical and operational measures that we expect will result in energy savings and a reduced carbon footprint for our vessels. Moreover, we pay considerable attention to our human resources both on our vessels and ashore, proven by a variety of practices, including worldwide training on safety and management systems, and medical insurance for all employees.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Our Customers </b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have well-established relationships with major containership charterers, which we serve by carrying a variety of cargoes over a multitude of routes around the globe. We are a relationship driven company, and our top five customers in 2023 include four of our top five customers from 2022 and two from 2021. Our top five customers accounted for approximately 82% of our revenues in 2023, 82% of our revenues in 2022 and 78% of our revenues in 2021. In 2023, ZIM, Maersk, Sealand, ASYAD and CMA accounted for 23%, 23%, 15%, 11% and 10% of our revenues, respectively. In 2022, ZIM, Maersk, Sealand, CMA, and Hapag Lloyd accounted for 21%, 21%, 21%, 11% and 8% of our revenues, respectively. In 2021, CMA, Maersk, Vasi, GSL and Hapag Lloyd accounted for 24%, 21%, 15%, 9% and 9% of our revenues, respectively. We believe that our dependence on our key charter customers is moderate, because 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 COVID-19 outbreak or as a result of ongoing conflicts such as the war in Ukraine, the war in Palestine and current events in the Red Sea region.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>The Containership Industry</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 twenty-foot equivalent unit (&#8220;teu&#8221;) 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Our Competitors</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. (&#8220;Eurochart&#8221;), an affiliated brokering company which negotiates the terms of the charters based on market conditions. We compete with other shipowners of carriers primarily 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 Global Ship Lease Inc. (NYSE: GSL).</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Seasonality</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The containership shipping industry&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Environmental and Other Regulations in the Shipping Industry</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>International Maritime Organization</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the &#8220;IMO&#8221;), has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &#8220;MARPOL,&#8221; the International Convention for the Safety of Life at Sea of 1974 (&#8220;SOLAS Convention&#8221;), and the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Air Emissions</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or &#8220;PCBs&#8221;) are also prohibited. We believe that all our vessels are currently compliant in all material respects with these regulations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Marine Environment Protection Committee, or &#8220;MEPC,&#8221; adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020. This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels or certain exhaust gas cleaning systems. Ships are now required to obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;) 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 on ships were adopted and took effect on March 1, 2020, with the exception of vessels fitted with exhaust gas cleaning equipment (&#8220;scrubbers&#8221;) which can carry fuel of higher sulfur content. These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area. 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. In December 2021, the member states of the Convention for the Protection of the Mediterranean Sea Against Pollution (&#8220;Barcelona Convention&#8221;) agreed to support the designation of a new ECA in the Mediterranean. On December 15, 2022, MEPC 79 adopted the designation of a new ECA in the Mediterranean, with an effective date of May 1, 2025. In July 2023, MEPC 80 announced three new ECA proposals, including the Canadian Arctic waters and the North-East Atlantic Ocean. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs will go into effect. 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. Tier III requirements could apply to areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in 2010. As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans (&#8220;SEEMPs&#8221;), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;). Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014. MEPC 75 adopted amendments to MARPOL Annex VI which brings forward the effective date of the EEDI&#8217;s &#8220;phase 3&#8221; requirements from January 1, 2025 to April 1, 2022 for several ship types, including gas carriers, general cargo ships, and LNG carriers.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Additionally, MEPC 75 introduced draft amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. These amendments introduce requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index (&#8220;EEXI&#8221;), and (2) operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (&#8220;CII&#8221;). The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. Additionally, MEPC 75 proposed draft amendments requiring that, on or before January 1, 2023, all ships above 400 gross tonnage must have an approved SEEMP on board. For ships above 5,000 gross tonnage, the SEEMP would need to include certain mandatory content. MEPC 75 also approved draft amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil (&#8220;HFO&#8221;) by ships in Arctic waters on and after July 1, 2024. The draft amendments introduced at MEPC 75 were adopted at the MEPC 76 session in June 2021 and entered into force on November 1, 2022, with the requirements for EEXI and CII certification becoming effective from January 1, 2023. MEPC 77 adopted a non-binding resolution which urges Member States and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of Black Carbon emissions from ships when operating in or near the Arctic. MEPC 79 adopted amendments to MARPOL Annex VI, Appendix IX to include the attained and required CII values, the CII rating and attained EEXI for existing ships in the required information to be submitted to the IMO Ship Fuel Oil Consumption Database. MEPC 79 also revised the EEDI calculation guidelines to include a CO2 conversion factor for ethane, a reference to the updated ITCC guidelines, and a clarification that in case of a ship with multiple load line certificates, the maximum certified summer draft should be used when determining the deadweight. The amendments will enter into force on May 1, 2024. In July 2023, MEPC 80 approved the plan for reviewing CII regulations and guidelines, which must be completed at the latest by January 1, 2026. There will be no immediate changes to the CII framework, including correction factors and voyage adjustments, before the review is completed.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Safety Management System Requirements</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The documents of compliance and safety management certificates are renewed as required.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods and (3) new mandatory training requirements. 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. Additional amendments, which came into force on June 1, 2022, include (1) addition of a definition of dosage rate, (2) additions to the list of high consequence dangerous goods, (3) new provisions for medical/clinical waste, (4) addition of various ISO standards for gas cylinders, (5) a new handling code, and (6) changes to stowage and segregation provisions.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;). As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The IMO&#8217;s Maritime Safety Committee and MEPC, respectively, each adopted relevant parts of the International Code for Ships Operating in Polar Water (the &#8220;Polar Code&#8221;). 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. It also includes mandatory measures regarding safety and pollution prevention as well as recommendatory provisions. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Furthermore, recent action by the IMO&#8217;s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. By IMO resolution, administrations are encouraged to ensure that cyber-risk management systems are incorporated by ship-owners and managers by their first annual Document of Compliance audit after January 1, 2021. In February 2021, the U.S. Coast Guard published guidance on addressing cyber risks in a vessel&#8217;s safety management system. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. To comply with these regulations, we developed a Cybersecurity Manual for all our vessels that was reviewed by IMO&#8217;s Maritime Safety Committee in March 2021.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In June 2022, SOLAS also set out new amendments that took effect January 1, 2024, which include new requirements for: (1) the design for safe mooring operations, (2) the Global Maritime Distress and Safety System (&#8220;GMDSS&#8221;), (3) watertight integrity, (4) watertight doors on cargo ships, (5) fault-isolation of fire detection systems, (6) life-saving appliances, and (7) safety of ships using LNG as fuel. These new requirements may impact the cost of our operations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Pollution Control and Liability Requirements</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments (the &#8220;BWM Convention&#8221;) in 2004. The BWM Convention entered into force on September 8, 2017. 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. The BWM Convention&#8217;s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. This, in effect, makes all vessels delivered before the entry into force date &#8220;existing vessels&#8221; and allows for the installation of ballast water management systems on such vessels at the first 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&#8217;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. Ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. 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&#8217;s amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water Management Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and formalized an implementation schedule for the D-2 standard. Under these amendments, all ships must meet the D-2 standard by September 8, 2024. Costs of compliance with these regulations may be substantial. Additionally, in November 2020, MEPC 75 adopted amendments to the BWM Convention which would require a commissioning test of the ballast water management system for the initial survey or when performing an additional survey for retrofits. This analysis will not apply to ships that already have an installed BWM system certified under the BWM Convention. These amendments entered into force on June 1, 2022. In December 2022, MEPC 79 agreed that it should be permitted to use ballast tanks for temporary storage of treated sewage and grey water. MEPC 79 also established that ships are expected to return to D-2 compliance after experiencing challenging uptake water and bypassing a BWM system should only be used as a last resort. In July 2023, MEPC 80 approved a plan for a comprehensive review of the BWM Convention over the next three years and the corresponding development of a package of amendments to the Convention. MEPC 80 also adopted further amendments relating to Appendix II of the BWM Convention concerning the form of the Ballast Water Record Book, which are expected to enter into force in February 2025. A protocol for ballast water compliance monitoring devices and unified interpretation of the form of the BWM Convention certificate were also adopted.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Once mid-ocean exchange 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &#8220;Bunker Convention&#8221;) to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Anti</i>&#8209;<i>Fouling Requirements</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems on Ships, or the &#8220;Anti&#8209;fouling Convention.&#8221; The Anti&#8209;fouling Convention, which entered into force on September&#160;17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first time; and subsequent surveys when the anti&#8209;fouling systems are altered or replaced. Vessels of 24 meters in length or more but less than 400 gross tonnage engaged in international voyages will have to carry a Declaration on Anti-fouling Systems signed by the owner or authorized agent. We have obtained Anti&#8209;fouling System Certificates for all of our vessels that are subject to the Anti&#8209;fouling Convention.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne, which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. In addition, the IAFS Certificate has been updated to address compliance options for anti-fouling systems to address cybutryne. Ships which are affected by this ban on cybutryne must receive an updated IAFS Certificate no later than two years after the entry into force of these amendments. Ships which are not affected (i.e. with anti-fouling systems which do not contain cybutryne) must receive an updated IAFS Certificate at the next Anti-fouling application to the vessel. These amendments were formally adopted at MEPC 76 in June 2021 and entered into force on January 1, 2023.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Compliance Enforcement</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. As of the date of this annual report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future<b>.</b> 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>United States Regulations</i></b></p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The U.S. Oil Pollution Act of 1990 (&#8220;OPA&#8221;) established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200-nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:</p>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</p> </td>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">injury to, or economic losses resulting from, the destruction of real and personal property;</p> </td>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">loss of subsistence use of natural resources that are injured, destroyed or lost;</p> </td>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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;</p> </td>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</p> </td>
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     <td style="vertical-align: middle; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. On December 23, 2022, the USCG issued a final rule to adjust the limitation of liability under the OPA. Effective March 23, 2023, the new adjusted limits of OPA liability for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, amount to the greater of $1,300 per gross ton or $1,076,000 (previous limit was $1,200 per gross ton or $997,100). These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party&#8217;s gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s financial responsibility regulations by providing applicable certificates of financial responsibility.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The 2010 <i>Deepwater Horizon</i> 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&#8217;s (&#8220;BSEE&#8221;) revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, the BSEE amended the Well Control Rule, effective July 15, 2019, which rolled back certain reforms regarding the safety of drilling operations, and former U.S. President Trump had proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling. In January 2021, current U.S. President Biden signed an executive order temporarily blocking new leases for oil and gas drilling in federal waters. However, attorney generals from 13 states filed suit in March 2021 to lift the executive order, and in June 2021, a federal judge in Louisiana granted a preliminary injunction against the Biden administration, stating that the power to pause offshore oil and gas leases &#8220;lies solely with Congress.&#8221; In August 2022, a federal judge in Louisiana sided with Texas Attorney General Ken Paxton, along with the other 12 plaintiff states, by issuing a permanent injunction against the Biden Administration&#8217;s moratorium on oil and gas leasing on federal public lands and offshore waters. After being blocked by the courts, in September 2023, the Biden administration announced a scaled back offshore oil drilling plan, including just three oil lease sales in the Gulf of Mexico. With these rapid changes, 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&#8217; responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where the Company&#8217;s vessels call.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Other United States Environmental Initiatives</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (&#8220;CAA&#8221;) requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The CAA requires states to adopt State Implementation Plans, or &#8220;SIPs,&#8221; some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The U.S. Clean Water Act (&#8220;CWA&#8221;) prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. 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 &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), 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 WOTUS. In 2019 and 2020, the agencies repealed the prior WOTUS Rule and promulgated the Navigable Waters Protection Rule (&#8220;NWPR&#8221;) which significantly reduced the scope and oversight of EPA and the Department of the Army in traditionally non-navigable waterways. On August 30, 2021, a federal district court in Arizona vacated the NWPR and directed the agencies to replace the rule with the pre-2015 definition. In January 2023, the revised WOTUS rule was codified in place of the vacated NWPR. On May 25, 2023, the United States Supreme Court ruled in the case Sackett v. EPA that only wetlands and permanent bodies of water with a "continuous surface connection" to "traditional interstate navigable waters" are covered by the CWA, further narrowing the application of the WOTUS rule. In August 2023, the EPA and the Department of the Army issued the final WOTUS rule that largely reinstated the pre-2015 definition and applied the <i>Sackett</i> ruling.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018 and replaces the 2013 Vessel General Permit (&#8220;VGP&#8221;) program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act (&#8220;NISA&#8221;), such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance, and enforcement regulations within two years of EPA&#8217;s promulgation of standards. 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, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>European Union Regulations</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called &#8220;SOx-Emission Control Area&#8221;). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On September 15, 2020, the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European Union&#8217;s carbon market, the EU Emissions Trading System (&#8220;EU ETS&#8221;) as part of its &#8220;Fit-for-55&#8221; legislation to reduce net greenhouse gas emissions by at least 55% by 2030. On July 14, 2021, the European Parliament formally proposed its plan, which would involve gradually including the maritime sector from 2023 and phasing the sector in over a three-year period. This will require shipowners to buy permits to cover these emissions. The Environment Council adopted a general approach on the proposal in June 2022. On December 18, 2022, the Environmental Council and European Parliament agreed on a gradual introduction of obligations for shipping companies to surrender allowances equivalent to a portion of their carbon emissions: 40% for verified emissions from 2024, 70% for 2025 and 100% for 2026. Most large vessels will be included in the scope of the EU ETS from the start. Big offshore vessels of 5,000 gross tonnage and above will be included in the 'MRV' on the monitoring, reporting and verification of CO2 emissions from maritime transport regulation from 2025 and in the EU ETS from 2027. General cargo vessels and off-shore vessels between 400-5,000 gross tonnage will be included in the MRV regulation from 2025 and their inclusion in EU ETS will be reviewed in 2026. Furthermore, starting from January 1, 2026, the ETS regulations will expand to include emissions of two additional greenhouse gases: nitrous oxide and methane. Compliance with the Maritime EU ETS will result in additional compliance and administration costs to properly incorporate the provisions of the Directive into our business routines. Additionally, on July 25, 2023, the European Council of the European Union adopted the Maritime Fuel Regulation under the FuelEU Initiative of its &#8220;Fit-for-55&#8221; package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by covered vessels.&#160; Among other things, the Maritime Fuel Regulation requires that greenhouse gas emissions from covered vessels are reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% from January 1, 2050).</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Additional EU regulations which are part of the EU&#8217;s &#8220;Fit-for-55,&#8221; could also affect our financial position in terms of compliance and administration costs when they take effect.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>International Labour Organization</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The International Labour Organization (the &#8220;ILO&#8221;) is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&#8220;MLC 2006&#8221;). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating from a port, or between ports, in another country. We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Greenhouse Gas Regulation </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 and does not directly limit greenhouse gas emissions from ships. The U.S. initially entered into the agreement, but on June 1, 2017, former U.S. President Trump announced that the United States intends to withdraw from the Paris Agreement, and the withdrawal became effective on November 4, 2020. On January 20, 2021, U.S. President Biden signed an executive order to rejoin the Paris Agreement, which the U.S. officially rejoined on February 19, 2021.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. The initial strategy identifies &#8220;levels of ambition&#8221; to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. 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. At MEPC 77, the Member States agreed to initiate the revision of the Initial IMO Strategy on Reduction of greenhouse gas (&#8220;GHG&#8221;) emissions from ships, recognizing the need to strengthen the ambition during the revision process. In July 2023, MEPC 80 adopted a revised strategy, which includes an enhanced common ambition to reach net-zero greenhouse gas emissions from international shipping around or close to 2050, a commitment to ensure an uptake of alternative zero and near-zero greenhouse gas fuels by 2030, as well as i) reducing the total annual greenhouse gas emissions from international shipping by at least 20%, striving for 30%, by 2030, compared to 2008; and ii) reducing the total annual greenhouse gas emissions from international shipping by at least 70%, striving for 80%, by 2040, compared to 2008.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol&#8217;s second period from 2013 to 2020. 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. Under the European Climate Law, the EU committed to reduce its net greenhouse gas emissions by at least 55% by 2030 through its &#8220;Fit-for-55&#8221; legislation package.&#160;As further discussed herein, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union&#8217;s carbon market have entered into force, and additional regulations are forthcoming.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, former U.S. President Trump signed an executive order to review and possibly eliminate the EPA&#8217;s plan to cut greenhouse gas emissions, and in August 2019, the Administration announced plans to weaken regulations for methane emissions. On August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic compound emissions from new oil and gas facilities. However, U.S. President Biden recently directed the EPA to publish a proposed rule suspending, revising, or rescinding certain of these rules. On November 2, 2021, the EPA issued a proposed rule under the CAA designed to reduce methane emissions from oil and gas sources. The proposed rule would reduce 41 million tons of methane emissions between 2023 and 2035 and cut methane emissions in the oil and gas sector by approximately 74 percent compared to emissions from this sector in 2005. EPA issued a supplemental proposed rule in November 2022 to include additional methane reduction measures. On December 2, 2023, the Biden Administration announced the final rule that includes updated and strengthened standards for methane and other air pollutants from new, modified, and reconstructed sources, as well as Emissions Guidelines to assist states in developing plans to limit methane emissions from existing sources. These new regulations could potentially affect our operations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Vessel Security Regulations</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002 (&#8220;MTSA&#8221;). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facility Security Code (&#8220;the ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate (&#8220;ISSC&#8221;) from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel'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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Inspection by Classification Societies</i></b></p>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by a classification society which is a member of the International Association of Classification Societies, the IACS.<b> </b>All of our vessels are certified as being &#8220;in class&#8221; by all the applicable Classification Societies (e.g., Bureau Veritas, Det Norske Veritas, Nippon Kaiji Kyokai).</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to have its underwater parts inspected by class every 30 to 36 months, but for vessels subject to enhanced survey requirements and above 15 years of age, its underwater parts must be inspected in dry-dock. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">The following table lists the upcoming intermediate or special survey for the vessels in our current fleet. Special surveys typically require drydocking of the vessels while intermediate surveys may not, depending on the age of the vessel and its condition. The intermediate surveys listed in the table below will not require drydocking of the vessels, unless otherwise specified below. M/V Marcos V and M/V Synergy Antwerp underwent their intermediate survey with dry-dock and special survey in February and March 2024, respectively.</p>
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     <td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Next</b></p> </td>
     <td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Type</b></p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EVRIDIKI G.</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">June 2024</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EM CORFU</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">January 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">AEGEAN EXPRESS</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">September 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey (In water)</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EM ASTORIA</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">April 2024</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">JOANNA</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">June 2024</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EM SPETSES</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">July 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EM KEA</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">October 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EM HYDRA</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">June 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey (In water)</p> </td>
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     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">DIAMANTIS P</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">October 2026</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey (Drydocking)</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SYNERGY BUSAN</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">January 2027</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SYNERGY ANTWERP</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">December 2026</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SYNERGY OAKLAND</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">February 2027</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SYNERGY KEELUNG</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">June 2024</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">JONATHAN P.</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">September 2024</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">MARCOS V.</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">October 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey (In water)</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">EMMANUEL P.</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">August 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Special Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">RENA P.</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">May 2025</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">GREGOS</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">April 2026</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">TERATAKI</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">July 2026</p> </td>
     <td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Intermediate Survey</p> </td>
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     <td style="vertical-align:middle;width:auto;">LEONIDAS Z</td>
     <td style="vertical-align:bottom;width:auto;">April 2027</td>
     <td style="vertical-align:bottom;width:auto;">Intermediate Survey</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Risk of Loss and Liability Insurance</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>General</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Hull and Machinery Insurance</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 maintain insurance against loss of hire (for certain charters for which we consider it appropriate), which covers business interruptions that result in the loss of use of a vessel.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Protection and Indemnity Insurance</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or &#8220;P&amp;I Associations,&#8221; and covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or &#8220;clubs.&#8221;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our current protection and indemnity insurance coverage for pollution is $1.0 billion per vessel per incident. The 12 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s website states that the Pool provides a mechanism for sharing all claims in excess of $10 million up to, currently, approximately $8.9 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.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>C.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Organizational structure</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">Euroseas is the sole owner of all outstanding shares of the subsidiaries listed in Note 1 of our consolidated financial statements under &#8220;Item 18. Financial Statements&#8221; and in Exhibit 8.1 to this annual report.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Property, plants and equipment</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We do not own any real estate property. 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. We do not have current plans to lease or purchase office space, although we may do so in the future.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, &#8220;Basis of Presentation and General Information&#8221;, of the attached Financial Statements for a listing of our vessel owning subsidiaries. The majority of 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 &#8220;Item 5. Operating and Financial Review and Prospects &#8212; Loans&#8221;</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Unresolved Staff Comments<a id="item4a" title="item4a" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">None.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 5.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Operating and Financial Review and Prospects<a id="item5" title="item5" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following discussion should be read in conjunction with &#8220;Item 3. Key Information &#8211; D. Risk Factors&#8221;, &#8220;Item 4. Business Overview&#8221;, 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 &#8220;Forward-Looking Statements&#8221; for additional information regarding forward-looking statements used in this annual report. Reference in the following discussion to &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Euroseas and our subsidiaries, except where the context otherwise indicates or requires.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#160;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 &#8220;Critical Accounting Estimates&#8221;, below, for a further discussion of the consequences of selling our vessels for amounts below their carrying values.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Developments in 2023 </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Vessel Deliveries &amp; Disposals </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On January 9, 2023, M/V &#8220;Akinada Bridge&#8221; was delivered to her buyers and we recognized a gain on sale of vessel of approximately $5.2 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On June 29, 2021, we entered into a contract with Hyundai Mipo Dockyard Co. in South Korea, for the construction of two eco-design fuel efficient feeder containerships with a carrying capacity of 2,800 teu each, for a total cost of approximately $80.5&#160;million. The Company paid another $4.4 million for costs relating to the construction and to make the vessel available for use, as well as capitalized interest costs. We took delivery of the first vessel, M/V &#8220;Gregos&#8221; on April 6, 2023 and the second one, M/V &#8220;Terataki&#8221; on July 6, 2023.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Vessels Under Construction</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On January 28, 2022, we entered into a contract for the construction of two eco-design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. One of the newbuidings, M/V &#8220;Tender Soul&#8221;, was delivered to the Company on February 6, 2024 for a consideration of $44.4 million. The other newbuilding M/V &#8220;Leonidas Z&#8221; was delivered to the Company on April 25, 2024 for a total consideration of approximately $45.0 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On March 18, 2022, we entered into a contract for the construction of three 1,800 teu eco-design fuel efficient feeder containerships. The vessels will be built at Hyundai Mipo Dockyard Co. in South Korea and are scheduled to be delivered during the second and third quarters of 2024, respectively. The total consideration for the construction of the three vessels is approximately $101.6 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On May 20, 2022, we entered into a contract for the construction of two eco-design fuel efficient containerships. The vessels will have a carrying capacity of about 2,800 teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The two newbuildings are scheduled to be delivered during the fourth quarter of 2024. The total consideration for these two newbuilding contracts is approximately $89.3 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of December 31, 2023, the outstanding amount of the newbuilding contracts is $198.0 million, which we intend to finance the cost of our newbuilding program with a combination of debt and own cash.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Loans</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">On February 6, 2023, Kea Shipowners Ltd., Spetses Shipowners Ltd. and Hydra Shipowners Ltd. repaid the full amount of outstanding indebtedness amounting to $6.65 million using the Company&#8217;s own funds and became unencumbered.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">On May 30, 2023, Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7.5 million using the Company&#8217;s own funds and became unencumbered.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On March 30, 2023, we signed a loan agreement with Eurobank Ergasias S.A., and drew an amount of $26.0 million to finance part of the construction cost of M/V &#8220;Gregos&#8221; (Hull No. 4201). The loan is payable in twenty-eight consecutive quarterly instalments, twelve in the amount of $0.7 million and sixteen in the amount of $0.45 million, with a $10.4 million balloon payment to be made with the last installment in March 2030. The loan bears interest at SOFR plus a margin of 2.15% per annum.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On June 29, 2023, we signed a loan agreement with National Bank of Greece, S.A., and drew an amount of $26.0 million to finance part of the construction cost of M/V &#8220;Terataki&#8221; (Hull No. 4202). The loan is payable in twenty-four consecutive quarterly instalments, twelve in the amount of $0.8 million and twelve in the amount of $0.2 million, with a $14.0 million balloon payment to be made with the last instalment in June 2029. The loan bears interest at SOFR plus a margin of 2.15%.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On July 13, 2023, we signed a new loan agreement with Piraeus Bank S.A., and drew an amount of $40.0 million in order to repay the outstanding indebtedness relating to the previous financing of M/V &#8220;Synergy Antwerp&#8221;, M/V &#8220;Synergy Busan&#8221;, M/V &#8220;Synergy Oakland&#8221; and M/V &#8220;Synergy Keelung&#8221; and finance general corporate purposes of the Company. The loan is payable in sixteen consecutive quarterly instalments of $1.25 million each and by a balloon payment of $20.0 million payable together with the last instalment in July 2027. The loan bears interest at SOFR plus a margin of 2.25% per annum.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Dividends</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In 2023, our Board of Directors declared quarterly dividends of $0.50 per share for the fourth quarter of 2022 and for the first, second and third quarters of 2023. These dividends were paid on March 16, 2023, June 16, 2023, September 16, 2023 and December 16, 2023, respectively.&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Share Repurchases</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In May 2022, our Board of Directors approved a share repurchase program for up to a total of $20 million of our common stock, which was extended in May 2023 for another year. Share repurchases are made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program are determined by management based upon market conditions and other factors. The program does not require us to purchase any specific number or amount of shares and may be suspended or reinstated at any time at our discretion and without notice.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">During the year ended December 31, 2023 we repurchased 162,375 shares of our common stock in the open market for a total of $3.1 million, under this plan.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>Recent Developments</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There have been no significant changes since the date of the annual consolidated financial statements included in this annual report, other than those described in Note 19 &#8220;Subsequent events&#8221; of our annual consolidated financial statements.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Operating results</b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Factors Affecting Our Results of Operations</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We believe that the important measures for analysing trends in the results of our operations consist of the following:</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Calendar days</b>. 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Available days.</b> 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Voyage days.</b> 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. Our definition of voyage days may not be comparable to that used by other companies in the shipping industry.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Fleet utilization</b>. 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&#8217;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. 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. 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Spot Charter Rates</b>. 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. 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Time Charter Equivalent (</b>&#8220;<b>TCE</b>&#8221;<b>).</b> 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, gross of commissions, 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. 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 provides additional meaningful information in conjunction with time charter revenue&#160;generated by our vessels. Our definition of TCE may not be comparable to that used by other companies in the shipping industry.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Basis of Presentation and General Information</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We use the following measures to describe our financial performance:</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Time charter revenue and Voyage charter revenue.</b> 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, voyage charters and in pools and other factors affecting charter rates in the containership market.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Commissions.</b> We pay commissions on all chartering arrangements of 1.25% to Eurochart, a company affiliated with our CEO, plus additional commission of usually up to 1.25% to other brokers involved in the transaction, plus address commission of usually 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% of the vessel sales price calculated as stated in the relevant memorandum of agreement for any vessel sold by it on our behalf. Eurochart also receives a commission of 1% of the vessel purchase price for acquisitions the Company makes using Eurochart&#8217;s services, which is paid by the seller or the buyer of the vessel, depending on the terms stated in the relevant memorandum of agreement.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Voyage expenses.</b> 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 or paid by the Company when the vessel is off hire. 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. Voyage expenses are also incurred, when our vessels are idle or are sailing for repositioning purposes or for drydocking, which we pay.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Vessel operating expenses.</b> 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Related party management fees.</b> These are the fees that we pay to our affiliated ship manager (Eurobulk) under our management agreements for the technical and commercial management that Eurobulk performs on our behalf.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Vessel depreciation</b>. 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Dry-docking expenses.</b> Dry-docking expenses relate to regularly scheduled intermediate survey or special survey necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. 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. Dry-docking expenses are accounted for using 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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>General and administrative expenses.</b> We incur expenses consisting mainly of executive compensation, share based compensation, professional fees, directors&#8217; liability insurance and reimbursement of our directors&#8217; and officers&#8217; travel-related expenses. We acquire executive services of our chief executive officer, chief financial officer, chief administrative officer, investor relations officer, internal auditor and corporate secretary, through Eurobulk as part of our Master Management Agreement.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Impairment loss. </b>When indicators of impairment are present for the Company&#8217;s vessels and the undiscounted cash flows estimated to be generated by those vessels are less than their carrying value, the carrying value is reduced to its estimated fair value and the difference is recorded under &#8220;Impairment loss&#8221; in the consolidated statements of operations.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>Interest and other financing costs.</b> We traditionally finance vessel acquisitions partly with loan facilities on which we incur interest expense. The interest rate we pay will generally be linked to SOFR, 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. We also incur financing costs in connection with establishing those facilities, which are presented as a direct deduction from the carrying amount of the relevant debt liability and amortize them to interest and other financing costs over the term of the underlying obligation using the effective interest method; the un-amortized portion is written-off if the loan is prepaid early.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;"><b>(Loss) / gain on derivatives, net.</b> We enter into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to our variable interest loans. Interest rate swaps are recorded in the balance sheet as either assets or liabilities, measured at their fair value (Level 2) with changes in such fair value recognized in earnings under (Loss) / gain on derivatives, net, unless specific hedge accounting criteria are met.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 26pt;">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. 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 &#8220;Capital Expenditures&#8221; below). 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 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Results from Operations</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following table sets forth a summary of our consolidated results of operations for the years ended December 31, 2022 and 2023. This information should be read together with our audited consolidated financial statements and related notes included elsewhere in this annual report.</p>
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     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>2022</b></p> </td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average number of vessels</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17.12</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">18.25</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Calendar days</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,248</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,663</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Available days</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,954</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,637</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Voyage days</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,855</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,546</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Utilization Rate (percent)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">98.3</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">98.6</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(In U.S. Dollars per day per vessel)</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average TCE rate (2)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">31,964</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">29,714</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vessel Operating Expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,029</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,304</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Management Fees</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">787</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">859</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">G&amp;A Expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">732</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">712</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total Operating Expenses excluding drydocking expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,548</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,875</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Drydocking expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,521</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">506</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
    66
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   <div class="PGHDR" style="text-align: left; width: 100%">
    &#160;
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  </div>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">
   <tbody>
    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>2022</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>2023</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Statement of Operations Data</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Time charter revenue</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">189,630,465</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">195,779,495</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Commissions</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(6,936,221</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(6,422,112</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net revenue</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>182,694,244</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>189,357,383</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Voyage expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(2,476,854</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(1,284,375</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vessel operating expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(37,667,191</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(42,004,155</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Dry-docking expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(9,506,675</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(3,373,648</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vessel depreciation</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(18,522,217</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(22,835,469</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Related party management fees</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,920,063</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(5,720,831</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">General and administrative expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,571,030</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,744,907</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Net gain on sale of vessel</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,158,370</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Other operating income</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,610,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,727,114</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Impairment loss</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(13,832,716</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gain on time charter agreements termination</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">15,984,253</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Operating income</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>106,640,214</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>119,431,019</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest and other financing costs</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(5,072,619</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(6,431,007</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Gain on derivatives, net</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,355,657</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">178,128</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">54,235</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(33,634</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest income</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">267,429</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,404,773</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net income</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>106,244,916</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>114,549,279</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Earnings per share - basic</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>14.79</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>16.53</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Common stock dividends declared</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">10,871,254</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,021,226</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Cash dividends declared per common share</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1.50</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2.00</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Weighted average number of shares outstanding during period, basic</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,181,561</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,931,280</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Earnings per share - diluted</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>14.78</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>16.52</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Weighted average number of shares outstanding during period, diluted</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,190,107</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,936,060</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(1) For the definition of calendar days, available days, voyage days and utilization rate, see above in this Item.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">(2) Time charter equivalent rate, or TCE rate, is a measure of the average daily net revenue performance of our vessels and is determined by dividing time charter revenue and voyage charter revenue, if any, gross of commissions, 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&#8217;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&#8217;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&#8217;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 above in this Item). Our definition of TCE revenues and TCE rate may not be comparable to that used by other companies in the shipping industry.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following table reflects the reconciliation of TCE revenues to time charter revenue and voyage charter revenue, if any, as reflected in the consolidated statements of operations (see discussion above) and our calculation of TCE rates for the periods presented.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGFTR" style="text-align: center; width: 100%">
    <div class="hf-row">
     <div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">
      67
     </div>
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   </div>
   <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
   <div class="PGHDR" style="text-align: left; width: 100%">
    <div class="hf-row">
     <div class="hf-cell TOCLink">
      &#160;
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">
   <tbody>
    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Year Ended December 31,</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>2022</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>2023</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td colspan="8" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(In U.S. dollars, except for voyage days and TCE rates which are expressed in U.S. dollars per day)</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Time charter revenue</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">189,630,465</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">195,779,495</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Voyage expenses</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,476,854</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(1,284,375</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Time Charter Equivalent or TCE Revenues</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double black;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">187,153,611</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double black;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">194,495,120</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double black;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Voyage days</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">5,855</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">6,546</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average TCE rate</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">31,964</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">29,714</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Year ended December 31, 2023 compared to year ended December 31, 2022</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Time charter revenue</i>. Time charter revenue for 2023 amounted to $195.78 million, increasing by 3.2% compared to $189.63 million for the year ended December 31, 2022. In 2023, we operated an average of 18.25 vessels, a 6.6% increase over the average of 17.12 vessels we operated during the same period in 2022. In the year 2023, our fleet had 6,546 voyage days earning revenue as compared to 5,855 voyage days earning revenue in 2022. Market charter rates in 2023 were on average at lower levels for our containership vessels compared to the same period of 2022, which was reflected in the average earnings of our ships. While employed, our vessels generated a TCE rate of $29,714 per day per vessel in 2023 compared to a TCE rate of $31,964 per day per vessel in 2022, a decrease of 7.0%. We had 26 scheduled off-hire days, including drydocking, 29 commercial off-hire days and 63 operational off-hire days in 2023, compared to 294 scheduled off-hire days (including drydocking), 5 commercial off-hire days and 94 operational off-hire days in 2022. 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 fixed term time 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 under time charters linked to an index, which is influenced by market developments.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Commissions</i>. We paid a total of $6.42 million in charter commissions for the year ended December 31, 2023, representing 3.3% of charter revenues. This represents a slight decrease over the year ended December 31, 2022, when commissions paid were $6.94 million, representing 3.7% of charter revenues.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Voyage expenses</i>. For the year ended December 31, 2023, voyage expenses amounted to $1.28 million and related to expenses for repositioning voyages between time charter contracts and owners&#8217; expenses at certain ports. Voyage expenses for the year 2022 were $2.48 million, mainly attributable to bunkers consumption incurred by M/V Akinada Bridge that suffered unrepaired damages and was consequently sold for scrap. Our vessels are generally chartered under time charter contracts. Voyage expenses are dependent on the number of voyage charters, if any, the cost of fuel, port costs and canal tolls and the number of days our vessels sailed without a charter.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Vessel operating expenses</i>. Vessel operating expenses were $42.00 million in 2023 compared to $37.67 million in 2022. In 2023, we operated an average of 18.25 vessels, compared to an average of 17.12 vessels in 2022. Further, daily vessel operating expenses per vessel amounted to $6,304 per day in 2023 versus $6,029 per day in 2022, an increase of 4.6% mainly due to the increase in crewing costs and inflationary increases, resulting in higher prices being paid for all the categories of vessel supplies.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Related party management fees</i>. These are part of the fees we pay to Eurobulk under our Master Management Agreement. During 2023, Eurobulk charged us 775 Euros per day per vessel totaling $5.72 million for the year, or $859 per day per vessel. During 2022, Eurobulk charged us 720 Euros per day per vessel totaling $4.92 million for the year, or $787 per day per vessel. The increase in related party management fees is attributable to the increased average number of vessels in our fleet and the increase in daily vessel management fee due to inflation.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>General and administrative expenses</i>. These expenses include the fixed portion of our management fees, incentive awards, legal and auditing fees, directors&#8217; and officers&#8217; liability insurance and other miscellaneous corporate expenses. In 2023, we had a total of $4.74 million of general and administrative expenses as compared to $4.57 million in 2022. The increase of $0.17 million in 2023 is mainly due to the increased cost of our stock incentive plan.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Dry-docking expenses.</i> These are expenses we pay for our vessels to complete a drydocking as part of an intermediate or special survey or, in some cases, an in-water survey in lieu of a drydocking. In 2023, two vessels passed their special survey with drydock, one vessel passed its intermediate survey in water and another one entered into drydock for its special survey, which was completed within January 2024 for a total cost of $3.37 million. In 2022, three vessels completed their intermediate survey in water, while five vessels passed their special survey with drydock for a total cost of $9.51 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Vessel depreciation</i>. Vessel depreciation for 2023 was $22.84 million, compared to $18.52 million for 2022. The increased amount in 2023 is due to the increased average number of vessels operating in 2023 as compared to the same period of 2022, and the fact that the two new vessels acquired at the end of May and June 2022 and the new-building vessels delivered in April and July 2023 have a higher average daily depreciation charge as a result of their higher acquisition price compared to the remaining vessels.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Net gain on sale of vessel.</i> The results of the Company for 2023 include a $5.2 million gain on sale of M/V &#8220;Akinada Bridge&#8221; that was completed in January 2023. In 2022, we had no vessel sales.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Impairment loss. </i>For the twelve months of 2023, the Company recorded an impairment charge of $13.83 million. The impairment was booked to reduce the carrying amount of a containership (M/V &#8220;Jonathan P&#8221;) to its estimated market value, since based on the Company&#8217;s impairment test results as of September 30, 2023 it was determined that its carrying amount was not recoverable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Gain on time charter agreements termination.</i> In the twelve months of 2023, a gain on time charter agreements termination of $15.98 million was recognized in connection with the write-off of the outstanding balance of the attached time charter liability recognized as part of the acquisitions of two of our vessels in 2022, which was fully amortized in August 2023 due to the early termination of the respective attached time charter agreements. No such case existed in 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Other operating income.</i> Other operating income for the year ended December 31, 2023 amounted to $2.73 million as compared to $1.61 million in 2022. The operating income for the year 2023 relates to loss of hire insurance for two of our vessels, M/V &#8220;Akinada Bridge&#8221; and M/V &#8220;Aegean Express&#8221;. The operating income for the period of 2022 relates to an &#8220;unrepaired damage&#8221; claim agreed with the hull and machinery underwriters and loss of hire insurance in relation to M/V &#8220;Akinada Bridge&#8221; amounting to $1.96 million, partly offset by the settlement of accounts with charterers amounting to $0.35 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Interest and other financing costs.</i> Interest expense and other financing costs for the year 2023 amounted to $6.43 million. Comparatively, during the same period in 2022, interest and other financing costs amounted to $5.08 million. Interest expense charged was higher in 2023 due to the increased amount of debt and the increased benchmark rates of our loans during the period as compared to the same period of last year.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Gain on derivatives, net. </i>In 2023, we recognized a $0.2 million gain on our interest rate swap contracts, comprising a $4.0 million unrealized loss from the mark-to-market valuation of our outstanding interest rate swap and a $4.2 million realized gain on three interest rate swaps, two of which were terminated early in the second quarter of 2023. In 2022, we had a $4.35 million gain on our interest rate swaps, comprising an unrealized gain of $4.22 million from the mark-to-market valuation on our interest rate swap contracts that we entered into in April 2020, October 2021 and June 2022 and a realized gain of $0.13 million for the net interest settlement on our interest rate swap contracts. We have entered into the interest rate swaps 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Net income. </i>As a result of the above, net income for the year ended December 31, 2023 was $114.55 million, as compared to a net income of $106.24 million for the year ended December 31, 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Year ended December 31, 2022 compared to year ended December 31, 2021</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">For a discussion of the year ended December 31,&#160;2022 compared to the year ended December 31,&#160;2021, please refer to Part A, Item 5, &#8220;Operating and Financial Review and Prospects&#8221; in our Annual Report on Form 20-F for the year ended December 31, 2022.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Liquidity and Capital Resources</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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, fund operating cash flows, make principal repayments on outstanding loan facilities, and pay dividends.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our short-term liquidity requirements include paying operating expenses, payment of dividends, funding working capital requirements, interest and principal payments on outstanding debt and the equity portion of our newbuilding vessel installments and maintaining cash reserves to strengthen our position against adverse fluctuations in operating cash flows. Our primary sources of short-term liquidity are cash generated from operating activities, available cash balances and portions from debt and equity financings.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our long-term liquidity requirements are funding vessel acquisitions and debt repayment. Sources of funding for our long-term liquidity requirements include cash flows from operations, bank borrowings, issuance of debt and equity securities, and vessel sales.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our total cash and cash equivalents and restricted cash as at December 31, 2023 were $64.32 million, an increase of $32.88 million from $31.44 million at December 31, 2022. We hold cash and cash equivalents primarily in U.S. Dollars, with a minor balance held in Euros. We conduct our funding and treasury activities based on corporate policies designed to minimize borrowing costs and maximize investment returns while maintaining the safety of the funds and appropriate levels of liquidity for our purposes.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are exposed to market risk from changes in interest rates and market rates for vessels. We use interest rate swaps to manage interest costs and the risks associated with changing interest rates of some of our loans. Please refer to "Item 11 &#8211; Quantitative and Qualitative Disclosures about Market Risk."</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 2024 and beyond.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Summary of Contractual Obligations</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Contractual obligations are set forth in the following table as of December 31, 2023:</p>
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   <tbody>
    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>In U.S. dollars</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Total</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Less Than One Year</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>One to<br/> Three Years</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Three to Five Years</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>More Than Five Years</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Long-term bank loans</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">131,000,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">31,200,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">43,800,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">28,950,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">27,050,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Interest Payments (1)</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">17,272,428</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">7,441,183</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">6,084,351</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">3,046,424</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">700,470</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Vessel Management fees (2)</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">28,858,433</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">6,465,096</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">15,126,423</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">7,266,914</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Other Management fees (3) </b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">9,069,833</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">2,250,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">4,531,860</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">2,287,973</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Advances for Vessels Under Construction (4) </b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">198,038,550</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">198,038,550</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">384,239,245</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">245,394,829</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">69,542,635</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">41,551,311</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">27,750,470</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;text-indent:36pt;">(1)&#160;&#160;&#160;&#160;Assuming the amortization of the loans as of December 31, 2023 described above, each loan&#8217;s interest rate margin over Term SOFR plus credit adjustment spread for the loans with relevant transition clauses from LIBOR and average SOFR rates of about 4.79%, 2.30%, 1.58%, 1.74%, 2.18% and 2.76% per annum for the six years up to 2029, respectively, based on the SOFR yield curve as of December 31, 2023. For loans with interest rate margins over SOFR, assuming the amortization of the remaining loans as of December 31, 2023 described above, each loan&#8217;s interest rate margin over SOFR and average SOFR rates of about 4.53%, 2.04%, 1.32%, 1.48%, 1.91% and 2.50% per annum for the following six years up to 2029, respectively, based on the SOFR yield curve as of December 31, 2023. Also includes our obligation to make payments required as of December 31, 2023 under our interest rate swap agreements based on the same SOFR forward rate assumptions.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;text-indent:36pt;">(2)&#160;&#160;&#160;&#160;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, 2023 and expiring on January 1, 2028. The management fees have been computed for 2024 based on the agreed rate of 810 Euros per day per vessel (approximately $891), which was adjusted from the previous level of 775 Euros to reflect Eurozone&#8217;s inflation over 2023. For the years after 2024, we have assumed an annual increase in the daily management fee of 2.0% to account for inflation. We assumed a Euro to US dollar exchange rate of 1.10. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;text-indent:36pt;">(3)&#160;&#160;&#160;&#160;Refers to our obligation for management fees of $2,250,000 per year under our Master Management Agreement with Eurobulk for the cost of providing executive services to the Company, which was adjusted from the previous level of $2,150,000 to reflect reported inflation in Eurozone over 2023. For the years after 2023, we have assumed an annual increase in the annual management fees of 2.0% to account for inflation. The agreement expires on January 1, 2028.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 44pt;text-indent:36pt;">(4)&#160;&#160;&#160;&#160;Refers to our obligation as of December 31, 2023 towards our newbuilding program, which consists of seven vessels under construction for deliveries in 2024. The payments reflect the newbuilding orders that were placed within 2021 and 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Cash Flows</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of&#160;December 31, 2023,&#160;we had a working capital surplus of $14.8&#160;million. For the&#160;year ended&#160;December 31, 2023,&#160;we reported a net income of $114.5 million and generated net cash from operating activities of&#160;$130.0&#160;million. Our cash balance amounted to $58.6&#160;million, while cash in restricted and retention accounts amounted to $5.7&#160;million as of&#160;December 31, 2023.&#160;As noted above, we entered into agreements for the construction of&#160;nine&#160;container carriers, two of which were delivered to the Company during 2023 and seven&#160;of which are expected to be delivered within 2024. For the construction of the remaining seven vessels an amount of $198.0&#160;million is payable in the&#160;twelve-month period ending&#160;December 31, 2024.&#160; All the payments are guaranteed by the Company. In addition, in February 2024, we received an amount of $27.0 million through the sale and lease back financing transaction in connection with the delivery of the vessel M/V &#8220;Tender Soul&#8221; (see above under &#8220;Recent Developments&#8221; section). In addition, in April 2024, we received an amount of $22.0 million through new mortgage debt financing in connection with the delivery of M/V &#8220;Leonidas Z&#8221; and entered into a committed term sheet for the financing of M/V &#8220;Monica&#8221; and M/V &#8220;Stephania&#8221;, for a total of up to $45.0 million in respect of these two newbuilding vessels that are expected to be delivered to us in the second quarter of 2024 (see above under &#8220;Recent Developments&#8221; section). We intend to fund our working capital requirements and capital commitments via cash on hand, cash flows from operations and funds from new mortgage debt financing for the vessels under construction. In the event that these sources are&#160;not&#160;sufficient, we&#160;may&#160;also use funds from new mortgage debt financing for the&#160;seven&#160;unencumbered vessels that the Company owns,&#160;debt refinancing, debt balloon payment refinancing, proceeds from our on-going at-the-market offering&#160;and other equity offerings and sell vessels or the newbuilding contracts themselves (where equity and liquidity will be released), 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&#160;twelve&#160;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Year ended December 31, 2023 compared to year ended December 31, 2022</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Net cash from operating activities.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our net surplus from cash flows provided by operating activities for 2023 was $130.0 million as compared to a surplus of $114.08 million in 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The major drivers of the change of cash flows from operating activities for the year ended December 31, 2023 compared to the year ended December 31, 2022, are the following: the increase in the average number of vessels in the twelve months of 2023 to 18.25 vessels from 17.12 vessels in the same period of 2022 and the fact that most of our vessels are employed in time charter contracts booked before the decline of the market rates that started since the second semester of 2022. This resulted in our TCE rate being slightly decreased from $31,964 for the year ended December 31, 2022 to $29,714 for the year ended December 31, 2023, despite the significant decrease in market rates since the second semester of 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Net cash from investing activities.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Net cash flows used in investing activities were $102.19 million for the year ended December 31, 2023 compared to $87.13 million used in investing activities for the year ended December 31, 2022. The increase in cash outflows used in investing activities of $15.06 million from 2022 is mainly attributable to the increase in cash paid for vessels under construction by $60.61 million in the year ended December 31, 2023 compared to the corresponding period in 2022, partly offset by the decrease in cash paid for vessel acquisitions including attached time charter agreements and vessel improvements, by $39.00 million and the $6.54 million increase in proceeds in relation to the sale of M/V &#8220;Akinada Bridge&#8221;.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Net cash from financing activities.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Net cash flows provided by financing activities were $5.06 million for the year ended December 31, 2023, compared to net cash flows used in financing activities of $27.01 million for the year ended December 31, 2022. This increase in net cash flows from financing activities of $32.07 million, compared to the year ended December 31, 2022, is mainly attributable to the increase in proceeds from long-term bank loans by $72.75 million. Additionally, within 2023 an amount of $13.98 million of cash was paid as dividends to our shareholders and another $3.15 million was paid for share repurchases, whereas there were $10.8 million paid for dividends in 2022 and another $5.03 million in share repurchases in 2022. The increase in net cash flows from financing activities was partly offset by an outflow of additional $38.69 million arising from repayment of long-term debt in 2023 compared to the period of 2022.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Year ended December 31, 2022 compared to year ended December 31, 2021</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">For a discussion of the year ended December 31,&#160;2022 compared to the year ended December 31,&#160;2021, please refer to Part A, Item 5, &#8220;Operating and Financial Review and Prospects&#8221; in our Annual Report on Form 20-F for the year ended December 31, 2022.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Debt Financing</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We operate in a capital-intensive industry which requires significant amounts of investment, and we fund a 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">As of December 31, 2023, we had seven outstanding loans with a combined outstanding balance of $131.0 million. These loans mature between 2024 and 2030. Our long-term debt as of December 31, 2023 comprises bank loans granted to our vessel-owning subsidiaries with margins over SOFR ranging from 1.95% to 3.50%. A description of our loans as of December 31, 2023 is provided in Note 9 of our attached financial statements. As of December 31, 2023, we are scheduled to repay approximately $31.20 million of the above bank loans in 2024.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Our loan agreements contain covenants.</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#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). When necessary, we do provide supplemental collateral in the form of restricted cash or cross-collateralize vessels to ensure compliance with security cover ratio (&#8220;loan-to-value&#8221; ratio). 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. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Shelf Registration </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On January 17, 2023, the SEC declared effective our shelf registration statement on Form F-3, originally filed on December 29, 2022, pursuant to which we may offer and sell, within a three-year period (after which the registration statement expires), up to $400,000,000 of our securities, consisting of common shares, preferred shares, debt securities, warrants and units. On December 21, 2022, the SEC declared effective our shelf registration statement on Form F-3, originally filed on December 7, 2022, pursuant to which certain shareholders of the company may offer and sell 4,041,943 common shares of the company that were previously acquired in private transactions or in the open market or which were issued upon conversion of the Series B Preferred Shares or other convertible notes; this shelf registration does not have an expiration date.&#160; The above two shelf registrations replaced our previous shelf registration statement on Form F-3 which was declared effective on May 7, 2020, and expired three years later, pursuant to which we could offer and sell 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. Under this shelf registration, on August 3, 2020, we issued and sold 200,000 shares of our common stock through our at-the-market offering for net proceeds of approximately $0.7 million. On January 29, 2021, we sold 74,301 shares of common stock under our at-the-market offering for approximately $0.65 million of net proceeds. On February 12, 2021, we sold 8,600 shares of common stock under our at-the-market offering for approximately $0.09 million of net proceeds.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Capital Expenditures </b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We make capital expenditures from time to time in connection with our vessel acquisitions or participation in joint ventures to acquire vessels.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In October 2021 we took delivery of the feeder containership M/V &#8220;Jonathan P&#8221; for a total of $25.8 million. In December 2021 we took delivery of the intermediate container carrier M/V &#8220;Marcos V&#8221; with attached time charter, for a total of $40.5 million. Both vessels were financed by the Company&#8217;s own cash and two bank loans. In May and June 2022, we acquired the intermediate container carriers M/V &#8220;Rena P&#8221; and M/V &#8220;Emmanuel P&#8221; with attached time charters, for a total of $37 million. Both vessels were initially financed by the Company&#8217;s own cash and, subsequently, a bank loan was drawn in September 2022 for $19.25 million in order to also finance general corporate purposes of the borrowers and the Company.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In 2021 and 2022, we entered into contracts for the construction of nine newbuilding feeder container carriers (see &#8220;Significant Developments in 2023&#8221; section above) for a total cost of approximately $360.7 million, of which $198 million was outstanding as of December 31,2023. We intend to finance this with a combination of debt and own cash. During the years ended December 31, 2021, 2022 and 2023, we paid an amount of $7.6 million, $50.6 million and $104.1 million, respectively, as part of installments of the abovementioned shipbuilding contracts for all vessels under construction. An amount of $198.0&#160;million is payable in the&#160;twelve-month period ending&#160;December 31, 2024.&#160;&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We currently have six vessels scheduled for drydocking over the next 12 months (refer to section above &#8220;B. Liquidity and Capital Resources &#8211; Cash Flows&#8221; for a discussion of how we plan to cover our working capital requirements and capital commitments).</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Dividends</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In 2020 and 2021, 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. In 2022, the Company reinstated our common stock dividend plan, declaring a quarterly dividend of $0.50 per share for the first quarter of 2022, paid on June 16, 2022. Subsequent quarterly dividends of $0.50 per share were declared for the second, third and fourth quarters of 2022. These dividends were paid on September 16, 2022, December 16, 2022 and March 16, 2023, respectively. In 2023, our Board of Directors declared quarterly dividends of $0.50 per share for each of the first, second and third quarters of 2023, and on February 21, 2024 our Board of Directors declared a quarterly dividend of $0.60 per share for the fourth quarter of 2023. These dividends were paid on June 16, 2023, September 16, 2023, December 16, 2023 and March 15, 2024, respectively.&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">For the year ended December 31, 2021, the Company declared dividends totaling $0.26 million, all of which were paid in cash during 2021. 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 and was payable in cash. 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 payable in cash, after which date it would be increased to 14% per annum. From June 11, 2019 until March 31, 2020, the Series B Preferred Shares carried a dividend rate of 8% per annum, and were paid in cash. On April 1, 2020, we agreed with the holders of the Series B Preferred Shares, to have the option to pay the Series B Preferred dividends in-kind at a rate of 9.0% per annum, or at 8.0% per annum if paid in cash, until January 29, 2021, after which date it was set to increase to 14% per annum. On January 29, 2021, we redeemed 2,000 of our Series B Preferred Shares outstanding and paid $2,000,000 to our Preferred Shares shareholders. In connection with the redemption, we agreed with the Preferred Shares shareholders to set the dividend rate of the Preferred Shares to 8% per annum if paid in cash and 9% if paid in-kind, at the Company&#8217;s option until January 29, 2023, after which date the dividend rate would increase to 14%, and would be payable only in cash. In June 2021, the Company converted the remaining amount of 6,365 Series B Preferred Shares into common shares. Following the full redemption of our Series B Preferred Shares in 2021, no preferred dividends were declared or paid during 2022 or 2023.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Research and development, patents and licenses, etc.</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not applicable.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Trend information</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. According to industry sources, as of March 31, 2024, the capacity of the fully cellular worldwide container vessel fleet was approximately 28.33 million teu with approximately 6.56 million teu, or, about 23.16% 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 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. 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. In 2020, there were 187,640 teu of containerships that were scrapped, while in 2021, due to the exceptional positive increase in the containership market, there were only 11,990 teu of containerships that were scrapped, the lowest level seen since 2006. Containership scrap markets remained subdued in 2022, with only 11 containerships accounting for 15,890 teu reported as sold for scrap within the year. Recycling activity picked up in 2023, with 83 containerships accounting for 157,960 teu sent to the scrapyard. Scrap markets are expected to be active in 2024, amid supply pressure from fleet growth and the introduction of environmental regulations.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 March 31, 2024, approximately 78% of our ship capacity days in the remainder of 2024, 28% of our ship capacity days in 2025 and 8% of our ship capacity days in 2026 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. The extent to which COVID-19, the wars in Ukraine and Palestine and the events in the Red Sea region will impact our future results of operations and financial condition will depend on future developments, which are uncertain and cannot be predicted. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We recognize that the ongoing war between Russia and Ukraine has disrupted supply chains and caused instability in the global economy, while the United States and the European Union, among other countries, announced sanctions against Russia. As discussed above, President Biden issued an executive order setting out sanctions against certain Russian products and investments in Russia, and the United States has also prohibited a variety of specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering, financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering. The ongoing conflict could result in the imposition of further economic sanctions against Russia, and the Company&#8217;s business may be adversely impacted. Currently, the Company&#8217;s charter contracts have not been affected by the events in Russia and Ukraine; however, it is possible that in the future third parties with whom the Company has or will have charter contracts may be impacted by such events. While in general much uncertainty remains regarding the global impact of the conflict in Ukraine, it is possible that such tensions could adversely affect the Company&#8217;s business, financial condition, results of operation and cash flows.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Critical Accounting Estimates</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Critical accounting estimates 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 estimates that involve a high degree of judgment and the methods of their application.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Impairment of vessels</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We review our vessels held for use 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 vessels, including any related intangible assets and liabilities, may not be recoverable. If indicators for impairment are present, we determine future undiscounted net operating cash flows for the related vessels and compare them to their carrying values. 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 vessel is less than its carrying amount, we record an impairment loss calculated by comparing the vessel&#8217;s carrying value to its estimated fair market value. We estimate fair market value primarily through the use of vessel valuations performed on an individual vessel basis, which are mainly based on recent sales and purchase transactions.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The carrying values of the Company&#8217;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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of December 31, 2023, we had indicators of impairment for six of our vessels. For the vessels with impairment indicators as of December 31, 2023, the Company determined the rates to be used in its impairment analysis based on the prevailing market charter rates for the first two years (based on the length of charters that can be secured at the time of the analysis, generally, one to two years) and on inflation-unadjusted historical average rates for similar vessels, from year three onwards. The Company calculated the historical average rates over a 14-year period for 2023, which starts in 2010 and takes into account complete market cycles, and which provides 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 fixed charter rate of the contract is used for the period of the contract.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our impairment exercise is highly sensitive on variances in the time charter rates and it also requires assumptions for:</p>
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     <td style="vertical-align: top; width: 30px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1422px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the effective fleet utilization rate;</p> </td>
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     <td style="vertical-align: top; width: 30px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1422px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">estimated scrap values;</p> </td>
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     <td style="vertical-align: top; width: 30px;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 1422px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vessel operating costs;</p> </td>
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     <td style="vertical-align: top; width: 1422px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">future drydocking costs; and</p> </td>
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     <td style="vertical-align: top; width: 1422px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">probabilities of sale for each vessel.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Vessel utilization estimates are based on the status of each vessel at the time of the assessment and the Company&#8217;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&#8217;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 2.0% 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. The estimated salvage value of each vessel is $250 per light weight ton, in accordance with the Company&#8217;s vessel depreciation policy. We use a probability weighted approach for developing estimates of future cash flows used to test the vessels for recoverability when alternative uses are under consideration (i.e. sale or continuing operation of a vessel). Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There can be no assurance as to how long-term charter rates and vessel values will increase as compared to their current levels and as compared to historical average levels for similarly aged vessels or whether they will improve by any significant degree. Charter rates, which improved significantly beginning in the second half of 2020 and declined again beginning in the second semester of 2022, but still remain above historical averages, may return to their previously very depressed levels which could adversely affect our revenue, 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Item 4.B. Business Overview &#8211; Our Fleet&#8221;. For the six vessels that as of December 31, 2023 had an impairment indication, a comparison of the average estimated daily TCE rate used in our impairment analysis with the average &#8220;break even rate&#8221; for the uncontracted period for each of the vessels is presented below:</p>
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     <td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i><b><b><i>Charter Rate as of 12/31/2023 </i></b></b></i></p> </td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Remaining</i></b></b></i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Months </i></b></b></i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i><b><b><i>Chartered</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Remaining Life (years)</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Rate Year 1 (2024)</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Rate Year 2 (2025)</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Rate Year 3+ (2026+)</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>Breakeven Rate</i></b></b></i></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><i><b><b><i>(USD/day)</i></b></b></i></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-right: 1px solid black; border-top: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Emmanuel P.</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>21,000</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">16</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">7</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>15,049</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>20,579</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>18,581</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Rena P.</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>21,000</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">16</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">9</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>15,049</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>21,216</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>16,539</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Jonathan P.</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>27,714</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">9</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">8</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">9,483</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">9,483</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>12,412 </i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>7,897</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Marcos V.</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>42,200</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">12</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">7</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">15,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>25,469 </i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>22,504</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Gregos</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">28</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">24</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>16,609</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>8,945</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>Terataki</i></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">48,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">31</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">24</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>n/a*</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>16,609</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-left: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><i>&#160;</i></td>
     <td style="width: 7%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><i>8,596</i></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-right: 1px solid black; border-bottom: 1px solid black;">&#160;</td>
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   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">* Not applicable, since the vessel is under time charter agreement for the subject years subsequent to December 31, 2023.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Recent Accounting Pronouncements</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Please refer to Note 2 of the financial statements included in Item 18 of this annual report for a description of recent accounting pronouncements that may apply to us.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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    77
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Russia-Ukraine Conflict &amp; Unrest in the Middle East</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The conflict between Russia and Ukraine, which commenced in February 2022, has disrupted supply chains and caused instability and significant volatility in the global economy. Much uncertainty remains regarding the global impact of the conflict in Ukraine, and it is possible that such instability and resulting volatility could significantly increase our costs and adversely affect our business, including our ability to secure charter and financing on attractive terms, financial condition, results of operation and cash flows.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As a result of the conflict between Russia and Ukraine, the United States, Switzerland, the European Union, the United Kingdom and others have announced unprecedented levels of sanctions and other measures against Russia and certain Russian entities and nationals. Such sanctions against Russia may adversely affect our business, financial condition, results of operation and cash flows. The ongoing conflict could result in the imposition of further economic sanctions against Russia, with uncertain impacts on the containership market and the world economy.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Since October 7, 2023, Israel and Hamas have been at war in Palestine. Regional militant groups, such as Hezbollah, have also launched attacks directed against Israel. There is widespread uncertainty about the degree of any increased escalation of the war, interventions by other groups or nations, and resulting instability in the Middle East. The impacts of the war on the global economy, including commodity pricing and the disruption of shipping routes, are also currently unknown. Following attacks on merchant vessels in the region of the Bab al-Mandab Strait and the Gulf of Aden at the southern end of the Red Sea, there is disruption in the maritime trade towards Mediterranean Sea through Suez-Canal. As a result, we have diverted our fleet from sailing in the specific region. While our vessels currently do not sail in the Red Sea, we will continue to monitor the situation to assess whether the trade disruption could have any impact on our operations or financial performance. Any dramatic escalation of the trade disruptions could lead to increased operational costs incurred by our business, or otherwise harm our financial condition, results of operation and cash flows.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">While our vessels do not currently sail in the Black Sea or the Red Sea, it is possible that the continued conflict in Ukraine and the Middle East, including any effect on our ability to pay the wages of crew members or consultants who may hold accounts at Russian banks that are subjected to sanctions, any increased shipping costs, disruptions of global shipping routes, any impact on the global supply chain and any impact on current or potential customers caused by the events in Russia and Ukraine, Israel and the Middle East, could adversely affect our operations or financial performance. Due to the recent nature of these activities, the full impact on our business is not yet known.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 6.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Directors, Senior Management and Employees<a id="item6" title="item6" href="#"></a></b></p> </td>
    </tr>

    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
    </tr>

    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Directors and Senior Management</i></b></p> </td>
    </tr>

   </tbody>
  </table>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following sets forth the name and position of each of our directors and executive officers.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
   <tbody>
    <tr>
     <td style="border-bottom:solid 1px #000000;vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Name</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Age</b></p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;"><b>Position</b></p> </td>
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    <tr style="background-color: rgb(204, 238, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aristides J. Pittas</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">64</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Chairman, President and CEO; Class A Director</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dr. Anastasios Aslidis</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">64</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">CFO and Treasurer; Class A Director</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aristides P. Pittas</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">72</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Vice Chairman; Class A Director</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Stephania Karmiri</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">56</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Secretary</p> </td>
    </tr>

    <tr style="background-color: rgb(204, 238, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Panagiotis Kyriakopoulos</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">63</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Class B Director</p> </td>
    </tr>

    <tr style="background-color: rgb(255, 255, 255);">
     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Andreas Papathomas</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">72</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Class B Director</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">George Taniskidis</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">63</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Class C Director</p> </td>
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     <td style="vertical-align:middle;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Apostolos Tamvakakis</p> </td>
     <td style="vertical-align: middle; width: 106px;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">66</p> </td>
     <td style="vertical-align: middle; width: 931px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 13pt;">Class C Director</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Aristides J. Pittas</i> has been a member of our Board of Directors and our Chairman and Chief Executive Officer since our inception on May 5, 2005. He is also member of the Board of Directors and Chairman and Chief Executive Officer of EuroDry Ltd. since January 2018 and a member of the Board of Directors and the Audit Committee of Pyxis Tankers Inc. Since 1997, Mr.&#160;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.&#160;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.&#160;Pittas was the Vice President of Oceanbulk Maritime SA, a ship management company. From March 1990 to August 1991, Mr.&#160;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.&#160;Pittas was the head of the Central Planning department of Eleusis Shipyards S.A. From January 1987 to June 1987, Mr.&#160;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.&#160;Pittas worked in the design department of Eleusis Shipyards S.A. where he focused on shipbuilding and ship repair. Mr.&#160;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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Dr.</i>&#160;<i>Anastasios Aslidis</i> has been our Chief Financial Officer and Treasurer and member of our Board of Directors since September 2005. He is also member of the Board of Directors, Treasurer and Chief Financial Officer of EuroDry Ltd. since January 2018; a member of the Board of Directors and chairman of the Audit Committee of Cosmos Health Inc. and a member of the Board of Directors of Vianair Inc. Prior to joining Euroseas, Dr.&#160;Aslidis was a partner at Marsoft, an international consulting firm focusing on investment and risk management in the maritime industry. Dr.&#160;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.&#160;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).</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Aristides P. Pittas</i> has been a member of our Board of Directors since our inception on May 5, 2005 and our Vice Chairman since September 1, 2005. He is also member of the Board of Directors and Vice Chairman of EuroDry Ltd. since January 2018. Mr.&#160;Pittas has been a shareholder in over 100 oceangoing vessels during the last 20 years. Since February 1989, Mr.&#160;Pittas has been the Vice President of Oceanbulk Maritime SA, a ship management company. From November 1987 to February 1989, Mr.&#160;Pittas was employed in the supply department of Drytank SA, a shipping company. From November 1981 to June 1985, Mr.&#160;Pittas was employed at Trust Marine Enterprises, a brokerage house as a sale and purchase broker. From September 1979 to November 1981, Mr.&#160;Pittas worked at Gourdomichalis Maritime SA in the operation and Freight Collection department. Mr.&#160;Pittas has a B.Sc in Economics from Athens School of Economics.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Stephania Karmiri</i> has been our Secretary since our inception on May 5, 2005. Since July 1995, Mrs.&#160;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.&#160;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.&#160;Karmiri served as assistant to brokers for Allied Shipbrokers, a company that provides shipbroking services to sale and purchase transactions. Mrs.&#160;Karmiri has taken assistant accountant and secretarial courses from Didacta college.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Panagiotis Kyriakopoulos</i> 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. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>George Taniskidis</i> has been a member of our Board of Directors since our inception on May 5, 2005. He is the Chairman of Optima Bank and 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&#8217;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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Apostolos Tamvakakis </i>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 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 &#8220;EOS Hellenic Renaissance Fund&#8221;. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><i>Andreas Papathomas</i> has been a member of our Board of Directors since November 8, 2019. Mr Papathomas' background is in international business and shipping. He studied 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Board Diversity Matrix</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As a foreign private issuer listed on the Nasdaq Capital Market, we are required to disclose certain self-identified diversity characteristics about our Directors pursuant to Nasdaq board diversity and disclosure rules. The Board Diversity Matrix set forth below contains the requisite information as of the date of this annual report.</p>
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     <td colspan="2" style="vertical-align: bottom; width: 95%; text-align: center; border-bottom: 1px solid black;"><b>Board Diversity Matrix (As of March 31, 2024)</b></td>
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     <td style="vertical-align: bottom; width: 90%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Country of Principal Executive Offices</b></p> </td>
     <td style="vertical-align: bottom; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Greece</b></p> </td>
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     <td style="vertical-align: bottom; width: 90%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Foreign Private Issuer</b></p> </td>
     <td style="vertical-align: bottom; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Yes</b></p> </td>
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     <td style="vertical-align: bottom; width: 90%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Disclosure Prohibited under Home Country Law</b></p> </td>
     <td style="vertical-align: bottom; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>No</b></p> </td>
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     <td style="vertical-align: bottom; width: 90%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Total Number of Directors</b></p> </td>
     <td style="vertical-align: bottom; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>7</b></p> </td>
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     <td style="vertical-align: bottom; width: 64%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Did Not</b></p> </td>
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     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Disclose</b></p> </td>
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     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Female</b></p> </td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Male</b></p> </td>
     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Non-Binary</b></p> </td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gender</b></p> </td>
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     <td style="vertical-align: bottom; width: 64%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Part I: Gender Identity</b></p> </td>
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     <td style="vertical-align: bottom; width: 1%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#8203;</p> </td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">7</p> </td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 64%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Part II: Demographic Background</b></p> </td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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     <td style="vertical-align: bottom; width: 8%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">7</p> </td>
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     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
     <td style="vertical-align: bottom; width: 1%;">&#160;</td>
     <td style="vertical-align: bottom; width: 8%;">&#160;</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Family Relationships</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Aristides P. Pittas, Vice Chairman, is the cousin of Aristides J. Pittas, our Chairman, President and CEO.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Compensation</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Executive Compensation</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have no direct employees. The services of our Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, Investor Relations 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. For the years ended December 31, 2021 and 2022, the executive services fee we paid 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, amounted to $2,000,000. For the year ended December 31, 2023, the fee we paid for these services amounted to $2,150,000. Starting from January 1, 2024, this fee has been adjusted to $2,250,000 to account for inflation.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Director Compensation</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Equity Incentive Plan</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In November 2021, our Board of Directors approved a new equity incentive plan (the "2021 Equity Incentive Plan") to replace the 2018 Equity Incentive Plan. The 2021 Equity Incentive Plan is administered by the Board of Directors which can make awards totaling in aggregate up to 225,000 shares over 10 years after the 2021 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 2021 Equity Incentive Plan. Awards may be made under the 2021 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 and cash awards.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On November 5, 2020, the Board of Directors issued an award of 45,900 non-vested restricted shares to 16 key persons, of which 50% vested on November 16, 2021 and 50% vested on November 16, 2022; awards to officers and directors amounted to 27,100 shares and the remaining 18,800 shares were awarded to employees of Eurobulk. 817 shares were forfeited in 2020 due to employee termination.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On November 3, 2022, the Board of Directors issued an award of 60,000 non-vested restricted shares to 31 key persons, of which 50% vested on November 16, 2023 and 50% will vest on November 15, 2024; awards to officers and directors amounted to 31,000 shares and the remaining 29,000 were awarded to employees of Eurobulk.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On November 10, 2023, the Board of Directors issued an award of 60,500 non-vested restricted shares to 32 key persons, of which 50% will vest on July 1, 2024 and 50% will vest on July 1, 2025; awards to officers and directors amounted to 31,000 shares and the remaining 29,500 shares were awarded to employees of Eurobulk.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There are no service contracts between us and any of our directors providing for benefits upon termination of their employment or service.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our Board of Directors does not have separate compensation or nomination committees, and instead, the entire Board of Directors performs those responsibilities.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Audit Committee</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Code of Ethics</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Corporate Governance.&#8221; We intend to disclose any waivers of the code of ethics on our website under &#8220;Corporate Governance.&#8221;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Corporate Governance</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td>
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     <td style="vertical-align: middle; width: 3%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: middle; width: 3%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">Other than as noted above, we are in full compliance with all other applicable Nasdaq corporate governance standards.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>D.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Employees</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have no salaried employees, although we pay Eurobulk for the services of our Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, Investor Relations Officer, Internal Auditor and Secretary: Mr. Aristides J. Pittas, Dr. Anastasios Aslidis, Mr. Symeon Pariaros, Ms. Eirini Pitta, Mr. Konstantinos Siadimas and Ms. Stephania Karmiri, respectively. 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. As of December 31, 2023, 181 officers and 248 crew members served on board the vessels in our fleet.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>E.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Share Ownership</i></b></p> </td>
    </tr>

   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Item 7. Major Shareholders and Related Party Transactions&#8221;.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">All of the shares of our common stock have the same voting rights and are entitled to one vote per share.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Equity Incentive Plan</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">See Item 6.B of this annual report, &#8220;Compensation&#8221;.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Options</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">No options were granted during the fiscal year ended December 31, 2023. There are currently no options outstanding to acquire any of our shares.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Warrants</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We do not currently have any outstanding warrants.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>F. </i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Disclosure of a Registrant</i></b>&#8217;<b><i>s Action to Recover Erroneously Awarded Compensation</i></b></p> </td>
    </tr>

   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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    84
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <tbody>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 7.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Major Shareholders and Related Party Transactions <a id="item7" title="item7" href="#"></a></b></p> </td>
    </tr>

   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
   <tbody>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Major Stockholders</i></b></p> </td>
    </tr>

   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following table sets forth certain information regarding the beneficial ownership of our voting stock as of March 31, 2024 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Number of Shares of Common Stock Beneficially Owned</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Containers Shareholders Trinity Ltd. (2)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,747,013</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">39.2</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Friends Investment Company Inc. (3)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">543,282</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7.7</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Eurobulk Marine Holdings Inc. (4)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">528,169</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7.5</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Family United Navigation Co. (5)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">213,372</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3.0</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Synergy Holdings Limited (6)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">951</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">76,050</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">36,038</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Panagiotis Kyriakopoulos (9)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">12,800</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Aristides P. Pittas (10)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,798</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Apostolos Tamvakakis (11)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,942</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">George Taniskidis (12)</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,540</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Andreas Papathomas</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,800</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,300</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,550</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">(*</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">)</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">All directors and officers and 5% owners as a group</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
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     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">59.9</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">* Indicates less than 1.0%.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(1)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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.</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(2)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(3)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Represents 543,282 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.</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(4)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Represents 528,169 shares of common stock held of record by Eurobulk Marine Holdings Inc. (&#8220;EMH&#8221;). 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, affiliated with the Pittas family. Actions by EMH may be taken by a majority of the members on its Board of Directors.</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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   </tbody>
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  <p style="margin: 0pt; font-size: 10pt; font-family: Times New Roman, Times, serif;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGFTR" style="text-align: center; width: 100%">
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     <div class="hf-cell PGNUM" style="text-align: center; font-size: 10pt; font-family: Times New Roman;">
      85
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   <div class="PGHDR" style="text-align: left; width: 100%">
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      &#160;
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(5)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(6)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(7)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(8)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(9)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
    </tr>

    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(10)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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    <tr>
     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(11)</p> </td>
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    <tr>
     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(12)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Does not include 45,378 shares held of record by Friends, by virtue of Mr. Taniskidis&#8217;&#160;ownership in CST and Friends. Mr. Taniskidis disclaims beneficial ownership except to the extent of his pecuniary interest. Includes 700 shares vesting on July 1, 2024, 700 shares of common stock vesting on November 15, 2024 and 700 shares vesting on July 1, 2025.</p> </td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(13)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Includes 250 shares vesting on July 1, 2024, 250 shares vesting on November 15, 2024 and 250 shares vesting on July 1, 2025.</p> </td>
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     <td style="vertical-align: top; width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(14)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Includes 950 shares vesting on July 1, 2024, 950 shares of common stock vesting on November 15, 2024 and 950 shares vesting on July 1, 2025.</p> </td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(15)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Includes 700 shares vesting on July 1, 2024, 700 shares of common stock vesting on November 15, 2024 and 700 shares vesting on July 1, 2025.</p> </td>
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     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(16)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Voting stock includes 90,500 unvested shares for a total of 7,014,331 issued and outstanding shares of the Company as of March 31, 2024.</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Related Party Transactions</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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,&#160;Investor Relations 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our Master Management Agreement with Eurobulk, which we initially entered in 2008, was amended and restated as of January 1, 2018 for an additional five-year term until January 1, 2023. It was then automatically extended for an additional five-year period until January 1, 2028. 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 each period for an additional five-year period unless terminated on or before the 90th day preceding the 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Under the amended and restated Master Management Agreement, as of January 1, 2018, we paid Eurobulk a fixed cost of $2,000,000 annually, up from $1,250,000 previously, together with a per ship per day cost of 685 Euros and also adjusted annually for inflation in the Eurozone every January 1st (there was no inflation adjustment on January 1, 2021). This cost was reduced by half (342.5 Euros per vessel per day) for any vessels that were laid up, as well as for the vessels under construction, which start paying the daily management fee after steel cutting. The daily management fee remained at 685 Euros in 2020 and 2021. Starting January 1, 2022, the daily management fee per vessel was adjusted to 720 Euros per vessel, to reflect Eurozone inflation over 2021. This fee remained effective until the expiration of the Management Agreement on January 1, 2023, reduced by half for any vessels that were laid up or under construction. Starting January 1, 2023, the daily management fee per vessel was adjusted to 775 Euros per vessel (approximately $853, using the exchange rate as of December 31, 2023, which was $1.10 per Euro), to reflect further inflation. This cost was reduced by half (387.50 Euros per vessel per day or approximately $426, using the exchange rate as of December 31, 2023, which was $1.10 per Euro) for any vessels that are laid up or under construction. Starting January 1, 2024, the daily management fee per vessel was adjusted to 810 Euros per vessel (approximately $891, using the exchange rate as of December 31, 2023, which was $1.10 per Euro), to reflect further inflation. This cost is reduced by half (405 Euros per vessel per day or approximately $446, using the exchange rate as of December 31, 2023, which was $1.10 per Euro) for any vessels that are laid up or under construction. This fee will remain effective and adjusted for inflation every year until the expiration of the Management Agreement on January 1, 2028.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of May 30, 2018, following the Spin-off, the fixed annual cost was adjusted to $1,250,000. On November 15, 2019, the Company signed an addendum adjusting the fixed annual cost to $2,000,000 to compensate Eurobulk 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 our Board of Directors in November 2019. For the year 2021, the fixed annual cost paid to Eurobulk was $2,000,000, before bonuses. This annual fee was increased to $2,150,000 with effect from January 1, 2023 to reflect inflation, and was further increased to $2,250,000 from January 1, 2024 to account for further inflation. The fee will be adjusted for inflation every year until the expiration of the Master Management Agreement on January 1, 2028. For 2021, 2022 and 2023, we also paid an additional special bonus of $460,000, $420,000 and $500,000, respectively, to Eurobulk&#8217;s employees, affiliated subcontractors and consultants.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Eurobulk has received fees for management and executive compensation expenses of $6,754,789, $7,340,063 and $8,370,831 during 2021, 2022 and 2023, respectively.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 2023, the Company paid Eurochart $2,350,919 for chartering commissions and paid nil commissions for vessel sales. During 2022, the Company withheld an amount of $350,000 from the sellers of the M/V &#8220;Rena P&#8221; and &#8220;M/V Emmanuel P&#8221;, as a 1% commission in connection with the acquisition of the vessels. The Company also paid Eurochart the amount of $2,370,381 for chartering commissions and paid nil commissions for vessel sales. During 2021, the Company paid Eurochart a commission of $400,000 for the acquisition of M/V &#8220;Marcos V&#8221;, equaling to 1% of the purchase price of the vessel. In October 2021, the Company withheld the amount of $255,000 from the sellers of the M/V &#8220;Jonathan P&#8221;, on behalf of Eurochart, as a 1% commission in connection with the acquisition of the vessel.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 a commission on insurance premiums not exceeding 5%, respectively. Total fees charged by Sentinel and Technomar were $77,896 and $155,739 in 2021, $118,614 and $235,228 in 2022, and $108,208 and $236,416 in 2023, respectively.&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On November 1, 2019, the Company entered into an agreement with a related party, Colby, a company controlled by the Pittas family and affiliated with our CEO, to draw $2.5 million loan to finance working capital needs. Interest on the loan was 8% per annum and was payable quarterly. On November 15, 2020, the maturity date of the loan was extended from December 31, 2020 to March 31, 2021, when it was fully repaid. We paid $0.05 million on interest for this loan for the fiscal year 2021.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Aristides J. Pittas is currently the Chairman of each of Eurochart and Eurobulk, both of which are our affiliates.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have entered into a registration rights agreement with Friends, 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.&#160;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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Interests of Experts and Counsel </i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Information<a id="item8" title="item8" href="#"></a></b></p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Consolidated Statements and Other Financial Information</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">See Item 18.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Legal Proceedings</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">To our knowledge, there are no 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 and cash flows.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Dividend Policy</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. In May 2022, our Board of Directors reinstated our common stock dividend plan, declaring a quarterly dividend of $0.50 per share for the first quarter of 2022, paid on June 16, 2022. Subsequent quarterly dividends of $0.50 per share were declared for the second, third and fourth quarters of 2022. These dividends were paid on September 16, 2022, December 16, 2022 and March 16, 2023, respectively. In 2023, our Board of Directors declared quarterly dividends of $0.50 per share for each of the first, second and third quarters and on February 21, 2024 our Board of Directors declared a quarterly dividend of &#160;$0.60 per share for the fourth quarter of 2023. These dividends were paid on June 16, 2023, September 16, 2023, December 16, 2023 and March 15, 2024, respectively. 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 our 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 and the related dividends would be payable in cash. 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 was set to increase to 14% per annum, payable only in cash. On April 1, 2020, we agreed with the holders of the Series B Preferred Shares, to have the option to pay the Series B Preferred dividends in-kind at a rate of 9.0% per annum, or at 8.0% per annum if paid in cash, until January 29, 2021, after which it was set to increase to 14% per annum. Subsequently, on January 29, 2021, we agreed to keep the annual dividend rate at 8.0% per annum for dividends paid in cash, and 9.0% for dividends paid in-kind, until January 29, 2023. Cash dividends were declared at each quarter and actual payments were made within the following quarter. In addition, if a cash dividend was paid on the Company's common stock after January 29, 2019, the holders of Series B Preferred Shares should 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. For the year ended December 31, 2020 we declared dividends of $0.69 million, of which $0.37 million were paid in-kind, $0.15 million were paid in cash during 2020, and another $0.17 million were accrued as of December 31, 2020 and were paid in February 2021. In January 2021, the Company agreed to redeem 2,000 of the outstanding balance of its Series B Preferred Shares amounting to $2,000,000. In June 2021, the Company converted the remaining amount of 6,365 Series B Preferred Shares into common shares. The difference between (1) the fair value of the consideration transferred to the holders of the Euroseas Series B Preferred Shares (comprising the cash payment and the shares offered) and (2) the carrying amount of the Series B Preferred Shares before the redemption and the conversion (net of issuance costs) amounted to $0.35 million, and was recorded as preferred deemed dividend. For the year ended December 31, 2021, the Company declared preferred dividends of $0.26 million, all of which were paid in cash during 2021.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Significant Changes</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There have been no significant changes since the date of the annual consolidated financial statements included in this annual report, other than those described in Note 19 &#8220;Subsequent Events&#8221; of our annual consolidated financial statements.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 9.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>The Offer and Listing <a id="item9" title="item9" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <tbody>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Offer and Listing Details</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   &#160;
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  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="ecd:MtrlTermsOfTrdArrTextBlock" id="c2625741" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>B.</i></b></p> </td><td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Plan of Distribution</i></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"><span style="-sec-ix-hidden:c111385926"><span style="-sec-ix-hidden:c111386927"><span style="-sec-ix-hidden:c111386928"><span style="-sec-ix-hidden:c111386929">Not</span></span></span></span> Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>C.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Markets</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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. Prior thereto, our shares traded on the OTCBB under the symbol &#8220;ESEAF.OB&#8221; until October 5, 2006 and then under the symbol &#8220;EUSEF.OB&#8221; until January 30, 2007.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>D.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Selling Shareholders</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Not Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>E.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Dilution</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>F.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Expenses of the Issue</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 10.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Additional Information<a id="item10" title="item10" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
   <tbody>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>A.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Share Capital</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>B.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Memorandum and Articles of Association</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Amended and Restated Articles of Incorporation and Bylaws, as amended</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Purpose</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Authorized Capitalization</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Common Stock</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of December 31, 2023 and March 31, 2024, there were 7,014,331 shares issued and outstanding. 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 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Preferred Stock</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As of December 31, 2023 and March 31, 2024, there are no preferred shares issued and outstanding.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Directors</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our Board of Directors is divided into three classes as set out below in &#8220;Classified Board of Directors.&#8221; 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Shareholder Meetings</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Dissenters</b>&#8217;<b> Rights of Appraisal and Payment</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;s shares are primarily traded on a local or national securities exchange.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Shareholders Derivative Actions</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Limitations on Liability and Indemnification of Officers and Directors</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217; 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217; and officers&#8217; 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.</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Anti-takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Bylaws, as Amended</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Blank Check Preferred Stock</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Classified Board of Directors</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Election and Removal of Directors</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 Company. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Limited Actions by Shareholders</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Advance Notice Requirements for Shareholder Proposals and Director Nominations</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;s notice must be received at our principal executive 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&#8217;s notice. These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Certain Business Combinations</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our amended and restated articles of incorporation also prohibit us, subject to several exclusions, from engaging in any &#8220;business combination&#8221; with any interested shareholder for a period of three years following the date the shareholder became an interested shareholder.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Shareholders</i></b>&#8217;<b><i> Rights Plan</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Material Contracts</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have a number of credit facilities with commercial banks. For a discussion of our facilities, please see the section of this annual report entitled &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Financing&#8221;, and Note 9 of our attached financial statements.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are a party to a registration rights agreement with Friends. For a discussion of these agreements, please see the section of this annual report entitled &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;B. Related Party Transactions.&#8221;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Exchange Controls</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Taxation </i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Marshall Islands Tax Considerations</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Liberian Tax Considerations</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Certain of our subsidiaries are incorporated in the Republic of Liberia. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>United States Federal Income Tax</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Business&#8221; above and assumes that we conduct our business as described in that section. References in the following discussion to &#8220;we&#8221; and &#8220;us&#8221; are to Euroseas and its subsidiaries on a consolidated basis.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>United States Federal Income Taxation of Our Company</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Taxation of Operating Income: In General</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;shipping income,&#8221; 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 &#8220;U.S.-source shipping income.&#8221;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;text-indent:36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Exemption of Operating Income from United States Federal Income Taxation</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">we are organized in a foreign country, or our country of organization, that grants an &#8220;equivalent exemption&#8221;&#160;to corporations organized in the United States; and</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">either</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">more than 50% of the value of our stock is owned, directly or indirectly, by &#8220;qualified shareholders,&#8221;&#160;individuals who are &#8220;residents&#8221;&#160;of our country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221;&#160;to corporations organized in the United States, which we refer to as the &#8220;50% Ownership Test,&#8221;&#160;or</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">our stock is &#8220;primarily and regularly traded on an established securities market&#8221;&#160;in our country of organization, in another country that grants an &#8220;equivalent exemption&#8221;&#160;to United States corporations, or in the United States, which we refer to as the &#8220;Publicly-Traded Test.&#8221;</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Marshall Islands, Liberia and Panama, the jurisdictions where we and our ship-owning subsidiaries were incorporated, each grants an &#8220;equivalent exemption&#8221; 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Treasury Regulations also require that our stock be &#8220;regularly traded&#8221; on an established securities market. 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 the 2023 taxable year, and accordingly, we believe that we satisfied the listing threshold for the 2023 taxable year.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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."</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We believe that we were subject to the Five Percent Override Rule, but nonetheless satisfied the Publicly-Traded Test for the 2023 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 2023 U.S. federal income tax returns.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Taxation in Absence of Exemption</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;effectively connected&#8221; with the conduct of a United States trade or business, 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 &#8220;4% gross basis tax regime&#8221;. 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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;effectively connected&#8221; with the conduct of a United States trade or business, as described below, any such &#8220;effectively connected&#8221; U.S.-source shipping income, net of applicable deductions, would be subject to the United States federal corporate income tax currently imposed at a rate of 21%. In addition, we may be subject to the 30% United States federal &#8220;branch profits&#8221; taxes on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of such United States trade or business.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our U.S.-source shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a United States trade or business only if:</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p> </td>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">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. 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>United States Taxation of Gain on Sale of Vessels</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>United States Federal Income Taxation of U.S. Holders</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As used herein, the term &#8220;U.S. Holder&#8221; 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 (i) 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 or (ii) the trust has a valid election in effect to be treated as a United States person for United States federal income tax purposes.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 subject to an alternative minimum tax, persons subject to the &#8220;base erosion and anti-avoidance&#8221; tax, persons required to recognize income for United States federal income tax purposes no later than when such income is reported on an &#8220;applicable financial statement&#8221; 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Distributions</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;qualified dividend income&#8221; as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under United States federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a nontaxable return of capital to the extent of the U.S. Holder&#8217;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 &#8220;passive category income&#8221; or, in the case of certain types of U.S. Holders, &#8220;general category income&#8221; for purposes of computing allowable foreign tax credits for United States foreign tax credit purposes.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;qualified dividend income&#8221; 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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Special rules may apply to any &#8220;extraordinary dividend&#8221; generally, a dividend paid by us in an amount which is equal to or in excess of ten percent of a shareholder&#8217;s adjusted tax basis (or fair market value in certain circumstances) in a share of our common stock. If we pay an &#8220;extraordinary dividend&#8221; on our common stock that is treated as &#8220;qualified dividend income,&#8221; 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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Sale, Exchange or other Disposition of Common Stock</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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&#8217;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S.-source income or loss, as applicable, for United States foreign tax credit purposes. A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Passive Foreign Investment Company Status and Significant Tax Consequences</i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p> </td>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 &#8220;passive assets&#8221;.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in which we own at least 25% of the value of the subsidiary&#8217;s 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 &#8220;passive income&#8221; unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year which included a U.S. Holder&#8217;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 &#8220;qualified electing fund,&#8221; which election we refer to as a &#8220;QEF election&#8221;. As an alternative to making a QEF election, a U.S. Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to our common stock, as discussed below. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>U.S. Holders Making a Timely QEF Election </i></b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. 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). Distributions received from us by an Electing Holder are excluded from the Electing Holder&#8217;s gross income to the extent of the Electing Holder&#8217;s prior inclusions of our ordinary earnings and net capital gain. The Electing Holder&#8217;s tax basis in his common stock would be increased by any amount included in the Electing Holder&#8217;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&#8217;s tax basis in the common stock. An Electing Holder would generally recognize capital gain or loss on the sale or exchange of common stock.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>U.S. Holders Making a Timely Mark-to-Market Election </i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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&#8217;s then adjusted tax basis in the common stock. The excess, if any, of the U.S. Holder&#8217;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&#8217;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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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      99
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>U.S. Holders Not Making a Timely QEF Election or Mark-to-Market Election </i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Non-Electing Holder&#8221;, would be subject to special rules with respect to (i) any &#8220;excess distribution&#8221; (generally, the portion of any distributions received by the Non-Electing Holder on the common 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&#8217;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&#8217;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&#8217;s successor would be ineligible to receive a step-up in the tax basis of that common stock.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>United States Federal Income Taxation of </b>&#8220;<b>Non-U.S. Holders</b>&#8221;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">A beneficial owner of common stock (other than a partnership) that is not a U.S. Holder is referred to herein as a &#8220;Non-U.S. Holder.&#8221;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Dividends on Common Stock</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Sale, Exchange or Other Disposition of Common Stock</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">such gain is effectively connected with the Non-U.S. Holder&#8217;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</p> </td>
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     <td style="vertical-align: top; width: 95%;">&#160;</td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;branch profits&#8221; tax at a rate of 30%, or at a lower rate as may be specified by an applicable United States income tax treaty.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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      100
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Backup Withholding and Information Reporting</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:</p>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">fails to provide an accurate taxpayer identification number;</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p> </td>
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     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in certain circumstances, fails to comply with applicable certification requirements.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;s United States federal income tax liability by filing a refund claim with the IRS.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code and the applicable Treasury Regulations) are required to file IRS Form&#160;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. 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. Substantial penalties apply to any failure to timely file IRS Form&#160;8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. 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. 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Changes in Global Tax Laws</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Long-standing international tax initiatives that determine each country&#8217;s jurisdiction to tax cross-border international trade and profits are evolving as a result of, among other things, initiatives such as the Anti-Tax Avoidance Directives, as well as the Base Erosion and Profit Shifting reporting requirements, mandated and/or recommended by the EU, G8, G20 and Organization for Economic Cooperation and Development, including the imposition of a minimum global effective tax rate for multinational businesses regardless of the jurisdiction of operation and where profits are generated (Pillar Two). As these and other tax laws and related regulations change (including changes in the interpretation, approach and guidance of tax authorities), our financial results could be materially impacted. Given the unpredictability of these possible changes and their potential interdependency, it is difficult to assess whether the overall effect of such potential tax changes would be cumulatively positive or negative for our earnings and cash flow, but such changes could adversely affect our financial results.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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      101
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">On December 12, 2022, the European Union member states agreed to implement the OECD&#8217;s Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least &#8364;750 million effective from 2024. Various countries have either adopted implementing legislation or are in the process of drafting such legislation. Any new tax law in a jurisdiction where we conduct business or pay tax could have a negative effect on our company.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>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.</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>F.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Dividends and paying agents</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
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  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>G.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Statement by experts</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>H.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Documents on display</i></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#160;</p>
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    102
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>I.</i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Subsidiary Information</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>J. </i></b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Annual Report to Security Holders</i></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 11.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Quantitative and Qualitative Disclosures about Market Risk<a id="item11" title="item11" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><i>Interest Rate Fluctuation Risk</i></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 SOFR. See Item 3.D: &#8220;Risk Factors&#8221; above for more information on risks related to volatility in SOFR, and the discontinuance of LIBOR.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We are subject to market risks relating to changes in interest rates because we have floating rate debt outstanding, which is based on the SOFR reference rate 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 swaps as of December 31, 2022 and 2023 was $60.0 million and $20.0 million, respectively. The swaps have specified rates and duration. Refer to the table in Note 15 of our financial statements included at the end of this annual report, which summarizes the interest rate swaps in place as of December 31, 2022 and December 31, 2023. Our one swap contract expires in January 2028. As at December 31, 2023, our average debt coverage for the three year period of 2024, 2025 and 2026 was approximately 17%, 25% and 33%, respectively.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">As at December 31, 2023, we had $131.0 million of floating rate bank debt outstanding with margins over SOFR ranging from 1.95% to 3.50%. 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 decreased our net income and decreased our cash flows in the twelve-month period ended December 31, 2023 by approximately $1,262,290 assuming the same debt profile throughout the year.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The following table sets forth the sensitivity of our loans and the interest rate swaps as of December 31, 2023 in U.S. dollars to a 100 basis points increase in the SOFR Reference rate during the next five years. Specifically, the interest we will have to pay for our floating rate loans will increase, but net payments we will have to make under our interest rate swap contract will decrease.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 70%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Year Ended December 31,</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Amount in $ (floating rate loans)</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Amount in $ (swap)</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">1,159,400</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(200,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">815,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(200,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">602,100</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(200,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">444,500</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(200,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028 and thereafter</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">283,500</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(1,667</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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    103
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><i>Foreign Currency Exchange Rate Risk </i></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The international containership shipping industry&#8217;s functional currency is the U.S. dollar. We generate all of our revenues in U.S. dollars, but incurred approximately 24% of our vessel operating expenses and drydocking expenses in 2023 in currencies other than U.S. dollars. Comparatively, in 2022 approximately 20% of our vessel operating expenses and drydocking expenses were in currencies other than U.S. dollars. In addition, our vessel management fee is denominated in Euros and certain general and administrative expenses (about 5% in 2023) are mainly in Euros and some other currencies. As of December 31, 2023, approximately 35% 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, 2022 was $54,235, while the net foreign exchange loss for the year ended December 31, 2023 was $33,634.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">A hypothetical 10% immediate and uniform adverse move in all currency exchange rates from the rates in effect as of December 31, 2023, would have increased our vessel operating expenses and dry-docking expenses by approximately $1.08 million and the fair value of our outstanding trade accounts payable by approximately $0.19 million.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 12.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"><a id="item12" title="item12" href="#"></a></td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>PART II<a id="part2" title="part2" href="#"></a></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 13.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Defaults, Dividend Arrearages and Delinquencies<a id="item13" title="item13" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">None.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 14.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Material Modifications to the Rights of Security Holders and Use of Proceeds<a id="item14" title="item14" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 15.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Controls and Procedures<a id="item15" title="item15" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(a)</p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Evaluation of Disclosure Controls and Procedures</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Pursuant to Rules 13a-15(e)&#160;or 15d-15(e) of the Exchange Act, the Company&#8217;s management, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as of December 31, 2023. 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&#8217;s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer&#8217;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.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of December 31, 2023, our disclosure controls and procedures 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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Management&#8217;s Annual Report on Internal Control over Financial Reporting</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Company&#8217;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)&#160;and 15d-15(f). Internal control over financial reporting is a process designed by, or under the supervision of, the issuer&#8217;s principal executive and principal financial officers, or persons performing similar functions, and effected by the issuer&#8217;s Board of Directors, 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&#8217;s assets that could have a material effect on its consolidated financial statements.</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Our management, with the participation of Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2023 using the criteria set forth in the &#8220;Internal Control - Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, (2013 Framework). As a result of its assessment, the Chief Executive Officer and Chief Financial Officer concluded that the Company&#8217;s internal controls over financial reporting are effective as of December 31, 2023.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Attestation Report of the Registered Public Accounting Firm</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Changes in Internal Control over Financial Reporting</p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">No significant change in the Company&#8217;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&#8217;s internal control over financial reporting.</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><i>Inherent Limitations on Effectiveness of Controls</i></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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&#8217;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.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Audit Committee Financial Expert<a id="item16a" title="item16a" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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. Mr. Panos Kyriakopoulos serves as the Chairman of our Audit Committee and as the Audit Committee&#8217;s financial expert with Mr. Apostolos Tamvakakis and Mr. George Taniskidis as members.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Code of Ethics<a id="item16b" title="item16b" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 &#8220;Corporate Governance&#8221;.</p>
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     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Principal Accountant Fees and Services<a id="item16c" title="item16c" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Deloitte Certified Public Accountants S.A. (PCAOB ID No. 1163), an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor for the fiscal years ended December 31, 2022 and 2023. This table below sets forth the total amounts billed and accrued for Deloitte Certified Public Accountants S.A.,&#160;the member firms of Deloitte and their respective affiliates (collectively, &#8220;Deloitte&#8221;):</p>
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     <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>2022</b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(dollars in thousands)</b></p> </td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 66%; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Audit Fees</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">209</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td>
     <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">199</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>$</b></td>
     <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>209</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>$</b></td>
     <td style="width: 14%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>199</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">All services provided by Deloitte Certified Public Accountants, S.A., were pre-approved by the Audit Committee.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 16D.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Exemptions from the Listing Standards for Audit Committees<a id="item16d" title="item16d" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 16E.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Purchases of Equity Securities by the Issuer and Affiliated Purchasers<a id="item16e" title="item16e" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Share Repurchase Program</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  </div>
  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On May 23, 2022, we announced that our Board of Directors approved a share repurchase program (the &#8220;Program&#8221;) to purchase up to an aggregate of $20.0 million of our common shares, which was extended in May 2023 for another year. The Board will review the Program after a period of twelve months. Share repurchases will be made from time to time for cash in open market transactions pursuant to Rule 10b-18 of the Exchange Act at prevailing market prices and/or in privately negotiated transactions. The timing and amount of purchase under the Program will be determined by management based upon market conditions and other factors. The Program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time at the Company&#8217;s discretion and without notice. We will cancel common shares repurchased as part of the Program. As of December 31, 2023, we have repurchased a total of 400,705 common shares as follows:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;">
   <tbody>
    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 52%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Period</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Total Number of Shares Purchased</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Average Price Paid per Share (1)</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Total Number of Shares Purchased as part of Publicly Announced Plans or Programs</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
     <td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">June 1-30, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,602</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">23.739</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,602</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">19,653,3699</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">July 1-31, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">25,594</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">22.385</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">25,594</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">19,080,442</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">September 1-30, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">92,145</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">21.495</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">92,140</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17,099,867</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">October 1-31, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,600</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">20.499</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,600</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">16,964,575</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">November 1-30, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">86,419</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">19.816</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">86,419</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">15,252,113</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">December 1-31, 2022</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">12,975</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">19.972</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">12,975</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,992,974</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><b>Total</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>238,335</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">N/A</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>238,330</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>N/A</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
     <td colspan="4" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Period</b></p> </td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">January 1-31, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13,355</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17.859</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13,355</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,754,470</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">February 1-28, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">27,884</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17.785</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">27,884</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">14,258,563</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">March 1-31, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">61,845</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">17.895</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">61,845</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13,151,844</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">April 1-30, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">18.483</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">13,022,464</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">May 1-31, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,306</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">20.000</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,306</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">12,916,344</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">June 1-30, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,064</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">21.333</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">5,064</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">12,808,316</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">July 1-31, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">37,831</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">21.924</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">37,831</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">11,978,904</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
    </tr>

    <tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">August 1-31, 2023</p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,090</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">24.234</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,090</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">11,879,787</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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     <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><b>Total</b></p> </td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>162,375</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">N/A</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>162,375</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#160;</b></td>
     <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><b>N/A</b></td>
     <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align:top;width:4%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The average price paid per share does not include commissions paid for each transaction.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The repurchased shares were cancelled and removed from the Company&#8217;s share capital as of December 31, 2023. We did not repurchase any of our common shares in January, February or March 2024.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 16F.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Change in Registrant</b>&#8217;<b>s Certifying Accountant<a id="item16f" title="item16f" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">None.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 16G.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Corporate Governance<a id="item16g" title="item16g" href="#"></a></b></p> </td>
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  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Please see Item 6.C. Board Practices - Corporate Governance.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"><b>OTHER THAN AS NOTED IN THE SECTION ABOVE, WE ARE IN FULL COMPLIANCE WITH ALL OTHER APPLICABLE NASDAQ CORPORATE GOVERNANCE STANDARDS.</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Item 16H.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Mine Safety Disclosure<a id="item16h" title="item16h" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 16I.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections<a id="item16i" title="item16i" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Not Applicable.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 16J.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Insider Trading Policies<a id="item16j" title="item16j" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">Pursuant to applicable SEC transition guidance, the disclosure required by Item 16J will only be applicable to the Company from the fiscal year ending on December 31, 2024.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 16K.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Cybersecurity<a id="item16k" title="item16k" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Risk Management and Strategy</i></b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">We have implemented a cybersecurity strategy involving various dedicated personnel and resources aimed at preventing, detecting and responding to cyberattacks, as well as being able to recover promptly in the event of material impact following a cyberattack. Additionally, we regularly update our cybersecurity processes to address cybersecurity trends and threats. Cybersecurity processes have been established to address material cybersecurity risks, including in connection with the following areas:</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">information technology and solution usage&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">access control&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">patch management&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">security on specific environments (i.e. cloud, virtualization, automated systems, etc.)&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">log management&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">network security&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">systems security standards&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">remote access&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">cryptography&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">mobile devices&#894;</p> </td>
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     <td style="width: 5%;">&#160;</td>
     <td style="vertical-align: top; width: 2%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td>
     <td style="vertical-align: top; width: 93%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">incident management.</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In particular, we deploy a variety of methods of defense such as endpoint security, email and web filtering, access and identity management and security monitoring to provide appropriate levels of protection against cybersecurity threats.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We actively monitor our systems to prevent and detect any future cybersecurity threats and separately, we monitor cybersecurity threats or incidents committed against other companies as such events become public. This allows us to remain current with the latest trends in cybersecurity and make improvements to our defense strategy to consider newly-identified and developing areas of cybersecurity threats. We have put in place response procedures for prompt cybersecurity incident identification, reporting and remediation if we are subject to an information system security breach. We utilize security standards and have established cross-functional risk control capabilities to facilitate operational implementation aligned with our cybersecurity processes.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The employees of our Manager, who are the main users of our digital assets, are trained to face cybersecurity threats and attacks. The training covers areas such as personal digital footprint, privacy settings, phishing, information security at home and at work, ransomware, password hygiene and business email compromise.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In the event of a cyberattack, the Chief Information Security Officer of our Manager uses the internal escalation channels to inform the management as further described below.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We closely monitor changes in data protection rules and guidance. This allows us to maintain compliance with applicable laws and to keep ahead of developments and regulatory shifts.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Ongoing risks from cybersecurity threats demand management vigilance, investment, and oversight. Although we have put in place the cybersecurity processes described above, cybersecurity attacks and incidents and misuse or manipulation of any of our IT systems could have a material adverse effect on our business strategy, results of operations or financial condition (see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Industry Risk Factors&#8212;We rely on our 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.&#8221;)</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The governance of cybersecurity risks is overseen by our board of directors, with the audit committee dedicated to this area. This group receives regular updates on cybersecurity matters from our Manager. This approach ensures that we are prepared to identify, assess, and respond to cybersecurity challenges, aligning our risk management with our organizational goals. As of the date of this report, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Governance</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Our Manager has appointed a Chief Information Security Officer who oversees the information, cybersecurity, and technology security. The Chief Information Security Officer is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. He develops appropriate plans to mitigate such risks. Such plans are validated by the members of our Board. The Chief Information Security Officer belongs to the Safety &amp; Quality division of our Manager and reports to our Chief Executive Officer.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Audit Committee oversees that the cybersecurity risks are well managed and reports on such management to the Board of Directors. The Board of Directors is also informed of such risks, as well as other cybersecurity matters, through periodic reports from the Manager. Our Chief Executive Officer is responsible for overseeing the alignment of the cybersecurity strategy with the strategic plan of the Company. In the event of a cybersecurity incident, we have implemented a process in which the Chief Information Security Officer would report such incident to our Chief Executive Officer and the Audit Committee if the incident is determined to present critical risk to us.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>PART III<a id="part3" title="part3" href="#"></a></b></p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 17.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Statements<a id="item17" title="item17" href="#"></a></b></p> </td>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">See Item 18.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 18.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Statements<a id="item18" title="item18" href="#"></a></b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The financial statements set forth on pages F-1 through F-47, together with the report of independent registered public accounting firm, are filed as part of this annual report.</p>
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     <td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Item 19.</b></p> </td>
     <td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Exhibits<a id="item19" title="item19" href="#"></a></b></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957411003640/d1111095_ex3-1.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Amended and Restated Articles of Incorporation of Euroseas Ltd.(13)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.2</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957410003759/d1102502_ex1-2.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Bylaws of Euroseas Ltd.(14)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.3</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957410003759/d1102502_ex1-4.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Amendment to Bylaws of Euroseas Ltd.(14)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-1.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Specimen Common Stock Certificate(4)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.2</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv4w2.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Securities Purchase Agreement(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.3</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv4w3.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Registration Rights Agreement(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.4</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv4w4.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Warrant(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.5</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305014409/y13281a1exv4w5.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Registration Rights Agreement between Euroseas Ltd. and Friends Investment Company Inc., dated November 2, 2005(15)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.6</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957412003803/d1294231_6-k.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Subscription Rights Certificate(16)</span></a></p> </td>
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      109
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.7</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184322002726/ex_361761.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Description of Securities (11)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv10w1.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Lock-up Agreement(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.2</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv10w7.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Standard Ship Management Agreement(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.3</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv10w8.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Agreement between Eurobulk Ltd. and Eurochart S.A., for the provision of exclusive brokerage services, dated December 20, 2004(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.4</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000095012305012312/y13281exv10w9.txt" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Current Time Charter(1)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.5</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408002886/d878630_ex4-9.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of July 17, 2007, as amended February 7, 2008(3)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.6</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957409010892/d992571_ex4-10.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Addendum No. 1 to Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of February 7, 2009(5)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.7</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000114420407003696/v063429_ex10-16.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Right of First Refusal(2)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.8</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000114420407003696/v063429_ex10-17.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Advisory Agreement(2)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.9</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-6.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Senior Security Debt Indenture(4)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.10</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957408003887/d897508_ex4-7.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Subordinated Debt Security Indenture(4)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.11</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8528017_ex4-15.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Addendum No. 10 to Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of November 15, 2019(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.12</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003020/d8122244_ex4-58.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(6)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.13</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8528089_ex4-17.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.14</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8528355_ex4-18.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.15</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8530444_ex4-19.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.16</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8529155_ex4-20.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.17</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8498133_ex4-25.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">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(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.18</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003020/d8223971_ex4-57.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Euroseas Ltd. 2018 Equity Incentive Plan(6)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.19</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957419003837/d8221900_ex4-1.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Form of Stockholders Rights Agreement dated May 27, 2019(7)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.20</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8498133_ex4-29.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Registration Rights Agreement between Euroseas Ltd. and Synergy Holdings Limited dated November 7, 2019(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.21</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003093/d8498133_ex4-30.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Equity Distribution Agreement between Euroseas Ltd. and Maxim Group LLC dated October 30, 2018(8)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.22</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957420003884/d8550181_ex-1.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Amendment No. 1. to the Equity Distribution Agreement between Euroseas Ltd. and Maxim Group LLC dated May 29, 2020(9)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.23</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957421003130/d8847236_ex4-33.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Supplemental Letter to the Facility Agreement of up to US$45,000,000 dated November 21, 2018, as amended by a first supplemental letter dated May 30, 2019, between Euroseas Ltd., as Borrower, and Eurobank S.A. (formerly Eurobank Ergasias S.A.), as Lender, dated June 26, 2020(10)</span></a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.24</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000091957421003130/d8847236_ex4-35.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Supplemental Agreement between Diamantis Shipowners Ltd., as Borrower, and Piraeus Bank S.A, as Lender, dated July 16, 2020 in relation to a Loan Agreement dated July 29, 2019(10)</span></a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.25</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184322002726/ex_361789.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Loan Agreement between Corfu Navigation Ltd. and Jonathan John Shipping Ltd., as Borrowers, and Sinopac Capital International (HK) Limited, as Lender, in respect of a loan of up to US$10,000,000 dated September 6, 2021(11)</span></a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.26</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184322002726/ex_361791.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Loan Agreement between Jonathan Shipowners Ltd., as Borrower, and HSBC Bank plc, as Lender in relation to a Secured Loan of US$15,000,000 dated October 22, 2021(11)</span></a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.27</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184322002726/ex_361793.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Loan Agreement between Marcos Shipping Ltd., as Borrower, and Eurobank S.A., as the Lenders, Arranger, Account Bank, Agent and Security Trustee, in respect of a loan of up to US$34,000,000 dated December 14, 2021(11)</span></a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.28</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/0001341170/000117184323002671/ex_498964.htm" style="-sec-extract:exhibit;">Interest Rate Swap Agreement between Euroseas Ltd., and Piraeus Bank S.A. dated June 20, 2022&#160;(12<span style="text-decoration: underline; ">)</span></a></p> </td>
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      110
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  <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
   <tbody>
    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.29</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184323002671/ex_498971.htm" style="-sec-extract:exhibit;">Loan Agreement between Rena Shipping Ltd. and Emmanuel Shipping Ltd., as Borrowers and each a Borrower, and HSBC Bank plc, as Lender in relation to a Secured Loan Agreement of US$19,250,000 dated September 13, 2022&#160;(12)</a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.30</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184323002671/ex_498972.htm" style="-sec-extract:exhibit;">Account assignment by way of Pledge for the Creation of Pledge (charge/Enechyron) on a Cash Collateral Account and Credit Balance between Emmanuel Shipping Ltd., as Pledgor and Piraeus Bank S.A., as Pledgee dated December 23, 2022&#160;(12)</a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.31</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184323002671/ex_498973.htm" style="-sec-extract:exhibit;">Account assignment by way of Pledge for the Creation of Pledge (charge/Enechyron) on a Cash Collateral Account and Credit Balance between Rena Shipping Ltd., as Pledgor and Piraeus Bank S.A., as Pledgee dated December 23, 2022&#160;(12)</a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.32</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184323002671/ex_498974.htm" style="-sec-extract:exhibit;">Account assignment by way of Pledge for the Creation of Pledge (charge/Enechyron) on a Cash Collateral Account and Credit Balance between Jonathan Shippowners Ltd., as Pledgor and Piraeus Bank S.A., as Pledgee dated December 23, 2022&#160;(12)</a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.33</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660777.htm" style="-sec-extract:exhibit;">Loan Agreement between Gregos Maritime Ltd. as Borrower, and Eurobank S.A. as Lenders, Arranger, Account Bank, Agent and Security Trustee, in respect of a loan of up to $26,000,000 dated March 30, 2023</a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.34</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660778.htm" style="-sec-extract:exhibit;">Supplemental Loan Agreement to a Loan Agreement dated December 14, 2021, between Marcos Shipping Ltd., as Borrower, and Eurobank S.A. as Lenders, Arranger, Account Bank, Agent and Security Trustee, in respect of a loan of up to $34,000,000 dated June 16, 2023</a></p> </td>
    </tr>

    <tr>
     <td style="vertical-align: top; width: 72px;">4.35</td>
     <td style="vertical-align: top; width: 1449px;"><a href="ex_660779.htm" style="-sec-extract:exhibit;">Loan Agreement between Terataki Shipping Ltd, as Borrower, Euroseas Ltd. as Guarantor and National Bank of Greece S.A., as Lender, in respect of a loan of up to $26,000,000 dated June 29, 2023.</a></td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.36</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660780.htm" style="-sec-extract:exhibit;">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, in respect of a loan of up to $40,000,000 dated July 12, 2023.</a></p> </td>
    </tr>

    <tr>
     <td style="vertical-align: top; width: 72px;">4.37</td>
     <td style="vertical-align: top; width: 1449px;"><a href="ex_660781.htm" style="-sec-extract:exhibit;">Supplemental Agreement between Antwerp Shipping Ltd, Busan Shipping Ltd., Keelung Shipping Ltd. and Oakland Shipping Ltd., as Borrowers and Piraeus Bank S.A., as Lender, in respect of a loan of up to $40,000,000 dated November 8, 2023.</a></td>
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    <tr>
     <td style="vertical-align: top; width: 72px;">4.38</td>
     <td style="vertical-align: top; width: 1449px;"><a href="ex_660782.htm" style="-sec-extract:exhibit;">Supplemental Agreement between Jonathan Shipowners Ltd., as Borrower and Piraeus Bank S.A., as Lender, in relation to a Loan Agreement dated October 22, 2021 of up to $15,000,000, dated July 12, 2023.</a></td>
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    <tr>
     <td style="vertical-align: top; width: 72px;">4.39</td>
     <td style="vertical-align: top; width: 1449px;"><a href="ex_660783.htm" style="-sec-extract:exhibit;">Supplemental Agreement to the Loan Agreement dated September 6, 2021 in respect to a loan of up to $10,000,000 between Corfu Navigation Ltd., Jonathan John Shipping Ltd., as Borrowers, with Euroseas Ltd., as Corporate Guarantor, with Sinopac Capital International (HK) Limited, as Lender, dated September 6, 2023</a></td>
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    <tr>
     <td style="vertical-align: top; width: 72px;">4.40</td>
     <td style="vertical-align: top; width: 1449px;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184323002671/ex_498975.htm" style="-sec-extract:exhibit;">Addendum No. 13 to Amended and Restated Master Management Agreement between Euroseas Ltd. and Eurobulk Ltd. dated as of February 8, 2023 (12)</a></td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.41</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1341170/000117184322002726/ex_361766.htm" style="-sec-extract:exhibit;"><span style="text-decoration: underline; ">Euroseas Ltd. 2021 Equity Incentive Plan (11)</span></a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;">4.42</td>
     <td style="vertical-align: top; width: 1449px;"><a href="ex_660791.htm" style="-sec-extract:exhibit;">Loan Agreement between Leonidas Shipping Ltd., as Borrower, and First-Citizens Bank &amp; Trust Company as Lender, in respect of a loan of up to $22,000,000 dated April 18, 2024.</a></td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">8.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660784.htm" style="-sec-extract:exhibit;">Subsidiaries of the Registrant</a></p> </td>
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    <tr>
     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">12.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660785.htm" style="-sec-extract:exhibit;">Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer</a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">12.2</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660786.htm" style="-sec-extract:exhibit;">Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer</a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660787.htm" style="-sec-extract:exhibit;">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></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13.2</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660788.htm" style="-sec-extract:exhibit;">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></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">15.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660789.htm" style="-sec-extract:exhibit;">Consent of Deloitte Certified Public Accountants S.A.</a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">97.1</p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a href="ex_660790.htm" style="-sec-extract:exhibit;">Policy Regarding the Recovery of Erroneously Awarded Compensation.</a></p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.INS<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Instance Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.SCH<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Taxonomy Extension Schema Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.CAL<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Taxonomy Extension Calculation Linkbase Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.DEF<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Taxonomy Extension Definition Linkbase Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.LAB<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Taxonomy Extension Label Linkbase Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">101.PRE<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Inline XBRL Taxonomy Extension Presentation Linkbase Document</p> </td>
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     <td style="vertical-align: top; width: 72px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">104<sup style="vertical-align:top;line-height:120%;">*</sup></p> </td>
     <td style="vertical-align: top; width: 1449px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">_________________________________</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><sup style="vertical-align:top;line-height:120%;">*</sup> 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.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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      111
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     <td style="vertical-align:top;width:5.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(1)</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company's Registration Statement (File No. 333-129145) on October 20, 2005.</p> </td>
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     <td style="vertical-align:top;width:5.9%;">&#160;</td>
     <td style="vertical-align:top;width:auto;">&#160;</td>
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     <td style="vertical-align:top;width:5.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(2)</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Amendment No. 4 to Registration Statement (File No. 333-138780) on January 29, 2007.</p> </td>
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     <td style="vertical-align:top;width:5.9%;">&#160;</td>
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     <td style="vertical-align:top;width:5.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(3)</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Annual Report on Form 20-F (File No. 001-33283) on May 13, 2008.</p> </td>
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     <td style="vertical-align:top;width:5.9%;">&#160;</td>
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     <td style="vertical-align:top;width:5.9%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">(4)</p> </td>
     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Registration Statement (File No. 333-152089) on July 2, 2008.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Annual Report on Form 20-F (File No. 001-33283) on May 18, 2009.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Annual Report on Form 20-F (File No. 001-33283) on April 25, 2019.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Form 6-K (File No. 001-33283) on May 28, 2019.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 30, 2020.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company&#8217;s Form 6-K (File No. 001-33283) on May 29, 2020.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 28, 2021.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 22, 2022.</p> </td>
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     <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on April 28, 2023.</p> </td>
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     <td style="vertical-align:top;width:5.9%;">(13)</td>
     <td style="vertical-align:top;width:auto;">Filed as an Exhibit to the Company's Annual Report on Form 20-F (File No. 001-33283) on May 27, 2011.</td>
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     <td style="vertical-align:top;width:5.9%;">(14)</td>
     <td style="vertical-align:top;width:auto;">Filed as an Exhibit to the Company&#8217;s Annual Report on Form 20-F (File No. 001-33283) on May 28, 2010.</td>
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     <td style="vertical-align:top;width:5.9%;">(15)</td>
     <td style="vertical-align:top;width:auto;">Filed as an Exhibit to the Company's Amendment No.1 to Registration Statement (File No. 333-129145) on December 5, 2005.</td>
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     <td style="vertical-align:top;width:5.9%;">(16)</td>
     <td style="vertical-align:top;width:auto;">Filed as an Exhibit to the Company&#8217;s Form 6-K (File No. 001-33283) on May 25, 2012.</td>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>SIGNATURES</b></p>
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  <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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 annual report on its behalf.</p>
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     <td style="width: 40%;"><span style="text-decoration: underline; ">EUROSEAS LTD.</span></td>
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     <td style="width: 40%;">(Registrant)</td>
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     <td style="width: 40%;">By: <span style="text-decoration: underline; ">/s/ Aristides J. Pittas</span></td>
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     <td style="width: 40%;">Aristides J. Pittas</td>
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     <td style="width: 40%;">Chairman, President and CEO</td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Date: April 30. 2024.</p>
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     <td style="width: 100%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated financial statements</b></p> </td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b>Pages</b></p>
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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a style="-sec-extract:exhibit;" href="#auditor_report"><span style="text-decoration: underline; ">Report of Independent Registered Public Accounting Firm (</span><span style="text-decoration: underline; ">&#8220;</span><span style="text-decoration: underline; ">Deloitte Certified Public Accountants S.A.</span><span style="text-decoration: underline; ">&#8221;</span><span style="text-decoration: underline; ">)</span></a>&#160;(PCAOB ID No. <ix:nonNumeric name="dei:AuditorFirmId" contextRef="d_2023-01-01_2023-12-31" id="ixv-22378">1163</ix:nonNumeric>)</p> </td><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#auditor_report">F-2</a></p> </td></tr>
<tr><td style="vertical-align:bottom;width:auto;">&#160;</td><td style="vertical-align:bottom;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a style="-sec-extract:exhibit;" href="#balancesheets"><span style="text-decoration: underline; ">Consolidated Balance Sheets as of December 31, 2022 and 2023</span></a></p> </td><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#balancesheets">F-4</a></p> </td></tr>
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<tr><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a style="-sec-extract:exhibit;" href="#shareholders_equity"><span style="text-decoration: underline; ">Consolidated Statements of Shareholders</span><span style="text-decoration: underline; ">&#8217;</span><span style="text-decoration: underline; ">&#160;</span><span style="text-decoration: underline; ">Equity for the Years Ended December 31, 2021, 2022 and 2023</span></a></p> </td><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#shareholders_equity">F-7</a></p> </td></tr>
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<tr><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a style="-sec-extract:exhibit;" href="#cashflows"><span style="text-decoration: underline; ">Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2022 and 2023</span></a></p> </td><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#cashflows">F-8</a></p> </td></tr>
<tr><td style="vertical-align:bottom;width:auto;">&#160;</td><td style="vertical-align:bottom;width:auto;">&#160;</td></tr>
<tr><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><a style="-sec-extract:exhibit;" href="#financialnoters"><span style="text-decoration: underline; ">Notes to the Consolidated Financial Statements</span></a></p> </td><td style="vertical-align:bottom;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><a class="tocPGNUM" href="#financialnoters">F-10</a></p> </td></tr>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<a id="auditor_report" title="auditor report" href="#"></a></b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">To the Shareholders and the Board of Directors of Euroseas Ltd.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Opinion on the Financial Statements</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">We have audited the accompanying consolidated balance sheets of Euroseas Ltd. and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2022 and 2023, the related consolidated statements of operations, shareholders' equity and cash flows, for each of the three years in the period ended December 31, 2023, 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, 2022 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Basis for Opinion </b></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Critical Audit Matter</b></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Impairment of vessels </b>&#8211;<b> Future Charter Rates for vessels with impairment indicators </b>&#8211;<b> Refer to Note 2 of the consolidated financial statements.</b></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>Critical Audit Matter Description</i></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company&#8217;s evaluation of its vessels held for use for impairment involves an assessment of each vessel to determine whether events or changes in circumstances indicate that the carrying amount of the vessel, including any related intangible assets and liabilities, may not be recoverable. As of December 31, 2023, six out of nineteen vessels had impairment indicators.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related vessel. When the Company&#8217;s estimate of future undiscounted net operating cash flows (excluding interest charges) expected to be generated by the use and eventual disposition of any vessel for which indicators of impairment exist is less than its carrying amount, the Company records an impairment loss to reduce the vessel&#8217;s carrying value to its fair market value.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In developing estimates of future cash flows, the Company makes various assumptions including future charter rates which are the most sensitive and subjective assumption. For periods of time where the vessels are not fixed on time charters, the Company estimates the future daily time charter equivalent rate (the &#8220;future charter rate&#8221;) for the vessels&#8217; unfixed days as follows: i) for the first two years based on the prevailing market charter rates and ii) from the third year onwards, the inflation-unadjusted historical average rates for similar size vessels over a 14-year period for 2023, which takes into account complete market cycles. These assumptions are based on historical trends as well as future expectations.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We identified future charter rates used in the future undiscounted net operating cash flows for vessels with impairment indicators as a critical audit matter because of the complex judgements made by management to estimate them and the significant impact they have on undiscounted cash flows expected to be generated over the remaining useful life of the vessel.&#160;</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management&#8217;s future charter rates.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><i>How the Critical Audit Matter Was Addressed in the Audit</i></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Our audit procedures related to the future charter rates for vessels with impairment indicators utilized in the future undiscounted net operating cash flows included the following, among others:&#160;&#160;</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We evaluated the reasonableness of the Company&#8217;s estimate of future charter rates through the performance of the following procedures:</p>
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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: middle; width: 30px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p> </td><td style="vertical-align: middle; width: 1492px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Evaluating the Company&#8217;s methodology for estimating the future charter rates by using our industry experience.</p> </td></tr>
<tr><td style="vertical-align: middle; width: 30px;">&#160;</td><td style="vertical-align: middle; width: 1492px;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 30px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p> </td><td style="vertical-align: middle; width: 1492px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Evaluating the Company&#8217;s assumptions regarding future charter rates by comparing the future charter rates utilized in the future undiscounted net operating cash flows to 1) the Company&#8217;s historical rates, 2) the Company&#8217;s budget, 3) historical rate information by vessel class published by third party broker and 4) other external market sources, including analysts&#8217;&#160;reports and reports on prospective market outlook.</p> </td></tr>
<tr><td style="vertical-align: middle; width: 30px;">&#160;</td><td style="vertical-align: middle; width: 1492px;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 30px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">3.</p> </td><td style="vertical-align: middle; width: 1492px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Considering the consistency of the assumptions used in the future charter rates with evidence obtained in other areas of the audit. This included 1) internal communications by management to the board of directors, and 2) external communications by management to analysts and investors.</p> </td></tr>
<tr><td style="vertical-align: top; width: 30px;">&#160;</td><td style="vertical-align: middle; width: 1492px;">&#160;</td></tr>
<tr><td style="vertical-align: middle; width: 30px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.</p> </td><td style="vertical-align: middle; width: 1492px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Evaluating management&#8217;s ability to accurately forecast by comparing actual results to management&#8217;s historical forecasts.</p> </td></tr>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><i>/s/</i> <ix:nonNumeric name="dei:AuditorName" contextRef="d_2023-01-01_2023-12-31" id="ixv-22379">Deloitte Certified Public Accountants S.A.</ix:nonNumeric>&#160;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><ix:nonNumeric name="dei:AuditorLocation" contextRef="d_2023-01-01_2023-12-31" id="ixv-22380">Athens, Greece</ix:nonNumeric></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">April 30, 2024</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
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     <td style="width: 100%; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated Balance Sheets<a id="balancesheets" title="balancesheets" href="#"></a></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>December 31, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts, except share data, expressed in U.S. Dollars)</b></p> </td>
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</tbody></table>
  </div>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">(Consolidated balance sheets continue on the next page)</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
    F-4
   </div>
   <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
   <div class="PGHDR" style="text-align: left; width: 100%">
    &#160;
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  </div>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">
   <tbody>
    <tr>
     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated Balance Sheets</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>December 31, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts, except share data, expressed in U.S. Dollars)</b></p> </td>
    </tr>

   </tbody>
  </table>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(continued)</b></p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&#160;</p>
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     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated statements of operations<a id="statement_of_operations" title="statement of operations" href="#"></a></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Years ended December 31, 2021, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts, except for share data, expressed in U.S. Dollars)</b></p> </td>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
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     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries<a id="shareholders_equity" title="shareholders equity" href="#"></a></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated statements of shareholders</b>&#8217;<b> equity</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Years ended December 31, 2021, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts, except share data, expressed in U.S. Dollars)</b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
   <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
    F-7
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   <div class="PGHDR" style="text-align: left; width: 100%">
    &#160;
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  <div>
   &#160;
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  <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">
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     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries<a id="cashflows" title="cashflows" href="#"></a></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated statements of cash flows</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Years ended December 31, 2021, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table>
  </div>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">(Consolidated statements of cash flows continue on the next page)</p>
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    F-8
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   <div class="PGHDR" style="text-align: left; width: 100%">
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     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Consolidated statements of cash flows </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Years ended December 31, 2021, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td>
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   </tbody>
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  <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(Continued)</b></p>
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  <div>
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  <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
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    F-9
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     <td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements<a id="financialnoters" title="financialnoters" href="#"></a></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of December 31, 2022 and 2023 and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended December 31, 2021, 2022 and 2023</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td>
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   &#160;
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Euroseas Ltd. (the &#8220;Company&#8221; or &#8220;Euroseas&#8221;) was formed on <em style="font: inherit;"> May 5, 2005 </em>under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On <em style="font: inherit;"> June 28, 2005, </em>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 <em style="font: inherit;"> June 29, 2005, </em>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 <em style="font: inherit;"> January 2007, </em>the Company pursued a public offering and its common shares started trading on the Nasdaq Global Market under the ticker symbol &#8220;ESEA&#8221; on <em style="font: inherit;"> January 31, 2007 </em>and since <em style="font: inherit;"> June 26, 2015, </em>its common shares trade on the Nasdaq Capital Market.</p>
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   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">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. Eurobulk has an office in Greece located at <em style="font: inherit;">4</em> 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 <em style="font: inherit;">8</em>).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Family United Navigation Co., which, in turn, collectively own <ix:nonFraction id="c111385930" contextRef="i_2023-12-31" unitRef="Pure" name="esea:ShareholdersOwnershipPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="3">59.3</ix:nonFraction>% of the Company&#8217;s shares as of <em style="font: inherit;"> December 31, 2023.</em></p>
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    <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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    <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Basis of Presentation and General Information - continued</b></p></td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 for the year ended <em style="font: inherit;"> December 31, 2023, </em>are set out below:</p>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">a)</p> </td><td style="vertical-align: top; width: 94%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#160; Subsidiaries owning vessels in operation</p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on <em style="font: inherit;"> August 19, 2016, </em>owner of the Panamanian flag <em style="font: inherit;">18,581</em> DWT / <em style="font: inherit;">1,439</em> TEU container carrier M/V &#8220;Aegean Express&#8221;, which was built in <em style="font: inherit;">1997</em> and acquired on <em style="font: inherit;"> September 29, 2016.</em></p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Gregos Shipping Ltd., incorporated in the Republic of Liberia on <em style="font: inherit;"> May 25, 2017, </em>owner of the Liberian flag <em style="font: inherit;">35,600</em> DWT / <em style="font: inherit;">2,788</em> TEU container carrier M/V &#8220;EM Astoria&#8221;, which was built in <em style="font: inherit;">2004</em> and acquired on <em style="font: inherit;"> June 20, 2017.</em></p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on <em style="font: inherit;"> September 18, 2017, </em>owner of the Marshall Islands flag <em style="font: inherit;">34,654</em> DWT / <em style="font: inherit;">2,556</em> TEU container carrier M/V &#8220;EM Corfu&#8221;, which was built in <em style="font: inherit;">2001</em> and acquired on <em style="font: inherit;"> October 29, 2017.</em></p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Spetses Shipowners Ltd., incorporated in the Republic of Liberia on <em style="font: inherit;"> June 3, 2019, </em>owner of the Liberian flag <em style="font: inherit;">23,224</em> DWT / <em style="font: inherit;">1,740</em> TEU container carrier M/V &#8220;EM Spetses&#8221;, which was built in <em style="font: inherit;">2007</em> and acquired on <em style="font: inherit;"> August 7, 2019.</em></p> </td></tr>
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    <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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    <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Basis of Presentation and General Information - continued</b></p></td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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    <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">b)</p> </td><td style="vertical-align: top; width: 94%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#160; Subsidiaries owning vessels under construction</p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 97%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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    <ix:exclude>
     <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
       F-
      <em style="font: inherit;">16</em>
     </div>
     <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
     <div class="PGHDR" style="text-align: left; width: 100%">
       &#160;
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    </ix:exclude> <ix:exclude>&#160;</ix:exclude> <ix:exclude>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
     <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Accounting Policies - continued</b></p></td></tr>
</tbody></table></ix:exclude>
    <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p></ix:nonNumeric>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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    <ix:exclude>
     <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
       F-
      <em style="font: inherit;">17</em>
     </div>
     <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
     <div class="PGHDR" style="text-align: left; width: 100%">
       </div></ix:exclude><ix:exclude><div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt"><div class="PGHDR" style="text-align: left; width: 100%">&#160;
     </div>
    </div> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
    <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
</tbody></table>
     <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euro</b></p></td></tr>
</tbody></table></ix:exclude><ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>seas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
     <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Accounting Policies - continued</b></p></td></tr>
</tbody></table></ix:exclude>
    <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b>&#160;</p> </td></tr>
</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"></p></ix:nonNumeric>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i></i></b></p>
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    <ix:exclude>
     <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
       F-
      <em style="font: inherit;">18</em>
     </div>
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     <div class="PGHDR" style="text-align: left; width: 100%">
       &#160;
     </div>
    </ix:exclude> <ix:exclude>&#160;</ix:exclude> <ix:exclude>
     <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
     <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Accounting Policies </b>&#8211;<b>&#160;continued</b></p></td></tr>
</tbody></table></ix:exclude>
    <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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    <ix:exclude>
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      <em style="font: inherit;">19</em>
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       &#160;
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    </ix:exclude> <ix:exclude>&#160;</ix:exclude> <ix:exclude>
     <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
     <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Accounting Policies </b>&#8211;<b>&#160;continued</b></p></td></tr>
</tbody></table></ix:exclude>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p></ix:nonNumeric>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:FinanceLoansAndLeasesReceivablePolicy" id="c111388283" escape="true"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Financing costs</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Fees paid to lenders or required to be paid to <em style="font: inherit;">third</em> parties on the lenders&#8217; behalf for obtaining new loans or for refinancing or amending existing loans, are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and other financing costs over the duration of the underlying loan using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment pursuant to the provisions of Subtopic <em style="font: inherit;">470</em>-<em style="font: inherit;">50</em> &#8220;Modifications and Extinguishments&#8221;, is expensed in the period in which the repayment is made or refinancing occurs.&#160;Any unamortized balance of costs relating to debt refinanced that do <em style="font: inherit;">not</em> meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p></ix:nonNumeric>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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      <em style="font: inherit;">20</em>
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       </div></ix:exclude><ix:exclude><div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt"><div class="PGHDR" style="text-align: left; width: 100%">&#160;
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</tbody></table></ix:exclude><ix:exclude>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
     <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Accounting Policies </b>&#8211;<b>&#160;continued</b></p></td></tr>
</tbody></table></ix:exclude>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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       F-
      <em style="font: inherit;">21</em>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> .</p>
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     <em style="font: inherit;">22</em>
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      </div></ix:exclude><ix:exclude><div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt"><div class="PGHDR" style="text-align: left; width: 100%">&#160;
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
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   &#160;
  </div>
  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:InventoryDisclosureTextBlock" id="c2625745" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">3.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Inventories</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Inventories consisted of the following:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock" id="c2625746" escape="true">
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</tbody></table>
   </ix:nonNumeric>
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  </ix:nonNumeric>
  <div>
   &#160;
  </div>
  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="esea:AdvancesForVesselUnderConstructionTextBlock" id="c2625747" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">4.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Advances for vessels under construction</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Advances for vessels under construction of $<ix:nonFraction id="c111386228" contextRef="d_2022-01-01_2022-12-31_PropertyPlantAndEquipmentByTypeAxis-EcoDesignFuelEfficientContainershipsMember" unitRef="USD" name="esea:PaymentsForVesselsUnderConstruction" scale="6" format="ixt:num-dot-decimal" decimals="-5">59.1</ix:nonFraction>&#160;million and $<ix:nonFraction id="c111386229" contextRef="d_2023-01-01_2023-12-31_PropertyPlantAndEquipmentByTypeAxis-EcoDesignFuelEfficientContainershipsMember" unitRef="USD" name="esea:PaymentsForVesselsUnderConstruction" scale="6" format="ixt:num-dot-decimal" decimals="-5">85.4</ix:nonFraction> million as of&#160;<em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> respectively,&#160;are included in the consolidated balance sheets and relate mainly to progress payments according to the agreements entered into with the shipyard, capitalized interest as well as legal and other costs related to the construction. See Note&#160;<em style="font: inherit;">11</em>&#160;for the outstanding commitments to the shipyard. The Company intends to finance the cost of all newbuilding contracts with a combination of debt and own cash.</p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
</tbody></table><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">4.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Advances for vessels under construction - continued</b></p></td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The amounts in the accompanying audited condensed consolidated balance sheets are as follows:</p>
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   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="esea:CapitalizedVesselConstructionCostRollForwardTableTextBlock" id="c2625748" escape="true">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, January 1, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385683" contextRef="i_2022-01-01" unitRef="USD" name="esea:AdvancesForVesselUnderConstruction" scale="0" format="ixt:num-dot-decimal" decimals="INF">7,615,958</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Advances for vessels under construction</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><ix:nonFraction id="c111385684" contextRef="i_2022-12-31" unitRef="USD" name="esea:AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost" scale="0" format="ixt:num-dot-decimal" decimals="INF">51,467,636</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, December 31, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385685" contextRef="i_2022-12-31" unitRef="USD" name="esea:AdvancesForVesselUnderConstruction" scale="0" format="ixt:num-dot-decimal" decimals="INF">59,083,594</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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   </ix:nonNumeric>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  </ix:nonNumeric>
  <div>
   &#160;
  </div>
  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock" id="c2625749" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">5.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Vessels, net</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The amounts in the accompanying consolidated balance sheets are as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="c2625750" escape="true">
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   </ix:nonNumeric>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:exclude>
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      F-
     <em style="font: inherit;">24</em>
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      &#160;
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   </ix:exclude>
   <ix:exclude>&#160;</ix:exclude>
   <ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Vessels acquired / delivered</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> April 26, 2022, </em>Emmanuel Shipping Ltd. signed a memorandum of agreement to purchase M/V &#8220;Seaspan Melbourne&#8221;, a <em style="font: inherit;">50,796</em> DWT / <em style="font: inherit;">4,250</em> TEU, <em style="font: inherit;">2005</em>-built intermediate container carrier and its attached time charter, for a purchase price of $<ix:nonFraction id="c111386254" contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanMelbourneMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">17,500,000</ix:nonFraction>, from which $<ix:nonFraction id="c111386255" contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-SeaspanMelbourneVesselsMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">33,259,241</ix:nonFraction> was allocated to the vessel plus costs to make the vessel available for use of $<ix:nonFraction id="c111386256" contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanMelbourneMember" unitRef="USD" name="esea:PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" scale="0" format="ixt:num-dot-decimal" decimals="INF">179,130</ix:nonFraction>, resulting in a total amount of $<ix:nonFraction id="c111386257" contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanMelbourneMember" unitRef="USD" name="esea:PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">33,438,371</ix:nonFraction> presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet. In addition, an amount of $<ix:nonFraction id="c111386258" contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-SeaspanMelbourneInplaceAttachedTimeCharterMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">15,759,241</ix:nonFraction> was allocated to the in-place attached time charter on the date of the transfer and was recorded as liability within &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet (see Note <em style="font: inherit;">7</em>). The vessel was delivered to the Company on <em style="font: inherit;"> May 24, 2022 </em>and was renamed to &#8220;Emmanuel P&#8221;.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> April 26, 2022, </em>as amended on <em style="font: inherit;"> June 14, 2022, </em>Rena Shipping Ltd. signed a memorandum of agreement to purchase M/V &#8220;Seaspan Manila&#8221; a <em style="font: inherit;">50,796</em> DWT / <em style="font: inherit;">4,250</em> TEU, <em style="font: inherit;">2007</em>-built intermediate container carrier and its attached time charter, for a purchase price of $<ix:nonFraction id="c111386263" contextRef="d_2022-04-26_2022-04-26_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanManilaMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">17,500,000</ix:nonFraction>, from which $<ix:nonFraction id="c111386264" contextRef="d_2022-04-26_2022-04-26_PropertyPlantAndEquipmentByTypeAxis-SeaspanManilaVesselsMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">30,040,206</ix:nonFraction> was allocated to the vessel plus costs to make the vessel available for use of $<ix:nonFraction id="c111386265" contextRef="d_2022-04-26_2022-04-26_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanManilaMember" unitRef="USD" name="esea:PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,084,509</ix:nonFraction>, resulting in a total amount of $<ix:nonFraction id="c111386266" contextRef="d_2022-04-26_2022-04-26_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanManilaMember" unitRef="USD" name="esea:PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">32,124,715</ix:nonFraction> presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet. In addition, an amount of $<ix:nonFraction id="c111386267" contextRef="d_2022-04-26_2022-04-26_PropertyPlantAndEquipmentByTypeAxis-SeaspanManilaInplaceAttachedTimeCharterMember" unitRef="USD" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">12,540,206</ix:nonFraction> was allocated to the in-place attached time charter on the date of the transfer and was recorded as liability within &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet (see Note <em style="font: inherit;">7</em>). The vessel was delivered to the Company on <em style="font: inherit;"> June 27, 2022 </em>and was renamed to &#8220;Rena P&#8221;.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> April 6, 2023,&#160;</em>the Company took delivery of the newbuilding M/V &#8220;Gregos&#8221;, an eco-design fuel efficient feeder containership (see Note&#160;<em style="font: inherit;">4</em>). The total cost for the construction of the vessel was $<ix:nonFraction id="c111386270" contextRef="i_2023-04-06_PropertyPlantAndEquipmentByTypeAxis-MvGregosMember" unitRef="USD" name="esea:VesselConstructionCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">42,356,864</ix:nonFraction>&#160;and is presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> July 6, 2023,&#160;</em>the Company took delivery of the newbuilding M/V &#8220;Terataki&#8221;, an eco-design fuel efficient feeder containership (see Note&#160;<em style="font: inherit;">4</em>). The total cost for the construction of the vessel was $<ix:nonFraction id="c111386272" contextRef="i_2023-07-06_PropertyPlantAndEquipmentByTypeAxis-MvTeratakiMember" unitRef="USD" name="esea:VesselConstructionCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">42,545,997</ix:nonFraction>&#160;and is presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Sale of vessels</i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> December 23, 2022, </em>Bridge Shipping Ltd. signed a memorandum of agreement to sell M/V &#8220;Akinada Bridge&#8221;, a <em style="font: inherit;">71,366</em> DWT / <em style="font: inherit;">5,610</em> TEU <em style="font: inherit;">2001</em>-built intermediate container carrier, for scrap, at a gross price of $<ix:nonFraction id="c111386276" contextRef="d_2022-12-23_2022-12-23_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" scale="6" format="ixt:num-dot-decimal" decimals="-5">14.2</ix:nonFraction> million, following a strategy of disposing older vessels, combined with the analysis of the repair options of a damage identified in the <em style="font: inherit;">fourth</em> quarter of <em style="font: inherit;">2022</em> (refer also to Note <em style="font: inherit;">18</em>). As of <em style="font: inherit;"> December 31, 2022, </em>the vessel was classified as held for sale at its net book value of $<ix:nonFraction id="c111386280" contextRef="i_2022-12-31_BalanceSheetLocationAxis-AssetHeldForSaleMember_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="us-gaap:PropertyPlantAndEquipmentNet" scale="6" format="ixt:num-dot-decimal" decimals="-5">8.5</ix:nonFraction> million, together with its inventory on board amounting to $<ix:nonFraction id="c111386281" contextRef="i_2022-12-31_BalanceSheetLocationAxis-AssetHeldForSaleMember_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="esea:InventoryOnBoard" scale="6" format="ixt:num-dot-decimal" decimals="-5">0.4</ix:nonFraction> million. The total amount is presented in the &#8220;Asset held for sale&#8221; line in the current assets section of the consolidated balance sheet as of <em style="font: inherit;"> December 31, 2022. </em>In respect of the sale the amount of $<ix:nonFraction id="c111386282" contextRef="i_2022-12-31_BalanceSheetLocationAxis-LiabilityAssociatedWithAssetHeldForSaleMember_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="esea:AdvanceCollectedForSaleOfVessels" scale="6" format="ixt:num-dot-decimal" decimals="-5">3.6</ix:nonFraction> million collected as an advance for the vessel sale was classified as a &#8220;Liability associated with asset held for sale&#8221; and is presented under the current liabilities section of the consolidated balance sheet as of <em style="font: inherit;"> December 31, 2022. </em>The vessel was delivered to her new owners on <em style="font: inherit;"> January 9, 2023. </em>The gain on the sale of the vessel is $<ix:nonFraction id="c111386283" contextRef="d_2022-12-23_2022-12-23_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="6" format="ixt:num-dot-decimal" decimals="-5">5.2</ix:nonFraction> million and is presented in &#8220;Net (loss) / gain on sale of vessel&#8221; line in the consolidated statement of operations for the year ended <em style="font: inherit;"> December 31, 2023.</em></p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
</tbody></table><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">5.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Vessels, net - continued</b></p></td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Impairment analysis</i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In light of the prevailing conditions in the shipping industry, as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> the Company performed the undiscounted cash flow test 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. In <em style="font: inherit;"> September 2023, </em>the Company determined that the carrying value of M/V &#8220;Jonathan P&#8221; was <em style="font: inherit;">not</em> recoverable as of <em style="font: inherit;"> September 30, 2023. </em>Consequently, the Company recorded an impairment charge of $<ix:nonFraction id="c111386291" contextRef="d_2023-09-30_2023-09-30" unitRef="USD" name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" scale="6" format="ixt:num-dot-decimal" decimals="-5">13.8</ix:nonFraction> million based on the Company&#8217;s impairment test results, to reduce the carrying value of the vessel to its estimated market value as determined by the Company based on vessel valuation as of <em style="font: inherit;"> September 30, 2023.</em></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">As of <em style="font: inherit;"> December 31, 2023, </em><span style="-sec-ix-hidden:c111386292">twelve</span> of the Company&#8217;s vessels with a carrying value of $<ix:nonFraction id="c111386293" contextRef="i_2023-12-31_PledgedStatusAxis-AssetPledgedAsCollateralMember_PledgingPurposeAxis-LoanAgreementsMember" unitRef="USD" name="us-gaap:PropertyPlantAndEquipmentNet" scale="6" format="ixt:num-dot-decimal" decimals="-5">239.8</ix:nonFraction> million are mortgaged as collateral under the Company&#8217;s loan agreements (refer Note <em style="font: inherit;">9</em>), while <span style="-sec-ix-hidden:c111386295">seven</span> of the Company&#8217;s vessels, M/V &#8220;Diamantis P&#8221;, M/V &#8220;EM Astoria&#8221;, M/V &#8220;EM Hydra&#8221;, M/V &#8220;EM Kea&#8221;, M/V &#8220;EM Spetses&#8221;, M/V &#8220;Evridiki&#8221; and M/V &#8220;Joanna&#8221; are unencumbered.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The accrued expenses consisted of:</p>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385730" contextRef="i_2022-12-31" unitRef="USD" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,756,383</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385731" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,865,615</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the acquisition of M/V &#8220;Emmanuel P&#8221;, in <em style="font: inherit;"> May 2022, </em>which was acquired by the Company with time charter agreement attached, expiring in <em style="font: inherit;"> March 2025, </em>the Company recognized a liability of $<ix:nonFraction id="c111386300" contextRef="i_2022-06-30_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_PropertyPlantAndEquipmentByTypeAxis-MVEmmanuelPMember" unitRef="USD" name="esea:BelowMarketTimeChartersFairValue" scale="0" format="ixt:num-dot-decimal" decimals="INF">15,759,241</ix:nonFraction>, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level <em style="font: inherit;">2</em>).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the acquisition of M/V &#8220;Rena P&#8221;, in <em style="font: inherit;"> June 2022, </em>which was acquired by the Company with time charter agreement attached, expiring in <em style="font: inherit;"> February 2025, </em>the Company recognized a liability of $<ix:nonFraction id="c111386302" contextRef="i_2022-06-30_FairValueByFairValueHierarchyLevelAxis-FairValueInputsLevel2Member_PropertyPlantAndEquipmentByTypeAxis-MVRenaPMember" unitRef="USD" name="esea:BelowMarketTimeChartersFairValue" scale="0" format="ixt:num-dot-decimal" decimals="INF">12,540,206</ix:nonFraction>, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level <em style="font: inherit;">2</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p><ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">7.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Fair Value of Below Market Time Charters Acquired - continued</b></p></td></tr>
</tbody></table></ix:exclude><ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> the remaining carrying amount of unamortized below market acquired time charter will be amortized in future years as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="esea:ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" id="c2625754" escape="true">
    <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>For</b> <b>the</b> <b>year ending December 31,</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Below market acquired charter</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(<ix:nonFraction id="c111385732" contextRef="i_2022-12-31" unitRef="USD" name="esea:BelowMarketTimeChartersExpectedAmortizationYearOne" scale="0" format="ixt:num-dot-decimal" decimals="INF" sign="-">4,737,600</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(<ix:nonFraction id="c111385733" contextRef="i_2022-12-31" unitRef="USD" name="esea:BelowMarketTimeChartersExpectedAmortizationYearTwo" scale="0" format="ixt:num-dot-decimal" decimals="INF" sign="-">2,842,706</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>$</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>(<ix:nonFraction id="c111385734" contextRef="i_2022-12-31" unitRef="USD" name="esea:BelowMarketTimeChartersExpectedAmortizationTotal" scale="0" format="ixt:num-dot-decimal" decimals="INF" sign="-">7,580,306</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>)</b></td></tr>
</tbody></table>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  </ix:nonNumeric>
  <div>
   &#160;
  </div>
  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="c2625755" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">8.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Party Transactions</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company&#8217;s vessel owning companies are parties to management agreements with the Manager (see Note <em style="font: inherit;">1</em>) which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily management fee (see below), under the Company&#8217;s Master Management Agreement (&#8220;MMA&#8221;) with Eurobulk. An additional fixed management fee (see below) is paid to the Manager for the provision of management executive services.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company&#8217;s MMA with Eurobulk provides for an annual adjustment of the daily vessel management fee due to inflation to take effect <em style="font: inherit;"> January 1 </em>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 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 MMA, as periodically amended and restated, will automatically be extended after each <em style="font: inherit;">five</em>-year period for an additional <span style="-sec-ix-hidden:c111386326">five</span>-year period unless terminated on or before the <em style="font: inherit;">90th</em> day preceding the 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:exclude>
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     <em style="font: inherit;">27</em>
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      &#160;
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">8.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Party Transactions - continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The MMA was renewed on <em style="font: inherit;"> January 1, 2018 </em>for an additional <span style="-sec-ix-hidden:c111386333">five</span>-year term until <em style="font: inherit;"> January 1, 2023. </em>For the year ended <em style="font: inherit;"> December 31, 2021 </em>the fixed vessel management fee amounted to Euro <ix:nonFraction id="c111386334" contextRef="d_2020-01-01_2020-12-31" unitRef="EUR" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">685</ix:nonFraction> per day per vessel in operation and Euro <ix:nonFraction id="c111386335" contextRef="d_2021-01-01_2021-12-31" unitRef="EUR" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">342.5</ix:nonFraction> per day per vessel in lay-up. From <em style="font: inherit;"> January 1, 2022, </em>the vessel fixed management fee was adjusted for inflation at Euro <ix:nonFraction id="c111386336" contextRef="d_2022-01-01_2022-01-01" unitRef="EUR" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">720</ix:nonFraction> per day per vessel in operation and Euro <ix:nonFraction id="c111386337" contextRef="d_2022-01-01_2022-01-01" unitRef="EUR" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">360</ix:nonFraction> per day per vessel in lay-up, as well as for the vessels under construction, which start paying the daily management fee after steel cutting. The MMA was further renewed on <em style="font: inherit;"> January 1, 2023 </em>for an additional <span style="-sec-ix-hidden:c111386338">five</span>-year term until <em style="font: inherit;"> January 1, 2028. </em>From <em style="font: inherit;"> January 1, 2023, </em>the vessel fixed management fee was adjusted for inflation at Euro <ix:nonFraction id="c111386339" contextRef="d_2023-01-01_2023-01-01" unitRef="EUR" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">775</ix:nonFraction> (approximately $<ix:nonFraction id="c111386340" contextRef="d_2023-01-01_2023-01-01" unitRef="USD" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">853</ix:nonFraction>, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $<ix:nonFraction id="c111386343" contextRef="i_2023-12-31" unitRef="USDPerEUR" name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" scale="0" format="ixt:num-dot-decimal" decimals="INF">1.10</ix:nonFraction>&#160;per euro) per day per vessel in operation and Euro <ix:nonFraction id="c111386344" contextRef="d_2023-01-01_2023-01-01" unitRef="EUR" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">387.5</ix:nonFraction> (approximately $<ix:nonFraction id="c111386345" contextRef="d_2023-01-01_2023-01-01" unitRef="USD" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">426</ix:nonFraction>, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $<ix:nonFraction id="c111386348" contextRef="i_2023-12-31" unitRef="USDPerEUR" name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" scale="0" format="ixt:num-dot-decimal" decimals="INF">1.10</ix:nonFraction>&#160;per euro) per day per vessel in lay-up or under construction. From <em style="font: inherit;"> January 1, 2024, </em>the vessel fixed management fee was adjusted for inflation at Euro <ix:nonFraction id="c111386349" contextRef="d_2024-01-01_2024-01-01_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="EUR" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">810</ix:nonFraction> (approximately $<ix:nonFraction id="c111386350" contextRef="d_2024-01-01_2024-01-01_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="USD" name="esea:ServiceManagementCostsDailyFeeRelatedParty" scale="0" format="ixt:num-dot-decimal" decimals="INF">891</ix:nonFraction>, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $<ix:nonFraction id="c111386353" contextRef="i_2023-12-31" unitRef="USDPerEUR" name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" scale="0" format="ixt:num-dot-decimal" decimals="INF">1.10</ix:nonFraction>&#160;per euro) per day per vessel in operation and Euro <ix:nonFraction id="c111386354" contextRef="d_2024-01-01_2024-01-01_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="EUR" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">405</ix:nonFraction> (approximately $<ix:nonFraction id="c111386355" contextRef="d_2024-01-01_2024-01-01_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="USD" name="esea:RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" scale="0" format="ixt:num-dot-decimal" decimals="INF">446</ix:nonFraction>, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $<ix:nonFraction id="c111386358" contextRef="i_2023-12-31" unitRef="USDPerEUR" name="us-gaap:ForeignCurrencyExchangeRateRemeasurement1" scale="0" format="ixt:num-dot-decimal" decimals="INF">1.10</ix:nonFraction>&#160;per euro) per day per vessel in lay-up or under construction.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Vessel management fees paid to the Manager amounted to $<ix:nonFraction id="c111386359" contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">4,294,789</ix:nonFraction>, $<ix:nonFraction id="c111386360" contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">4,920,063</ix:nonFraction> and $<ix:nonFraction id="c111386361" contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-VesselManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">5,720,831</ix:nonFraction> in <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> respectively, and are recorded under &#8220;Related party management fees&#8221; in the consolidated statements of operations.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In addition to the vessel management services, the Manager provides executive services to the Company. The amount of executive compensation was set at $<ix:nonFraction id="c111386365" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,000,000</ix:nonFraction> for each of the years ended <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2022</em> and was increased to $<ix:nonFraction id="c111386367" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,150,000</ix:nonFraction> for the year ended <em style="font: inherit;"> December 31, 2023 </em>to account for inflation. For the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> the Company paid an additional special bonus to the Manager&#8217;s employees and consultants of $<ix:nonFraction id="c111386370" contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-FixedManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">460,000</ix:nonFraction>, $<ix:nonFraction id="c111386371" contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-FixedManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">420,000</ix:nonFraction> and $<ix:nonFraction id="c111386372" contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-FixedManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">500,000</ix:nonFraction>, respectively, for a total amount of executive management fees of $<ix:nonFraction id="c111386373" contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-ExecutiveManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,460,000</ix:nonFraction>, $<ix:nonFraction id="c111386374" contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-ExecutiveManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,420,000</ix:nonFraction> and $<ix:nonFraction id="c111386375" contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-ExecutiveManagementFeesMember_RelatedPartyTransactionAxis-SpecialBonusToEmployeesAndConsultantsMember_RelatedPartyTransactionsByRelatedPartyAxis-EurobulkLtdMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,650,000</ix:nonFraction>, respectively. These amounts are recorded in &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. The executive management fee will be adjusted annually for Eurozone inflation every <em style="font: inherit;"> January 1. </em>For the year <em style="font: inherit;">2024</em> the amount for the executive compensation, before bonuses, was increased to $<ix:nonFraction id="c111386377" contextRef="d_2024-01-01_2024-12-31_PropertyPlantAndEquipmentByTypeAxis-EurobulkLtdMember_RelatedPartyTransactionsByRelatedPartyAxis-AnnualCompensationMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,250,000</ix:nonFraction> to account for inflation.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 <em style="font: inherit;"> December 31, 2022, </em>the amount due from related company was $<ix:nonFraction id="c111386378" contextRef="i_2022-12-31_RelatedPartyTransactionsByRelatedPartyAxis-RelatedPartyMember" unitRef="USD" name="us-gaap:AccountsReceivableNetCurrent" scale="0" format="ixt:num-dot-decimal" decimals="INF">32,146</ix:nonFraction>. As of <em style="font: inherit;"> December 31, 2023, </em>the amount due to related company was $<ix:nonFraction id="c111386379" contextRef="i_2023-12-31_RelatedPartyTransactionsByRelatedPartyAxis-RelatedPartyMember" unitRef="USD" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,298,941</ix:nonFraction>. Based on the MMA, 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> November 1, 2019,&#160;</em>the Company entered into an&#160;agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#8217;s Chief Executive Officer, to draw $<ix:nonFraction id="c111386380" contextRef="i_2019-11-01_RelatedPartyTransactionAxis-ColbyTradingLtdMember_RelatedPartyTransactionsByRelatedPartyAxis-FirstDebtAgreementMember" unitRef="USD" name="us-gaap:NotesAndLoansPayable" scale="6" format="ixt:num-dot-decimal" decimals="-5">2.5</ix:nonFraction>&#160;million loan to finance working capital needs. The interest rate applied was&#160;<ix:nonFraction id="c111386381" contextRef="i_2019-11-01_RelatedPartyTransactionAxis-ColbyTradingLtdMember_RelatedPartyTransactionsByRelatedPartyAxis-FirstDebtAgreementMember" unitRef="Pure" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="2">8</ix:nonFraction>% per annum. Interest on the loan was payable quarterly. The Company paid $<ix:nonFraction id="c111386382" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionAxis-ColbyTradingLtdMember_RelatedPartyTransactionsByRelatedPartyAxis-SecondDebtAgreementMember" unitRef="USD" name="us-gaap:InterestPaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">50,000</ix:nonFraction>&#160;on interest for this loan for the year ended&#160;<em style="font: inherit;"> December 31,&#160;</em><em style="font: inherit;">2021.</em> The loan was repaid in&#160;<em style="font: inherit;"> March 2021.</em></p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">8.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Party Transactions - continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company uses brokers for various services, as is industry practice. Eurochart S.A. 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There were <ix:nonFraction id="c111386391" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="esea:CommissionForSaleOfVessels" scale="0" format="ixt-sec:numwordsen" decimals="-3">no</ix:nonFraction> commissions to Eurochart for vessel sales in <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022,</em> while for the year ended <em style="font: inherit;"> December 31, 2023 </em>commission to Eurochart for the sale of M/V Akinada Bridge was $<ix:nonFraction id="c111386394" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="esea:CommissionForSaleOfVessels" scale="0" format="ixt:num-dot-decimal" decimals="INF">142,266</ix:nonFraction>, recorded in &#8220;Net loss/ (gain) on sale of vessel&#8221; in the consolidated statement of operations. A commission of <em style="font: inherit;">1%</em> of the purchase price is also paid to Eurochart by the seller of the vessel for the acquisitions the Company makes using Eurochart&#8217;s services.&#160;For the acquisition of M/V &#8220;Marcos V&#8221; the Company also paid Eurochart a commission of $<ix:nonFraction id="c111386396" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-VesselSalesCommissionMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="6" format="ixt:num-dot-decimal" decimals="-5">0.4</ix:nonFraction> million, equaling to <ix:nonFraction id="c111386397" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="Pure" name="esea:RelatedPartyTransactionCommissionPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="2">1</ix:nonFraction>% of the purchase price of the vessel, which was agreed to be paid by the buyers, as per the relevant memoranda of agreement entered into with the sellers and was capitalized as part of the vessel cost. In <em style="font: inherit;"> October 2021, </em>the Company withheld the amount of $<ix:nonFraction id="c111386398" contextRef="d_2021-10-01_2021-10-31_PropertyPlantAndEquipmentByTypeAxis-MvJonathanPMember_RelatedPartyTransactionAxis-VesselSalesCommissionMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">255,000</ix:nonFraction> from the sellers of the M/V &#8220;Jonathan P&#8221;, on behalf of Eurochart, as a <ix:nonFraction id="c111386399" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="Pure" name="esea:RelatedPartyTransactionCommissionPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="2">1</ix:nonFraction>% commission in connection with the acquisition of the vessel. In <em style="font: inherit;"> May </em>and <em style="font: inherit;"> June 2022, </em>the Company withheld the amount of $<ix:nonFraction id="c111386400" contextRef="d_2022-05-01_2022-05-31_PropertyPlantAndEquipmentByTypeAxis-MVEmmanuelPMember_RelatedPartyTransactionAxis-VesselSalesCommissionMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">175,000</ix:nonFraction> and $<ix:nonFraction id="c111386401" contextRef="d_2022-06-01_2022-06-30_PropertyPlantAndEquipmentByTypeAxis-MVEmmanuelPMember_RelatedPartyTransactionAxis-VesselSalesCommissionMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">175,000</ix:nonFraction>, respectively, from the sellers of M/V &#8220;Emmanuel P&#8221; and M/V &#8220;Rena P&#8221;, on behalf of Eurochart, as a <ix:nonFraction id="c111386402" contextRef="d_2022-01-01_2022-12-31_RelatedPartyTransactionAxis-VesselSalesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="Pure" name="esea:RelatedPartyTransactionCommissionPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="2">1</ix:nonFraction>% commission in connection with the acquisition of the <em style="font: inherit;">two</em> vessels. Commissions to Eurochart for chartering services were $<ix:nonFraction id="c111386404" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionAxis-CharterRevenuesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,075,274</ix:nonFraction>, $<ix:nonFraction id="c111386405" contextRef="d_2022-01-01_2022-12-31_RelatedPartyTransactionAxis-CharterRevenuesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,370,381</ix:nonFraction> and $<ix:nonFraction id="c111386406" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-CharterRevenuesMember_RelatedPartyTransactionsByRelatedPartyAxis-EurochartMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,350,919</ix:nonFraction> in <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> respectively, recorded in &#8220;Commissions&#8221; in the consolidated statements of operations.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;). Technomar Crew Management Services Corp (&#8220;Technomar&#8221;) is a company owned by certain members of the Pittas family, together with another unrelated ship management company, which provides crewing services. Sentinel is paid a commission on insurance premiums <em style="font: inherit;">not</em> exceeding <span style="-sec-ix-hidden:c111386411">5%;</span> Technomar is paid a fee of about $<ix:nonFraction id="c111386412" contextRef="d_2022-01-01_2022-12-31_RelatedPartyTransactionsByRelatedPartyAxis-TechnomarMember" unitRef="USD" name="esea:RelatedPartyTransactionAmountsOfTransactionPerCrewMemberPerMonth" scale="0" format="ixt:num-dot-decimal" decimals="INF">50</ix:nonFraction> per crew member per month. Total fees charged by Sentinel and Technomar were $<ix:nonFraction id="c111386413" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-SentinelMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">77,896</ix:nonFraction> and $<ix:nonFraction id="c111386414" contextRef="d_2021-01-01_2021-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-TechnomarMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">155,739</ix:nonFraction> in <em style="font: inherit;">2021,</em> $<ix:nonFraction id="c111386416" contextRef="d_2022-01-01_2022-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-SentinelMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">118,614</ix:nonFraction> and $<ix:nonFraction id="c111386417" contextRef="d_2022-01-01_2022-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-TechnomarMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">235,228</ix:nonFraction> in <em style="font: inherit;">2022</em> and $<ix:nonFraction id="c111386419" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-SentinelMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">108,208</ix:nonFraction> and $<ix:nonFraction id="c111386420" contextRef="d_2023-01-01_2023-12-31_RelatedPartyTransactionAxis-CrewFeesMember_RelatedPartyTransactionsByRelatedPartyAxis-TechnomarMember" unitRef="USD" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" format="ixt:num-dot-decimal" decimals="INF">236,416</ix:nonFraction> in <em style="font: inherit;">2023,</em> respectively.&#160;These amounts are recorded in &#8220;Vessel operating expenses&#8221; in the consolidated statements of operations.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <ix:exclude>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Long-Term Bank Loans</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">These consist of bank loans of the ship-owning companies and are as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock" id="c2625757" escape="true">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Rena Shipping Ltd. / Emmanuel Shipping Ltd.</p> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">(g)</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><ix:nonFraction id="c111385754" contextRef="i_2022-12-31_DebtInstrumentAxis-RenaShippingLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentCarryingAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">18,250,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><ix:nonFraction id="c111385755" contextRef="i_2023-12-31_DebtInstrumentAxis-RenaShippingLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentCarryingAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">14,250,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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   </ix:nonNumeric>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The future annual loan repayments are as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="esea:ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" id="c2625758" escape="true">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><ix:nonFraction id="c111385785" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" scale="0" format="ixt:num-dot-decimal" decimals="INF">9,050,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><ix:nonFraction id="c111385786" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" scale="0" format="ixt:num-dot-decimal" decimals="INF">26,350,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><ix:nonFraction id="c111385787" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,600,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><ix:nonFraction id="c111385788" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" scale="0" format="ixt:num-dot-decimal" decimals="INF">27,050,000</ix:nonFraction></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385789" contextRef="i_2023-12-31" unitRef="USD" name="esea:LongTermDebtExcludingRelatedPartyLoans" scale="0" format="ixt:num-dot-decimal" decimals="INF">131,000,000</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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      F-
     <em style="font: inherit;">30</em>
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      &#160;
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   <ix:exclude></ix:exclude><ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Long-Term Bank Loans - continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(a)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> May 30, 2019, </em>the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;) in relation to the financing of M/V &#8220;EM Astoria&#8221;&#160;and M/V &#8220;Evridiki G&#8221;&#160;totaling $<ix:nonFraction id="c111386432" contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="6" format="ixt:num-dot-decimal" decimals="-6">12.0</ix:nonFraction> million or <em style="font: inherit;">55%</em> of the aggregate market value of the <em style="font: inherit;">two</em> aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in <ix:nonFraction id="c111386435" contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="Pure" name="esea:DebtInstrumentNumberOfPeriodicPayments" scale="0" format="ixt:num-dot-decimal" decimals="INF">16</ix:nonFraction> equal consecutive quarterly principal installments of $<ix:nonFraction id="c111386436" contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" scale="0" format="ixt:num-dot-decimal" decimals="INF">375,000</ix:nonFraction> followed by a balloon amount of $<ix:nonFraction id="c111386437" contextRef="i_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">6,000,000</ix:nonFraction> payable together with the last principal installment in <em style="font: inherit;"> May 2023. </em>The margin of the loan was <ix:nonFraction id="c111386438" contextRef="d_2019-05-31_2019-12-31_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">3.90</ix:nonFraction>% over the Secured Overnight Financing Rate, or &#8220;SOFR&#8221;. On <em style="font: inherit;"> June 26, 2020, </em>Eurobank agreed to defer the amount of $<ix:nonFraction id="c111386439" contextRef="i_2020-06-26_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="esea:DebtInstrumentDeferredAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,125,000</ix:nonFraction> (the remaining <span style="-sec-ix-hidden:c111386440">three</span> installments of <em style="font: inherit;">2020</em>) to be repaid together with the balloon payment in <em style="font: inherit;"> May 2023, </em>increasing the balloon amount to $<ix:nonFraction id="c111386442" contextRef="i_2020-06-26_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">7,125,000</ix:nonFraction>. The loan was secured with (i) <em style="font: inherit;">first</em> priority mortgages over M/V &#8220;Evridiki G&#8221;&#160;and M/V &#8220;EM Astoria&#8221;, (ii) <em style="font: inherit;">first</em> 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. On <em style="font: inherit;"> May 30, 2023, </em>Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $<ix:nonFraction id="c111386445" contextRef="d_2023-05-01_2023-05-31_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember" unitRef="USD" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">7,500,000</ix:nonFraction>, by using the Company&#8217;s own funds and became unencumbered.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(b)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> July 30, 2019, </em>the Company signed a term loan facility with HSBC Bank Plc. (&#8220;HSBC&#8221;) for an amount of $<ix:nonFraction id="c111386446" contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">12,500,000</ix:nonFraction>. The loan was used to partly finance the acquisition of M/V &#8220;EM Hydra&#8221;, M/V &#8220;EM Kea&#8221;&#160;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 <em style="font: inherit;"> August 8, 2019. </em>The loan was payable in <span style="-sec-ix-hidden:c111386447">fourteen</span> consecutive equal quarterly installments of $<ix:nonFraction id="c111386448" contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">450,000</ix:nonFraction> plus a balloon payment of $<ix:nonFraction id="c111386449" contextRef="i_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">6,200,000</ix:nonFraction> payable together with the last instalment in <em style="font: inherit;"> February 2023. </em>The loan bore interest at SOFR plus a margin of <ix:nonFraction id="c111386450" contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">2.95</ix:nonFraction>%. The loan was secured with (i) <em style="font: inherit;">first</em> priority mortgages over M/V &#8220;EM Hydra&#8221;, M/V &#8220;EM Kea&#8221;&#160;and M/V &#8220;EM Spetses&#8221;&#160;(ii) <em style="font: inherit;">first</em> 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. On <em style="font: inherit;"> February 6, 2023, </em>the Company repaid the full amount of outstanding indebtedness amounting to $<ix:nonFraction id="c111386453" contextRef="d_2023-02-06_2023-02-06_LineOfCreditFacilityAxis-HSBCBankPLCMember" unitRef="USD" name="us-gaap:RepaymentsOfLongTermDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">6,650,000</ix:nonFraction>, by using the Company&#8217;s own funds and the <em style="font: inherit;">three</em> abovementioned vessels became unencumbered.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> November 8, 2019, </em>the Company signed a term loan facility with Piraeus Bank S.A. (&#8220;Piraeus&#8221;) for an amount of $<ix:nonFraction id="c111386455" contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">32,000,000</ix:nonFraction>. 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;&#160;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 <em style="font: inherit;"> November 18, 2019. </em>The loan was payable in <span style="-sec-ix-hidden:c111386456">three</span> consecutive equal quarterly instalments of $<ix:nonFraction id="c111386457" contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementFirstPaymentsMember_LineOfCreditFacilityAxis-PiraeusBankSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,400,000</ix:nonFraction> followed by <span style="-sec-ix-hidden:c111386458">thirteen</span> consecutive equal quarterly instalments of $<ix:nonFraction id="c111386459" contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementSecondPaymentsMember_LineOfCreditFacilityAxis-PiraeusBankSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">800,000</ix:nonFraction> and a balloon payment of $<ix:nonFraction id="c111386460" contextRef="i_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">17,400,000</ix:nonFraction> payable together with the last instalment in <em style="font: inherit;"> November 2023. </em>The loan bore interest at SOFR plus a margin of <ix:nonFraction id="c111386461" contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">3.50</ix:nonFraction>%.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> November 26, 2021, </em>the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on <em style="font: inherit;"> November 29, 2021 </em>drew the amount of $<ix:nonFraction id="c111386462" contextRef="i_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">16,500,000</ix:nonFraction> in order to finance general corporate needs of the Company. The loan was payable in <span style="-sec-ix-hidden:c111386463">sixteen</span> consecutive quarterly instalments, the <em style="font: inherit;">first</em> <em style="font: inherit;">four</em> in the amount of $<ix:nonFraction id="c111386466" contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSaFirstFourInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,500,000</ix:nonFraction> each, the next <em style="font: inherit;">eleven</em> in the amount of $<ix:nonFraction id="c111386468" contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSaElevenInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">560,000</ix:nonFraction> each and a final balloon instalment of $<ix:nonFraction id="c111386469" contextRef="i_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">4,340,000</ix:nonFraction>. The loan bore interest at SOFR plus a margin of <ix:nonFraction id="c111386470" contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">2.60</ix:nonFraction>%. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386471" contextRef="d_2021-01-01_2021-12-31_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">115,000</ix:nonFraction> within <em style="font: inherit;">2021</em> for this loan.</p> </td></tr>
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   <ix:exclude>&#160;</ix:exclude>
   <ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Long-Term Bank Loans </b>&#8211;<b>&#160;continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"><tbody><tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On <em style="font: inherit;"> July 13, 2023, </em>the Company signed and drew a new term loan facility with Piraeus of $<ix:nonFraction id="c111386478" contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">40,000,000</ix:nonFraction>&#160; in order to refinance all the outstanding amounts of the <em style="font: inherit;">two</em> previous loans amounting to $<ix:nonFraction id="c111386480" contextRef="i_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:DebtInstrumentCarryingAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">28,380,000</ix:nonFraction> as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in <span style="-sec-ix-hidden:c111386481">sixteen</span> consecutive quarterly instalments in the amount of $<ix:nonFraction id="c111386482" contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,250,000</ix:nonFraction> each and a final balloon instalment of $<ix:nonFraction id="c111386483" contextRef="i_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">20,000,000</ix:nonFraction> to be paid together with the last instalment in <em style="font: inherit;"> July 2027. </em>A margin of&#160;<ix:nonFraction id="c111386484" contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember_LongtermDebtTypeAxis-LoanEquivalentToDepositsMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">0.9</ix:nonFraction>% above SOFR is applicable to the portion of the loan equivalent to the Company&#8217;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to&#160;<ix:nonFraction id="c111386485" contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember_LongtermDebtTypeAxis-LoanExceedingDepositAmountMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">2.25</ix:nonFraction>% above SOFR. The loan is secured with the following: (i)&#160;<em style="font: inherit;">first</em>&#160;priority mortgages over M/V "Synergy Antwerp&#8221;, M/V "Synergy Busan&#8221;, M/V "Synergy Keelung&#8221; and M/V "Synergy Oakland&#8221;,&#160;(ii)&#160;<em style="font: inherit;">first</em>&#160;assignment of earnings and insurance and (iii) other covenants and guarantees similar to the&#160;remaining loans of the Company. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386488" contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">250,000</ix:nonFraction> within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for the facility was set to <ix:nonFraction id="c111386490" contextRef="i_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="2">125</ix:nonFraction>%, the same with the existing facility.</td></tr>
<tr><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(d)</p> </td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> September 6, 2021, </em>the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#8220;Sinopac&#8221;) for an amount of up to $<ix:nonFraction id="c111386491" contextRef="i_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">10,000,000</ix:nonFraction>, in order to refinance the existing indebtedness of M/V &#8220;Aegean Express&#8221;&#160;and M/V &#8220;EM Corfu&#8221;, amounting to $<ix:nonFraction id="c111386492" contextRef="d_2021-09-06_2021-09-06_LegalEntityAxis-CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember_LineOfCreditFacilityAxis-EurobankErgasiasSaMember" unitRef="USD" name="us-gaap:ShortTermDebtRefinancedAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">5,525,000</ix:nonFraction> as of the date of refinancing, and for working capital purposes. The facility was available in <em style="font: inherit;">two</em> advances. Both advances of $<ix:nonFraction id="c111386494" contextRef="i_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">3,500,000</ix:nonFraction> and $<ix:nonFraction id="c111386495" contextRef="i_2021-09-06_DebtInstrumentAxis-CorfuNavigationLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">6,500,000</ix:nonFraction> were drawn on <em style="font: inherit;"> September 9, 2021 </em>by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in <span style="-sec-ix-hidden:c111386496">sixteen</span> consecutive quarterly installments of $<ix:nonFraction id="c111386497" contextRef="d_2021-09-06_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">500,000</ix:nonFraction> each, followed by a balloon payment of $<ix:nonFraction id="c111386498" contextRef="i_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,000,000</ix:nonFraction> to be paid together with the last installment in <em style="font: inherit;"> September 2025. </em>The loan bears interest at SOFR plus a margin of <ix:nonFraction id="c111386499" contextRef="d_2021-09-06_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">3.50</ix:nonFraction>%. The loan is secured with the following: (i) <em style="font: inherit;">first</em> priority mortgages over M/V &#8220;Aegean Express&#8221;&#160;and M/V &#8220;EM Corfu&#8221;, (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386502" contextRef="i_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="1">120</ix:nonFraction>%. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386503" contextRef="d_2021-09-06_2021-09-06_DebtInstrumentAxis-JonathanJohnShippingLtdCorfuNavigationLtdMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">225,000</ix:nonFraction> within <em style="font: inherit;">2021</em> for this loan.</p> </td></tr>
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<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(e)</p> </td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> October 22, 2021, </em>the Company signed a term loan facility with HSBC, and on <em style="font: inherit;"> October 26, 2021, </em>a loan of $<ix:nonFraction id="c111386505" contextRef="i_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">15,000,000</ix:nonFraction> was drawn by Jonathan Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V &#8220;Jonathan P&#8221;&#160;and to finance general corporate purposes of the Company. The loan is payable in <span style="-sec-ix-hidden:c111386506">twelve</span> consecutive quarterly installments of $<ix:nonFraction id="c111386507" contextRef="d_2021-10-22_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,100,000</ix:nonFraction> followed by a balloon payment of $<ix:nonFraction id="c111386508" contextRef="i_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,800,000</ix:nonFraction> payable together with the last installment in <em style="font: inherit;"> October 2024. </em>The loan bears interest at SOFR plus a margin of <ix:nonFraction id="c111386509" contextRef="d_2021-10-22_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">2.35</ix:nonFraction>%. The loan is secured with the following: (i) <em style="font: inherit;">first</em> priority mortgage over M/V &#8220;Jonathan P&#8221;, (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386512" contextRef="i_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="1">130</ix:nonFraction>%. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386513" contextRef="d_2021-10-22_2021-10-22_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">117,500</ix:nonFraction> within <em style="font: inherit;">2021</em> for this loan. On <em style="font: inherit;"> December 23, 2022, </em>following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</p> </td></tr>
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   <ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Long-Term Bank Loans </b>&#8211;<b>&#160;continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(f)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> December 14, 2021, </em>the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;), and a loan of $<ix:nonFraction id="c111386520" contextRef="i_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">34,000,000</ix:nonFraction> was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V &#8220;Marcos V&#8221;. The loan is payable in <span style="-sec-ix-hidden:c111386521">sixteen</span> consecutive quarterly installments, comprising <em style="font: inherit;">twelve</em> installments of $<ix:nonFraction id="c111386523" contextRef="d_2021-12-14_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">2,000,000</ix:nonFraction> followed by <em style="font: inherit;">four</em> installments of $<ix:nonFraction id="c111386525" contextRef="d_2021-12-14_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">750,000</ix:nonFraction> each and by a balloon payment of $<ix:nonFraction id="c111386526" contextRef="i_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">7,000,000</ix:nonFraction> payable together with the last installment in <em style="font: inherit;"> December 2025. </em>The loan bears interest at SOFR plus a margin of <ix:nonFraction id="c111386527" contextRef="d_2021-12-14_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">2.80</ix:nonFraction>%. The loan is secured with the following: (i) <em style="font: inherit;">first</em> priority mortgage over M/V &#8220;Marcos V&#8221;, (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386530" contextRef="i_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="1">120</ix:nonFraction>%. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386531" contextRef="d_2021-12-14_2021-12-14_DebtInstrumentAxis-TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">300,000</ix:nonFraction> within <em style="font: inherit;">2022</em> for this loan.</p> </td></tr>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(g)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> September 13, 2022, </em>the Company signed a term loan facility with HSBC, and a loan of $<ix:nonFraction id="c111386533" contextRef="i_2022-09-13_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">19,250,000</ix:nonFraction> was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in <span style="-sec-ix-hidden:c111386534">ten</span> consecutive quarterly installments of $<ix:nonFraction id="c111386535" contextRef="d_2022-09-13_2022-09-13_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,000,000</ix:nonFraction> each followed by a balloon payment of $<ix:nonFraction id="c111386536" contextRef="i_2022-09-13_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">9,250,000</ix:nonFraction> payable together with the last installment in <em style="font: inherit;"> June 2025. </em>The loan bears interest at SOFR plus a margin of <ix:nonFraction id="c111386537" contextRef="d_2022-09-13_2022-09-13_DebtInstrumentAxis-TermLoanHSBCBankPlcMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">1.95</ix:nonFraction>%. The loan is secured with the following: (i) <em style="font: inherit;">first</em> priority mortgages over M/V &#8220;Emmanuel P&#8221;&#160;and M/V &#8220;Rena P&#8221;, (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386540" contextRef="i_2022-09-13_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="1">130</ix:nonFraction>%. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386541" contextRef="d_2022-01-01_2022-12-31_DebtInstrumentAxis-TermLoanHSBCBankPlcMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">115,500</ix:nonFraction> within <em style="font: inherit;">2022</em> for this loan. On <em style="font: inherit;"> December 23, 2022, </em>following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;">(h)</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">On&#160;<em style="font: inherit;"> March 30, 2023, </em>the Company signed a loan agreement with Eurobank for a loan up to the lesser of $<ix:nonFraction id="c111386543" contextRef="i_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="6" format="ixt:num-dot-decimal" decimals="-6">26.0</ix:nonFraction>&#160;million or up to&#160;<ix:nonFraction id="c111386544" contextRef="i_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="Pure" name="esea:LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" scale="-2" format="ixt:num-dot-decimal" decimals="2">67</ix:nonFraction>% of the vessel&#8217;s market value, in order to finance part of the construction cost of M/V &#8220;Gregos&#8221; (Hull <em style="font: inherit;">No.</em> <em style="font: inherit;">4201</em>). A loan of $<ix:nonFraction id="c111386547" contextRef="d_2023-03-31_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" format="ixt:num-dot-decimal" decimals="INF">26,000,000</ix:nonFraction> was drawn by Gregos Maritime Ltd. on <em style="font: inherit;"> March 31, 2023. </em>The loan is payable in <span style="-sec-ix-hidden:c111386548">twenty-eight</span> consecutive quarterly instalments, <em style="font: inherit;">twelve</em> in the amount of $<ix:nonFraction id="c111386550" contextRef="d_2023-03-01_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="esea:LoanPayableTwelveQuarterlyInstruments" scale="0" format="ixt:num-dot-decimal" decimals="INF">700,000</ix:nonFraction> and <em style="font: inherit;">sixteen</em> in the amount of $<ix:nonFraction id="c111386552" contextRef="d_2023-03-01_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="esea:LoanPayableSixteenQuarterlyInstruments" scale="0" format="ixt:num-dot-decimal" decimals="INF">450,000</ix:nonFraction>, with a $<ix:nonFraction id="c111386553" contextRef="i_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">10,400,000</ix:nonFraction> balloon payment to be made with the last installment in <em style="font: inherit;"> March 2030. </em>The interest rate margin is <ix:nonFraction id="c111386554" contextRef="d_2023-03-01_2023-03-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">2.15</ix:nonFraction>% over SOFR. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386555" contextRef="d_2023-01-01_2023-12-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">221,000</ix:nonFraction> within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386557" contextRef="i_2023-12-31_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="1">120</ix:nonFraction>%. The loan is secured with (i) <em style="font: inherit;">first</em> priority mortgage over M/V "Gregos", (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(i)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On&#160;<em style="font: inherit;"> June 29, 2023, </em>the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $<ix:nonFraction id="c111386560" contextRef="i_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember" unitRef="USD" name="us-gaap:DebtInstrumentFaceAmount" scale="0" format="ixt:num-dot-decimal" decimals="INF">26,000,000</ix:nonFraction> was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#8220;Terataki&#8221;&#160;(Hull <em style="font: inherit;">No.</em> <em style="font: inherit;">4202</em>). The loan is payable in <span style="-sec-ix-hidden:c111386563">twenty-four</span> consecutive quarterly instalments, <em style="font: inherit;">twelve</em> in the amount of $<ix:nonFraction id="c111386565" contextRef="d_2023-06-29_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember_LongtermDebtTypeAxis-FirstTwelveInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">800,000</ix:nonFraction> and <em style="font: inherit;">twelve</em> in the amount of $<ix:nonFraction id="c111386567" contextRef="d_2023-06-29_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember_LongtermDebtTypeAxis-SecondTwelveInstallmentsMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">200,000</ix:nonFraction>, with a $<ix:nonFraction id="c111386568" contextRef="i_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">14,000,000</ix:nonFraction> balloon payment to be made with the last installment in <em style="font: inherit;"> June 2029. </em>The interest rate margin is <ix:nonFraction id="c111386569" contextRef="d_2023-06-29_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">2.15</ix:nonFraction>% over SOFR. The Company paid loan arrangement fees of $<ix:nonFraction id="c111386570" contextRef="d_2023-06-29_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember" unitRef="USD" name="us-gaap:PaymentsOfDebtIssuanceCosts" scale="0" format="ixt:num-dot-decimal" decimals="INF">260,000</ix:nonFraction> within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for this facility stands at <ix:nonFraction id="c111386572" contextRef="i_2023-06-29_DebtInstrumentAxis-TermSheetWithNationalBankOfGreeceSAMember" unitRef="Pure" name="esea:DebtInstrumentCovenantSecurityCoverRatio" scale="-2" format="ixt:num-dot-decimal" decimals="2">125</ix:nonFraction>%. The loan is secured with (i) <em style="font: inherit;">first</em> priority mortgage over M/V "Terataki", (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">9.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Long-Term Bank Loans </b>&#8211;<b>&#160;continued</b></p></td></tr>
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   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In addition to the terms specific to each bank loan described above, all the above bank loans are secured with a pledge of all the issued shares of each borrower.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The bank loan agreements also contain covenants such as minimum requirements regarding the security cover ratio covenant (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <em style="font: inherit;">not</em> 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 the Company&#8217;s 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 installments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $<ix:nonFraction id="c111386581" contextRef="i_2022-12-31" unitRef="USD" name="us-gaap:RestrictedCash" scale="0" format="ixt:num-dot-decimal" decimals="INF">5,593,173</ix:nonFraction> and $<ix:nonFraction id="c111386582" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:RestrictedCash" scale="0" format="ixt:num-dot-decimal" decimals="INF">5,702,994</ix:nonFraction> as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> 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 <em style="font: inherit;"> December 31, 2023, </em>all the debt covenants are satisfied.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The publication of U.S. Dollar LIBOR for the <em style="font: inherit;">one</em>-week and <em style="font: inherit;">two</em>-month U.S. Dollar LIBOR tenors ceased on <em style="font: inherit;"> December 31, 2021, </em>and the ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom&#8217;s Financial Conduct Authority, ceased all other U.S. Dollar LIBOR tenors on <em style="font: inherit;"> June 30, 2023. </em>The United States Federal Reserve concurrently issued a statement advising banks to cease issuing U.S. Dollar LIBOR instruments after <em style="font: inherit;">2021.</em> As such, any new debt agreements the Company entered into did <em style="font: inherit;">not</em> use LIBOR as an interest rate, and the Company transitioned its existing loan agreements and interest rate swap agreements from U.S. Dollar LIBOR to an alternative reference rate prior to <em style="font: inherit;"> June 2023.&#160;</em></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, selected an alternative rate to replace U.S. Dollar LIBOR: the SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. SOFR is now the predominant interest rate being used across cash and derivatives markets and the <em style="font: inherit;">one</em> used following the transition away from LIBOR. The impact of such a transition from LIBOR to SOFR was <em style="font: inherit;">not</em> significant for the Company. In light of the transition the Company added fallback language to existing debt tied to LIBOR and in some cases agreed to pricing adjustments in its credit agreements. In particular, in certain cases the fallback language provides for the implementation of the so called &#8220;hardwire approach&#8221; where even the pricing adjustment (the Credit Adjustment Spread or &#8220;CAS&#8221;) is agreed to in advance, and in other cases the fallback language provides for a negotiation framework and timing in advance of the expected transition. As of <em style="font: inherit;"> December 31, 2023, </em>the Company&#8217;s obligations under its credit facilities which accrue interest are based on SOFR.</p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the laws of the countries of the companies&#8217; incorporation and/or vessels&#8217; registration, the companies are <em style="font: inherit;">not</em> 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.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the United States Internal Revenue Code of <em style="font: inherit;">1986,</em> 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 <em style="font: inherit;">4%</em> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <em style="font: inherit;">883</em> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <em style="font: inherit;">50%</em> of the gross shipping income that is attributable to transportation that begins or ends, but that does <em style="font: inherit;">not</em> both begin and end, in the United States.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 &#8220;equivalent exemption&#8221; 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) <em style="font: inherit;">one</em> or more classes of its shares representing <em style="font: inherit;">50%</em> 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 shares is traded on the market, other than in minimal quantities, on at least <em style="font: inherit;">60</em> days during the taxable year or <em style="font: inherit;">one</em> <em style="font: inherit;">sixth</em> of the days in a short taxable year; and (B) the aggregate number of shares of such class of shares traded on such market during the taxable year must be at least <em style="font: inherit;">10%</em> of the average number of shares of such class of shares 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 <em style="font: inherit;">not</em> be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which <em style="font: inherit;">50%</em> 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 <em style="font: inherit;">5%</em> or more of the vote and value of such class of the Company&#8217;s outstanding shares (<em style="font: inherit;">&#8220;5%</em> Override Rule&#8221;).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the taxable years <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> the Company believes that it was exempt from U.S. federal income tax of <ix:nonFraction id="c111386622" contextRef="i_2023-12-31" unitRef="Pure" name="esea:EffectiveUnitedStatesTaxOnUsSourceShipping" scale="-2" format="ixt:num-dot-decimal" decimals="2">4</ix:nonFraction>% on U.S. source shipping income, as it believes that it was subject to the <em style="font: inherit;">5%</em> Override Rule, but nonetheless satisfied the Publicly Traded Test for the respective years, because the non-qualified <em style="font: inherit;">5%</em> shareholders did <em style="font: inherit;">not</em> own more than <em style="font: inherit;">50%</em> of the Company&#8217;s common stock for more than half of the days during the taxable years.</p>
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   <ix:exclude></ix:exclude><ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">There are <em style="font: inherit;">no</em> 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. In the opinion of the management, the disposition of these lawsuits should <em style="font: inherit;">not</em> have a material impact on the consolidated results of operations, financial position and cash flows.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> December 31, 2023, </em>future gross minimum revenues under non-cancellable time charter agreements total $<ix:nonFraction id="c111386634" contextRef="i_2023-12-31" unitRef="USD" name="esea:FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" scale="6" format="ixt:num-dot-decimal" decimals="-5">250.9</ix:nonFraction> million. The amount of $<ix:nonFraction id="c111386635" contextRef="i_2023-12-31" unitRef="USD" name="esea:FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" scale="6" format="ixt:num-dot-decimal" decimals="-5">159.2</ix:nonFraction> million is due in the year ending <em style="font: inherit;"> December 31, 2024, </em>$<ix:nonFraction id="c111386636" contextRef="i_2023-12-31" unitRef="USD" name="esea:FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" scale="6" format="ixt:num-dot-decimal" decimals="-5">70.8</ix:nonFraction> million due in the year ending <em style="font: inherit;"> December 31, 2025 </em>and another $<ix:nonFraction id="c111386637" contextRef="i_2023-12-31" unitRef="USD" name="esea:FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" scale="6" format="ixt:num-dot-decimal" decimals="-5">20.9</ix:nonFraction> million due in the year ending <em style="font: inherit;"> December 31, 2026. </em>In arriving at the future gross minimum revenues, the Company has deducted an estimated <em style="font: inherit;">one</em> off-hire day per quarter plus estimated off-hire time required for scheduled intermediate and special surveys of the vessels, if applicable.&#160;Such off-hire estimate <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> 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 <em style="font: inherit;">not</em> reflected above.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of&#160;<em style="font: inherit;"> December 31,&#160;</em><em style="font: inherit;">2023,</em>&#160;the Company had under construction&#160;<span style="-sec-ix-hidden:c111386642">seven</span>&#160;container carriers with an outstanding amount of $<ix:nonFraction id="c111386643" contextRef="i_2023-12-31_PropertyPlantAndEquipmentByTypeAxis-EcoDesignFuelEfficientContainershipsMember" unitRef="USD" name="esea:ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity" scale="6" format="ixt:num-dot-decimal" decimals="-6">198.0</ix:nonFraction> million, all due within <em style="font: inherit;">2024.</em>&#160;The Company intends to finance these commitments with debt financing and own cash.</p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p></td></tr>
</tbody></table><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">12.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Stock Incentive Plan</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;">&#160;</td><td style="vertical-align: top; width: 1432px;">&#160;</td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">b)</p> </td><td style="vertical-align: top; width: 1432px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> November 5, 2020 </em>an award of <ix:nonFraction id="c111386672" contextRef="d_2020-11-05_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The16KeyPersonsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">45,900</ix:nonFraction> non-vested restricted shares, was made to <ix:nonFraction id="c111386673" contextRef="i_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The16KeyPersonsMember" unitRef="Pure" name="esea:NumberOfKeyPeopleIssuedAwards" scale="0" format="ixt:num-dot-decimal" decimals="INF">16</ix:nonFraction> key persons of which <ix:nonFraction id="c111386674" contextRef="d_2020-11-05_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The16KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheOneMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% vested on <em style="font: inherit;"> November 16, 2021 </em>and the remaining <ix:nonFraction id="c111386675" contextRef="d_2020-11-05_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The16KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheTwoMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% vested on <em style="font: inherit;"> November 16, 2022; </em>awards to officers and directors amounted to <ix:nonFraction id="c111386676" contextRef="d_2020-11-05_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-OfficersAndDirectorsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">27,100</ix:nonFraction> shares and the remaining <ix:nonFraction id="c111386677" contextRef="d_2020-11-05_2020-11-05_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-EurobulkEmployeesMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">18,800</ix:nonFraction> shares were awarded to employees of Eurobulk.</p> </td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;">&#160;</td><td style="vertical-align: top; width: 1432px;">&#160;</td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c)</p> </td><td style="vertical-align: top; width: 1432px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> November 19, 2021 </em>an award of <ix:nonFraction id="c111386678" contextRef="d_2021-11-19_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The21KeyPersonsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">49,650</ix:nonFraction> non-vested restricted shares, was made to <ix:nonFraction id="c111386679" contextRef="i_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The21KeyPersonsMember" unitRef="Pure" name="esea:NumberOfKeyPeopleIssuedAwards" scale="0" format="ixt:num-dot-decimal" decimals="INF">21</ix:nonFraction> key persons of which <ix:nonFraction id="c111386680" contextRef="d_2021-11-19_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The21KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheOneMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% vested on <em style="font: inherit;"> July 1, 2022 </em>and <ix:nonFraction id="c111386681" contextRef="d_2021-11-19_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The21KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheTwoMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% vested on <em style="font: inherit;"> July 1, 2023; </em>awards to officers and directors amounted to <ix:nonFraction id="c111386682" contextRef="d_2021-11-19_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-OfficersAndDirectorsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">27,700</ix:nonFraction> shares and the remaining <ix:nonFraction id="c111386683" contextRef="d_2021-11-19_2021-11-19_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-EurobulkEmployeesMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">21,950</ix:nonFraction> shares were awarded to employees of Eurobulk.</p> </td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;">&#160;</td><td style="vertical-align: top; width: 1432px;">&#160;</td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">d)</p> </td><td style="vertical-align: top; width: 1432px;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> November 3, 2022 </em>an award of <ix:nonFraction id="c111386684" contextRef="d_2022-12-03_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The31KeyPersonsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">60,000</ix:nonFraction> non-vested restricted shares, was made to <ix:nonFraction id="c111386685" contextRef="i_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The31KeyPersonsMember" unitRef="Pure" name="esea:NumberOfKeyPeopleIssuedAwards" scale="0" format="ixt:num-dot-decimal" decimals="INF">31</ix:nonFraction> key persons of which <ix:nonFraction id="c111386686" contextRef="d_2022-12-03_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The32KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheOneMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% vested on <em style="font: inherit;"> November 16, 2023 </em>and <ix:nonFraction id="c111386687" contextRef="d_2022-12-03_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The31KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheTwoMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% will vest on <em style="font: inherit;"> November 15, 2024; </em>awards to officers and directors amounted to <ix:nonFraction id="c111386688" contextRef="d_2022-12-03_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-OfficersAndDirectorsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">31,000</ix:nonFraction> shares and the remaining <ix:nonFraction id="c111386689" contextRef="d_2022-12-03_2022-12-03_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-EurobulkEmployeesMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">29,000</ix:nonFraction> shares were awarded to employees of Eurobulk.</p> </td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;">&#160;</td><td style="vertical-align: top; width: 1432px;">&#160;</td></tr>
<tr><td style="vertical-align:middle;width:4%;">&#160;</td><td style="vertical-align: top; width: 28px;">e)</td><td style="vertical-align: top; width: 1432px;">On <em style="font: inherit;"> November 10, 2023 </em>an award of <ix:nonFraction id="c111386690" contextRef="d_2023-11-10_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The32KeyPersonsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">60,500</ix:nonFraction> non-vested restricted shares, was made to <ix:nonFraction id="c111386691" contextRef="i_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The32KeyPersonsMember" unitRef="Pure" name="esea:NumberOfKeyPeopleIssuedAwards" scale="0" format="ixt:num-dot-decimal" decimals="INF">32</ix:nonFraction> key persons of which <ix:nonFraction id="c111386692" contextRef="d_2023-11-10_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The32KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheOneMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% will vest on <em style="font: inherit;"> July 1, 2024 </em>and <ix:nonFraction id="c111386693" contextRef="d_2023-11-10_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-The32KeyPersonsMember_VestingAxis-ShareBasedCompensationAwardTrancheTwoMember" unitRef="Pure" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" scale="-2" format="ixt:num-dot-decimal" decimals="1">50</ix:nonFraction>% will vest on <em style="font: inherit;"> July 1, 2025; </em>awards to officers and directors amounted to <ix:nonFraction id="c111386694" contextRef="d_2023-11-10_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-OfficersAndDirectorsMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">31,000</ix:nonFraction> shares and the remaining <ix:nonFraction id="c111386695" contextRef="d_2023-11-10_2023-11-10_AwardTypeAxis-RestrictedStockMember_PlanNameAxis-The2014PlanMember_TitleOfIndividualAxis-EurobulkEmployeesMember" unitRef="Share" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" format="ixt:num-dot-decimal" decimals="INF">29,500</ix:nonFraction> shares were awarded to employees of Eurobulk.&#160;</td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;&#160;</p>
   <ix:exclude>
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      F-
     <em style="font: inherit;">37</em>
    </div>
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      &#160;
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   </ix:exclude>
   <ix:exclude></ix:exclude><ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">12.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Stock Incentive Plan - continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">All non-vested restricted shares are conditional upon the grantee&#8217;s continued service as an employee of the Company or Eurobulk or as a director of the Company until the applicable vesting date. The grantee does <em style="font: inherit;">not</em> 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock" id="c2625762" escape="true">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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</tbody></table>
   </ix:nonNumeric>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> December 31, 2023, </em>there was $<ix:nonFraction id="c111386714" contextRef="i_2023-12-31" unitRef="USD" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,791,719</ix:nonFraction> of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the <em style="font: inherit;">2021</em> Plan and is expected to be recognized over a weighted-average period of <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" id="c111386716" format="ixt-sec:duryear">0.79</ix:nonNumeric> years. The total fair value at grant-date of shares granted during the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> was $<ix:nonFraction id="c111386719" contextRef="d_2021-01-01_2021-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,303,809</ix:nonFraction>, $<ix:nonFraction id="c111386720" contextRef="d_2022-01-01_2022-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,138,800</ix:nonFraction> and $<ix:nonFraction id="c111386721" contextRef="d_2023-01-01_2023-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="esea:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantedInPeriodFairValue" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,447,160</ix:nonFraction> respectively. The total fair value of shares vested based on the share price as of the date of vesting during the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> was $<ix:nonFraction id="c111386724" contextRef="d_2021-01-01_2021-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" scale="0" format="ixt:num-dot-decimal" decimals="INF">663,347</ix:nonFraction>, $<ix:nonFraction id="c111386725" contextRef="d_2022-01-01_2022-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" scale="0" format="ixt:num-dot-decimal" decimals="INF">978,025</ix:nonFraction>&#160;and $<ix:nonFraction id="c111386726" contextRef="d_2023-01-01_2023-12-31_AwardTypeAxis-RestrictedStockMember" unitRef="USD" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" scale="0" format="ixt:num-dot-decimal" decimals="INF">1,282,185</ix:nonFraction>, respectively.</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
   <ix:exclude>
    <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
      F-
     <em style="font: inherit;">38</em>
    </div>
    <hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000"/>
    <div class="PGHDR" style="text-align: left; width: 100%">
      &#160;
    </div></ix:exclude><ix:exclude><div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt"><div class="PGHDR" style="text-align: left; width: 100%"></div>
   </div>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p></ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p>
  </ix:nonNumeric>
  <div>
   &#160;
  </div>
  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:EarningsPerShareTextBlock" id="c2625763" escape="true">
   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">13.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Earnings Per Share</b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Basic and diluted earnings per common share is computed as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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    <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
      F-
     <em style="font: inherit;">39</em>
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      &#160;
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   <ix:exclude>&#160;</ix:exclude>
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   &#160;
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  <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="esea:VesselVoyageAndOperatingExpensesTextBlock" id="c2625765" escape="true">
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   </ix:nonNumeric>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
  </ix:nonNumeric>
  <div>
   &#160;
  </div>
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</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Interest rate swaps</b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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      F-
     <em style="font: inherit;">40</em>
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   <ix:exclude>&#160;</ix:exclude>
   <ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">15.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Derivative Financial Instruments - continued</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <ix:nonNumeric contextRef="d_2023-01-01_2023-12-31" name="us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" id="c2625768" escape="true">
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total net (loss) / gain on interest rate swap contracts</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black;"><em style="font: inherit;">&#160;</em></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>(<ix:nonFraction id="c111385905" contextRef="d_2021-01-01_2021-12-31_HedgingDesignationAxis-NondesignatedMember" unitRef="USD" name="us-gaap:DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" scale="0" format="ixt:num-dot-decimal" decimals="INF" sign="-">27,141</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"><b>)</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385906" contextRef="d_2022-01-01_2022-12-31_HedgingDesignationAxis-NondesignatedMember" unitRef="USD" name="us-gaap:DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" scale="0" format="ixt:num-dot-decimal" decimals="INF">4,355,657</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b><ix:nonFraction id="c111385907" contextRef="d_2023-01-01_2023-12-31_HedgingDesignationAxis-NondesignatedMember" unitRef="USD" name="us-gaap:DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" scale="0" format="ixt:num-dot-decimal" decimals="INF">178,128</ix:nonFraction></b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
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     <em style="font: inherit;">41</em>
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   <ix:exclude>&#160;</ix:exclude>
   <ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p></td></tr>
</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%;"><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">16.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Instruments</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and amount due from related company. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, accrued expenses, derivatives and amount due to related company.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Interest rate risk </i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 agreed 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 bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note <em style="font: inherit;">15</em> they do <em style="font: inherit;">not</em> qualify for hedge accounting, under the guidance relating to <i>Derivatives and Hedging</i>, as the Company does <em style="font: inherit;">not</em> have currently 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 recognizes the change in fair value of these derivatives in the &#8220;(Loss) / gain on derivatives, net&#8221; in the consolidated statements of operations. As of <em style="font: inherit;"> December 31, 2023, </em>the Company had <span style="-sec-ix-hidden:c111386768">one</span> open swap contract for a notional amount of $<ix:nonFraction id="c111386769" contextRef="i_2023-12-31_CounterpartyNameAxis-EurobankMember_DerivativeInstrumentRiskAxis-InterestRateSwapMember" unitRef="USD" name="us-gaap:DerivativeNotionalAmount" scale="6" format="ixt:num-dot-decimal" decimals="-7">20.0</ix:nonFraction> million and hence, the Company is exposed to increases in interest rates on the remaining amount of its interest-bearing debt.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Concentration of credit risk</i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 quality 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 <em style="font: inherit;">not</em> require collateral for its trade accounts receivable as the Company in most cases gets paid in advance. The Company&#160;<em style="font: inherit;"> may&#160;</em>be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Fair value of financial instruments</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;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 <em style="font: inherit;">one</em> of the following <em style="font: inherit;">three</em> categories:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Level <em style="font: inherit;">1:</em> Quoted market prices in active markets for identical assets or liabilities;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Level <em style="font: inherit;">2:</em> Observable market based inputs or unobservable inputs that are corroborated by market data;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Level <em style="font: inherit;">3:</em> Unobservable inputs that are <em style="font: inherit;">not</em> corroborated by market data.</p>
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     <em style="font: inherit;">42</em>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <ix:exclude>
    <div class="PGNUM" style="text-align: center; width: 100%; font-size: 10pt; font-family: Times New Roman;">
      F-
     <em style="font: inherit;">43</em>
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      </div></ix:exclude><ix:exclude><div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt"><div class="PGHDR" style="text-align: left; width: 100%">&#160;
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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</tbody></table></ix:exclude><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Asset Measured at Fair Value on a Non-recurring Basis </i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The Company did <em style="font: inherit;">not</em> have any other assets or liabilities measured at fair value on a non-recurring basis during the years ended <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023.</em></p>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">17.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Common Stock</b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As per the Company&#8217;s Amended and Restated Articles of Incorporation, the Company is authorized to issue <ix:nonFraction id="c111386805" contextRef="i_2020-03-31" unitRef="Share" name="us-gaap:CommonStockSharesAuthorized" scale="0" format="ixt:num-dot-decimal" decimals="INF">200,000,000</ix:nonFraction> shares of common stock, par value $<ix:nonFraction id="c111386806" contextRef="i_2020-03-31" unitRef="USDPerShare" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" format="ixt:num-dot-decimal" decimals="INF">0.03</ix:nonFraction> per share.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During&#160;<em style="font: inherit;"> February 2021,&#160;</em>following the Company&#8217;s prospectus supplement filed with the SEC on&#160;<em style="font: inherit;"> May 12, 2020,&#160;</em>as further supplemented by the prospectus dated&#160;<em style="font: inherit;"> May 29, 2020&#160;</em>and&#160;<em style="font: inherit;"> February 3, 2021&#160;</em>the Company issued and sold&#160;<ix:nonFraction id="c111386809" contextRef="d_2021-02-01_2021-02-28_SubsidiarySaleOfStockAxis-ATMCommonStockOfferingMember" unitRef="Share" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" format="ixt:num-dot-decimal" decimals="INF">82,901</ix:nonFraction>&#160;shares of common stock at-the-market (ATM) for gross proceeds net of commissions of $<ix:nonFraction id="c111386810" contextRef="d_2021-02-01_2021-02-28_SubsidiarySaleOfStockAxis-ATMCommonStockOfferingMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="6" format="ixt:num-dot-decimal" decimals="-4">0.74</ix:nonFraction>&#160;million.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In addition, during the year ended <em style="font: inherit;"> December 31, 2021, </em>the Company issued <ix:nonFraction id="c111386814" contextRef="d_2021-01-01_2021-12-31_TitleOfIndividualAxis-DirectorsOfficersAndEmployeesMember" unitRef="Share" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" scale="0" format="ixt:num-dot-decimal" decimals="INF">49,650</ix:nonFraction> common shares to the Company&#8217;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <em style="font: inherit;">12</em>).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <em style="font: inherit;"> May 2022, </em>the Company&#8217;s Board of Directors approved a share repurchase program for up to a total of $<ix:nonFraction id="c111386816" contextRef="i_2022-05-31_ShareRepurchaseProgramAxis-ShareRepurchaseProgramMember" unitRef="USD" name="srt:StockRepurchaseProgramAuthorizedAmount1" scale="6" format="ixt:num-dot-decimal" decimals="-7">20</ix:nonFraction>&#160;million of the Company's common stock. The original repurchase program approved in <em style="font: inherit;"> May 2022 </em>had an initial duration of <em style="font: inherit;">12</em> months and was extended in <em style="font: inherit;"> May 2023 </em>for an additional <em style="font: inherit;">12</em>-month period. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. The program does&#160;<em style="font: inherit;">not</em>&#160;require the Company to purchase any specific number or amount of shares and&#160;<em style="font: inherit;"> may&#160;</em>be suspended or reinstated at any time at the Company's discretion and without notice. During the year ended <em style="font: inherit;"> December 31, 2022, </em>the Company repurchased under its share repurchase program and cancelled <ix:nonFraction id="c111386820" contextRef="d_2022-01-01_2022-12-31_ShareRepurchaseProgramAxis-ShareRepurchaseProgramMember" unitRef="Share" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" format="ixt:num-dot-decimal" decimals="INF">238,335</ix:nonFraction> shares of common stock, in open market transactions, for an aggregate consideration of approximately $<ix:nonFraction id="c111386821" contextRef="d_2022-01-01_2022-12-31_ShareRepurchaseProgramAxis-ShareRepurchaseProgramMember" unitRef="USD" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" scale="6" format="ixt:num-dot-decimal" decimals="-4">5.03</ix:nonFraction> million. During the year ended <em style="font: inherit;"> December 31, 2023, </em>the Company repurchased under its share repurchase program and cancelled <ix:nonFraction id="c111386822" contextRef="d_2023-01-01_2023-12-31_ShareRepurchaseProgramAxis-ShareRepurchaseProgramMember" unitRef="Share" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodShares" scale="0" format="ixt:num-dot-decimal" decimals="INF">162,375</ix:nonFraction> shares of common stock, in open market transactions, for an aggregate consideration of approximately $<ix:nonFraction id="c111386823" contextRef="d_2023-01-01_2023-12-31_ShareRepurchaseProgramAxis-ShareRepurchaseProgramMember" unitRef="USD" name="us-gaap:StockRepurchasedAndRetiredDuringPeriodValue" scale="6" format="ixt:num-dot-decimal" decimals="-4">3.15</ix:nonFraction> million.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In addition, during the years ended <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> the Company issued <ix:nonFraction id="c111386825" contextRef="d_2022-01-01_2022-12-31_TitleOfIndividualAxis-DirectorsOfficersAndEmployeesMember" unitRef="Share" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" scale="0" format="ixt:num-dot-decimal" decimals="INF">60,000</ix:nonFraction> common shares and <ix:nonFraction id="c111386826" contextRef="d_2023-01-01_2023-12-31_TitleOfIndividualAxis-DirectorsOfficersAndEmployeesMember" unitRef="Share" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" scale="0" format="ixt:num-dot-decimal" decimals="INF">60,500</ix:nonFraction> common shares, respectively, to the Company&#8217;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note <em style="font: inherit;">12</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <em style="font: inherit;"> May 2022, </em>the Board of Directors reinstated the Company&#8217;s common stock dividend plan. In the year ended <em style="font: inherit;"> December 31, 2022, </em>the Company declared and paid a dividend of $<ix:nonFraction id="c111386828" contextRef="d_2022-05-01_2022-05-31" unitRef="USDPerShare" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" format="ixt:num-dot-decimal" decimals="INF">0.50</ix:nonFraction> per share of common stock in each of <em style="font: inherit;"> May, </em><em style="font: inherit;"> August </em>and <em style="font: inherit;"> November </em>amounting to $<ix:nonFraction id="c111386829" contextRef="d_2022-01-01_2022-12-31" unitRef="USD" name="us-gaap:DividendsCommonStock" scale="6" format="ixt:num-dot-decimal" decimals="-4">10.87</ix:nonFraction> million. In the year ended <em style="font: inherit;"> December 31, 2023 </em>the Company declared a dividend of <span style="-sec-ix-hidden:c111386830"><span style="-sec-ix-hidden:c111386956"><span style="-sec-ix-hidden:c111386960"><span style="-sec-ix-hidden:c111386959"><span style="-sec-ix-hidden:c111386958"><span style="-sec-ix-hidden:c111386957">$0.50</span></span></span></span></span></span> per share of common stock in each of <em style="font: inherit;"> February, </em><em style="font: inherit;"> May, </em><em style="font: inherit;"> August </em>and <em style="font: inherit;"> November </em>that were respectively paid on <em style="font: inherit;"> May, </em><em style="font: inherit;"> June, </em><em style="font: inherit;"> September </em>and <em style="font: inherit;"> December 2023, </em>amounting to $<ix:nonFraction id="c111386831" contextRef="d_2023-01-01_2023-12-31" unitRef="USD" name="us-gaap:DividendsCommonStock" scale="6" format="ixt:num-dot-decimal" decimals="-4">14.02</ix:nonFraction> million.</p>
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   <ix:exclude></ix:exclude><ix:exclude><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;"><tbody><tr><td style="width: 100%; border-bottom: 1px solid black;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Euroseas Ltd. and Subsidiaries</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Notes to the consolidated financial statements</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> and for the</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>(All amounts expressed in U.S. Dollars)</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">18.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Other operating income</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In&#160;the year ended <em style="font: inherit;"> December 31, 2021, </em>the Company recognized &#8220;Other operating income&#8221; of $<ix:nonFraction id="c111386837" contextRef="d_2021-01-01_2021-12-31" unitRef="USD" name="esea:OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" scale="6" format="ixt:num-dot-decimal" decimals="-5">0.2</ix:nonFraction> million relating to the collection of amounts previously written off, relating to accounts with charterers of sold vessels. The Company also reached a settlement agreement in relation to a dispute with a fuel oil supplier dating back in <em style="font: inherit;">2009</em> in respect of vessel &#8220;Ninos&#8221;, to pay $<ix:nonFraction id="c111386839" contextRef="d_2021-01-01_2021-12-31_LegalEntityAxis-AlterwallBusinessIncMember_LitigationCaseAxis-AlterwallBusinessIncVsFuelOilSupplierMember_LitigationStatusAxis-SettledLitigationMember" unitRef="USD" name="us-gaap:PaymentsForLegalSettlements" scale="6" format="ixt:num-dot-decimal" decimals="-4">0.06</ix:nonFraction> million to the claimants in order for them to withdraw their claim, recording &#8220;Other operating income&#8221; of $<ix:nonFraction id="c111386840" contextRef="d_2021-01-01_2021-12-31_LegalEntityAxis-AlterwallBusinessIncMember_LitigationCaseAxis-AlterwallBusinessIncVsFuelOilSupplierMember_LitigationStatusAxis-PendingLitigationMember" unitRef="USD" name="us-gaap:GainLossRelatedToLitigationSettlement" scale="6" format="ixt:num-dot-decimal" decimals="-5">0.1</ix:nonFraction> million, against the provision of $<ix:nonFraction id="c111386841" contextRef="i_2017-06-30_LegalEntityAxis-AlterwallBusinessIncMember_LitigationCaseAxis-AlterwallBusinessIncVsFuelOilSupplierMember_LitigationStatusAxis-PendingLitigationMember" unitRef="USD" name="us-gaap:LitigationReserve" scale="6" format="ixt:num-dot-decimal" decimals="-4">0.15</ix:nonFraction> million already booked in prior years. Additionally, the Company recognized another $<ix:nonFraction id="c111386842" contextRef="d_2021-01-01_2021-12-31_PropertyPlantAndEquipmentByTypeAxis-MVManolisPMember" unitRef="USD" name="esea:OtherOperatingExpensesIncome" scale="6" format="ixt:num-dot-decimal" decimals="-6">1.0</ix:nonFraction> million of &#8220;Other operating income&#8221; consisting of the proceeds of a claim award related to the sale of <em style="font: inherit;">one</em> of the Company&#8217;s vessels, M/V &#8220;Manolis P&#8221;, for scrap in <em style="font: inherit;"> March 2020 </em>that initially failed to be completed due to COVID-related reasons with the vessel finally being sold to another buyer within the <em style="font: inherit;">second</em> quarter of <em style="font: inherit;">2020.</em>&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In the year ended <em style="font: inherit;"> December 31, 2022, </em>the Company recognized &#8220;Other operating income&#8221; of $<ix:nonFraction id="c111386846" contextRef="d_2022-01-01_2022-12-31" unitRef="USD" name="esea:OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" scale="6" format="ixt:num-dot-decimal" decimals="-4">1.61</ix:nonFraction> million. The amount is comprised of other operating expenses of $<ix:nonFraction id="c111386847" contextRef="d_2022-01-01_2022-12-31" unitRef="USD" name="esea:OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" scale="6" format="ixt:num-dot-decimal" decimals="-4">0.35</ix:nonFraction> million related to settlement of accounts with charterers and other operating income of $<ix:nonFraction id="c111386848" contextRef="d_2022-01-01_2022-12-31_PropertyPlantAndEquipmentByTypeAxis-MvAkinadaBridgeMember" unitRef="USD" name="esea:OtherOperatingIncomeRelatedToUnrepairedDamageClaim" scale="6" format="ixt:num-dot-decimal" decimals="-4">1.96</ix:nonFraction> million related to an &#8220;unrepaired damage&#8221; claim agreed with the hull and machinery underwriters and loss of hire insurance in relation to M/V Akinada Bridge. More specifically, a damage on the vessel&#8217;s tailshaft system was identified while the vessel was in drydock, and after completing an evaluation for the type of repairs required, during which the vessel was idle, the Company agreed with the H&amp;M underwriters an &#8220;unrepaired damage&#8221; claim.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In the year ended <em style="font: inherit;"> December 31, 2023, </em>the Company recognized &#8220;Other operating income&#8221; of $<ix:nonFraction id="c111386849" contextRef="d_2023-01-01_2023-12-31" unitRef="USD" name="esea:OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" scale="6" format="ixt:num-dot-decimal" decimals="-4">2.73</ix:nonFraction> million. The amount relates to loss of hire insurance in relation to M/V Akinada Bridge and M/V Aegean Express.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">All these amounts are included under &#8220;Other operating income&#8221; in the consolidated statement of operations for the year ended <em style="font: inherit;"> December 31, 2023.</em></p>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">19.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Subsequent Events</b></p> </td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">a)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On <em style="font: inherit;"> January 31, 2024, </em>Tender Soul Shipping Ltd., <em style="font: inherit;">one</em> of the Company&#8217;s subsidiaries, entered into a sale and lease back transaction for the newbuild vessel, M/V &#8220;Tender Soul&#8221;, that had agreed to build which was consummated upon its delivery on <em style="font: inherit;"> February 6, 2024, </em>whereby it was sold to a <em style="font: inherit;">third</em> party and immediately leased back to the Company under a bareboat charter for <em style="font: inherit;">seven</em> years with a purchase obligation at the end of the bareboat period and with purchase options at predetermined dates and prices during the period of the bareboat charter. The proceeds from the transaction, $<ix:nonFraction id="c111386854" contextRef="d_2024-01-31_2024-01-31_PropertyPlantAndEquipmentByTypeAxis-MvTenderSoulMember_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="USD" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" scale="6" format="ixt:num-dot-decimal" decimals="-6">27.0</ix:nonFraction> million, were used to finance the delivery installment of the relevant vessel. Due to the existence of a purchase obligation (at the end of the <em style="font: inherit;">seventh</em> year) and purchase options (at predetermined amounts from the <em style="font: inherit;">second</em> to the <em style="font: inherit;">seventh</em> year),the transaction will be treated as a failed sale and will be accounted for as a financing arrangement.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">b)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On <em style="font: inherit;"> March 27, 2024, </em>the Company entered into a memorandum of agreement in order to sell M/V &#8220;EM Astoria&#8221;, a <em style="font: inherit;">2004</em> built, <em style="font: inherit;">2,788</em> TEU container carrier, for further trading. The total net price of the sale was $<ix:nonFraction id="c111386860" contextRef="d_2024-03-27_2024-03-27_PropertyPlantAndEquipmentByTypeAxis-MVEMAstoriaMember_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="USD" name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" scale="0" format="ixt:num-dot-decimal" decimals="INF">10,000,000</ix:nonFraction>. The delivery of the vessel will be completed between <em style="font: inherit;"> May 1, 2024 </em>and <em style="font: inherit;"> June 30, 2024. </em>The Company is expecting to recognise a gain upon the sale of the vessel of approximately $<ix:nonFraction id="c111386861" contextRef="d_2024-03-27_2024-03-27_PropertyPlantAndEquipmentByTypeAxis-MVEMAstoriaMember_SubsequentEventTypeAxis-SubsequentEventMember" unitRef="USD" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="6" format="ixt:num-dot-decimal" decimals="-6">6.0</ix:nonFraction> million.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">c)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On&#160;<em style="font: inherit;"> April 18, 2024,&#160;</em>the Company signed a loan agreement with a major commercial banking institution for a loan up to the lesser of $<ix:nonFraction id="c111386862" contextRef="i_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="6" format="ixt:num-dot-decimal" decimals="-6">22.0</ix:nonFraction>&#160;million and&#160;<ix:nonFraction id="c111386863" contextRef="i_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="Pure" name="esea:LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" scale="-2" format="ixt:num-dot-decimal" decimals="2">55</ix:nonFraction>% of the vessel&#8217;s market value for the financing part of the construction cost of M/V &#8220;Leonidas Z&#8221;&#160;(ex.&#160;<em style="font: inherit;">4237</em>). The drawdown of $<ix:nonFraction id="c111386865" contextRef="d_2024-04-19_2024-04-19_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="6" format="ixt:num-dot-decimal" decimals="-6">22.0</ix:nonFraction>&#160;million took place on&#160;<em style="font: inherit;"> April 19&#160;</em><em style="font: inherit;">2024.</em>&#160;The loan is payable in&#160;<ix:nonFraction id="c111386867" contextRef="d_2024-04-18_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="Pure" name="esea:DebtInstrumentNumberOfConsecutiveQuarterlyInstallments" scale="0" format="ixt-sec:numwordsen" decimals="INF">twenty</ix:nonFraction>&#160;consecutive quarterly instalments&#160;in the amount of $<ix:nonFraction id="c111386868" contextRef="d_2024-04-18_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">300,000</ix:nonFraction>, with a $<ix:nonFraction id="c111386869" contextRef="i_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">16,000,000</ix:nonFraction>&#160;balloon payment to be made with the last installment. The interest rate margin is&#160;<ix:nonFraction id="c111386870" contextRef="d_2024-04-18_2024-04-18_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="3">2.10</ix:nonFraction>% over SOFR. The loan is secured with (i)&#160;<em style="font: inherit;">first</em>&#160;priority mortgage over M/V "Leonidas Z" (Hull&#160;<em style="font: inherit;">No.</em>&#160;<em style="font: inherit;">4237</em>), (ii)&#160;<em style="font: inherit;">first</em>&#160;assignment of earnings and insurance of M/V "Leonidas Z" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">d)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On <em style="font: inherit;"> April 22, 2024, </em>the Company entered into a committed term sheet with a major commercial banking institution, for a loan amount of up to $<ix:nonFraction id="c111386875" contextRef="i_2024-04-22_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="6" format="ixt:num-dot-decimal" decimals="-6">45.0</ix:nonFraction> million. The facility is expected to finance part of the construction of the newbuilding vessels &#8220;Monica&#8221;&#160;(ex. <em style="font: inherit;">H4248</em>) and &#8220;Stephania K&#8221;&#160;(ex. <em style="font: inherit;">H4249</em>). The drawdown will be performed close to the delivery of the vessels from the shipyard within the <em style="font: inherit;">second</em> quarter of <em style="font: inherit;">2024.</em> The loan is payable in&#160;<span style="-sec-ix-hidden:c111386880">forty</span>&#160;consecutive quarterly instalments,&#160;in the amount of $<ix:nonFraction id="c111386881" contextRef="d_2024-04-22_2024-04-22_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPayment" scale="0" format="ixt:num-dot-decimal" decimals="INF">562,500</ix:nonFraction>, with a $<ix:nonFraction id="c111386882" contextRef="i_2024-04-22_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember" unitRef="USD" name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" scale="0" format="ixt:num-dot-decimal" decimals="INF">22,500,000</ix:nonFraction>&#160;balloon payment to be made with the last installment. The interest rate margin is&#160;<ix:nonFraction id="c111386883" contextRef="d_2024-04-22_2024-04-22_DebtInstrumentAxis-TermSheetWithMajorCommercialBankingInstitutionMember_StatementScenarioAxis-ScenarioForecastMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember" unitRef="Pure" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" format="ixt:num-dot-decimal" decimals="4">1.95</ix:nonFraction>% over SOFR.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">e)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On&#160;<em style="font: inherit;"> April 25, 2024,&#160;</em>the Company took delivery of the newbuilding vessel&#160;&#8220;Leonidas Z&#8221;&#160;(ex. <em style="font: inherit;">H4237</em>).</p> </td></tr>
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<DOCUMENT>
<TYPE>EX-4.33
<SEQUENCE>2
<FILENAME>ex_660777.htm
<DESCRIPTION>EXHIBIT 4.33
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt 0pt 0pt 8pt;"><b>Exhibit 4.33</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt; text-align: left; text-indent: 0pt;"><b>THIS AGREEMENT</b> is made on the 30<sup style="vertical-align:top;line-height:120%;">th</sup> day of March 2023</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 45pt; text-align: left; text-indent: 0pt;">BETWEEN:</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(1)</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>GREGOS MARITIME LTD</b>,<b> </b>a corporation incorporated in accordance with the laws of the Republic of the Marshall Islands whose registered office is situated at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as borrower (the &#8220;<b>Borrower</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>THE BANKS AND FINANCIAL INSTITUTIONS</b> listed in Schedule 1, as lenders (the &#8220;<b>Lenders</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece acting as arranger through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Arranger</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>,<b> </b>a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece acting as account bank through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Account Bank</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(5)</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece acting as agent through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Agent</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(6)</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece acting as security trustee through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Security</b> <b>Trustee</b>&#8221;); and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A</b> a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece acting as swap bank through its office at 8, Iolkou &amp; Filikis Etairias Str., 142 34, N. Ionia, Athens, Greece (the &#8220;<b>Swap Bank</b>&#8221;).<b> </b></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>AND IT IS HEREBY AGREED</b> as follows:</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>PURPOSE, DEFINITIONS AND INTERPRETATION</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Purpose</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Agreement sets out the terms and conditions upon and subject to which it is agreed that the Lenders will make available to the Borrower a secured term loan of up to the lesser of (a) $26,000,000 and (b) 67% of the Market Value of the Ship, by way of one (1) advance for the purpose of financing the delivery instalment of the Contract Price of the Ship and/or refinancing part of the Borrower&#8217;s equity for the acquisition cost of the Ship, if applicable, in case the Borrower has paid the Purchase Price of the Ship (or part of it) with its own funds.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Definitions.</b> <b> </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Agreement, unless the context otherwise requires each term or expression defined in the recital of the parties and in this Clause shall have the meaning given to it in the recital of the parties, in this Clause:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Account</b>&#8221;&nbsp;means (a) each of the Earnings Account(s), the Retention Account, the Cash Collateral Account and the Credit Support Annex Account and (b) any other account opened, made or established for the purposes of this Agreement;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Account&nbsp; Bank</b>&#8221; means, in relation to any of the Earnings Account(s) or the Retention Account, the Cash Collateral Account and the Credit Support Annex Account, Eurobank S.A., acting through its Shipping Division at 83, Akti Miaouli, 185 38 Piraeus, Greece, or any other branch or financial institution designated by the Agent from time to time at its sole discretion;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Accounting Information</b>&#8221; means the annual audited accounts for the Guarantor to be provided to the Agent in accordance with Clause 11.6 (a) of this Agreement (as the context may require);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Accounts Pledges</b>&#8221; means, together, the deed or deeds of pledge creating security over the Earnings Account, the Retention Account, the Cash Collateral Account and the Credit Support Annex Account, to be executed by the Borrower in favour of the Lenders and/or Security Trustee and/or the Account Bank, in such form as the Agent may approve or require in compliance always with the laws governing same;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Affected Lender</b>&#8221; has the meaning given in Clause 5.5;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Affiliate</b>&#8221;<b> </b>means a subsidiary of that person or a parent company of that person or any other subsidiary of that parent company;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Agency and Trust Deed</b>&#8221; means the agency and trust deed executed or to be executed between the Borrower, the Lenders, the Arranger, the Account Bank, the Swap Bank, the Agent and the Security Trustee, in such form as the Agent may approve or require, as the same may from time to time be amended and/or supplemented;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Agent</b>&#8221; means EUROBANK S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece or any successor of it appointed under clause 5 of the Agency and Trust Deed;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Applicable Margin</b>&#8221; means:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">two point fifteen per cent (2.15%) per annum on the amount of the Loan outstanding as the same may be reduced by the Sustainability Pricing Adjustment in accordance with Clause 5.11 <i>(Sustainability Pricing Adjustment)</i>; or</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if a Cash Collateral is standing to the credit of the Cash Collateral Account:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">one percent (1%) per annum on the amount of the Loan which is equivalent to the Cash Collateral standing to the credit of the Cash Collateral Account at any relevant time (on a dollar for dollar basis for the same rollover period as the Loan) and pledged in favour of the Lenders or the Security Trustee; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">two point fifteen per cent (2.15%) per annum on the amount of the Loan outstanding minus the Cash Collateral, as the same may be reduced in accordance with Clause 5.11 <i>(Sustainability Pricing Adjustment)</i>;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Approved Existing Charter</b>" means, in relation to the Ship, the time charterparty dated 3<sup style="vertical-align:top;line-height:120%;">rd</sup> June 2022 as amended by Addendum No 1 dated 15 February 2023 and as the same may be further amended and/or supplemented, entered into by and between the Borrower and the Approved Existing Charterer;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Approved Existing Charterer</b>&#8221; means ASYAD LINE L.L.C., of Oman whose performance is guaranteed by the Performance Guarantor pursuant to the Performance Guarantee;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Approved Flag</b>&#8221; means the flag of the Republic of the Marshall Islands or such other flag as the Agent may, in its sole and absolute discretion, approve as the flag on which the Ship shall be registered;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Approved Flag State</b>&#8221; means the Republic of the Marshall Islands or any other country in which the Agent may, in its sole and absolute discretion, approve that the Ship be registered;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Approved Manager</b>&#8221; means for the time being EUROBULK LTD,<b> </b>a company lawfully incorporated in, and validly existing under the laws of, the Republic of Liberia, whose registered office is at 80, Broad Street, Monrovia, Liberia and having an office established in Greece (at 4, Messogiou &amp; Evropis Street, 151 24, Maroussi, Greece) pursuant to the Greek laws 378/68, 27/75, 2234/94, 3752/09 and 4150/13 (as amended and in force at the date hereof) or any other company appointed by the Borrower with the prior written consent of the Agent (such consent not to be unreasonably withheld) from time to time as the commercial, technical and operational manager of the Ship;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Approved</b> <b>Manager</b>&#8217;<b>s Undertaking-Assignment</b>&#8221; means, in relation to the Ship, a letter of undertaking executed or (as the context may require) to be executed<b> </b>by the Approved Manager in favour of the Security Trustee for the Ship in the terms reasonably required by the Security Trustee, agreeing certain matters in relation to the Approved Manager and subordinating the rights of the Approved Manager against the Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents and incorporating also a first priority assignment of all the rights which the Approved Manager may have in the Insurances relating to the Ship (other than the right to be reimbursed for P&amp;I claims under the &#8220;pay and be paid&#8221; rule), in such form as the Agent, acting on the instructions of the Majority Lenders, may approve or require, as the same may from time to time be amended and/or supplemented;<b> </b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Arranger</b>&#8221; means EUROBANK S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Asset Cover Ratio</b>&#8221; means one hundred and twenty per cent (120%) of the aggregate of the outstanding balance of the Loan and the Hedging Exposure;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Availability Period</b>&#8221; means the period commencing on the date of this Agreement and ending on:</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Latest Permissible Drawdown Date or such later date as the Lenders may agree with the Borrower; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">if earlier, the date on which the Commitment is fully borrowed, cancelled or terminated;</p>
			</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Bail-In Action</b>&#8221;&nbsp;means the exercise of any Write-down and Conversion Powers;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Bail-In Legislation</b>&#8221;&nbsp;means:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Basel II</b>&#8221; means:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel II: International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 as amended, supplemented or restated; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel II";</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Basel III</b>&#8221; means:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement &#8211; Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III";</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Borrower</b>&#8221; means the Borrower as specified in the beginning of this Agreement;</p>
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			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which banks are open for general business in New York, London, Athens, Piraeus and, in respect of a day on which a payment is required to be made (i) to the Builder also in Seoul, South Korea and (ii) under a Finance Document, also in New York City and in relation to the fixing of interest rate, which is a US Government Securities Business Day;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Cash Collateral</b>&#8221;&nbsp;means, at any relevant time, all sums standing to the credit of the Cash Collateral Account for the whole of an Interest Period in respect of which the Applicable Margin has been calculated and pledged in favour of the Lenders or the Security Trustee, at the Borrower&#8217;s option and which may be released in whole or in part at the request of the Borrower, provided always that no Event of Default has occurred which is continuing or would occur as a result of any such release;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Cash Collateral Account</b>&#8221; means an account and fixed time deposit account connected thereto or its renewals in the name of the Borrower with the Account Bank designated by the Agent as the Cash Collateral Account where any Cash Collateral is or may be deposited, at Borrower&#8217;s option, throughout the Security Period;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Charged Property</b>&#8221; means all of the assets of the Borrower or any other Security Party which from time to time are, or are expressed or intended to be, the subject of the Finance Documents;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Charter</b>&#8221;&nbsp;means any charter or other contract of employment whether already in existence, like the Existing Approved Charter, or not, of more than twelve months&#8217;&nbsp;duration (taking into account any options to extend or renew contained therein) in respect of the employment of the Ship acceptable to the Agent;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Charter Assignment</b>&#8221;&nbsp;means, in respect of the Approved Existing Charter, any other Charter, the Performance Guarantee or any other guarantee supporting a Charter, the first priority assignment of any rights granted by the Borrower in favour of the Security Trustee,<b>&nbsp;</b>in such form as the Agent, acting on the instructions of the Majority Lenders, may approve or require, as the same may from time to time be amended and/or supplemented and respective notices of assignment and acknowledgements thereof;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Charterer</b>&#8221;<b> </b>in respect of any Charter, means the Approved Existing Charterer or any other first class charterer in the opinion of the Agent and acceptable to the Agent in its discretion, the Agent&#8217;s approval not to be unreasonably withheld;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Classification Society</b>&#8221;<b> </b>means in respect of the Ship, BV or such other classification society which the Agent shall, at the request of the Borrower, have agreed in writing and shall be treated as the Classification Society of the Ship for the purpose of the Finance Documents;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Code</b>&#8221; means the United States Internal Revenue Code of 1986 (as amended);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Commitment</b>&#8221; means, in relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and &#8220;<b>Total Commitments</b>&#8221; means the aggregate of the Commitments of all the Lenders);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Commitment Fee</b>&#8221;<b> </b>means the fee to be paid by the Borrower to the Agent pursuant to Clause 20.1 (b);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Commitment Letter</b>&#8221;<b> </b>means the commitment letter dated 13<sup style="vertical-align:top;line-height:120%;">th</sup> February 2023 addressed by the Agent to the Guarantor duly accepted by the Borrower and the Guarantor on the same day;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate referring to a compliance date in the form set out in Schedule 5 (or in any other form which the Agent approves) to be provided together with the financial accounts provided in accordance with Clauses 11.7 and 12.8;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Compliance Date</b>&#8221; means 31 December of each calendar year (or such other dates as the Agent may agree pursuant to Clause 12.8);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Confirmation</b>&#8221; and &#8220;<b>Early Termination Date</b>&#8221;, in relation to any continuing Designated Transaction, have the meanings given in the Master Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Contract</b>&#8221; means the shipbuilding contract dated 29 June 2021 made between the Borrower as &#8216;BUYER&#8217; and HYUNDAI MIPO DOCKYARD CO., LTD of 100, Bangeojinsunhwan-doro, Dong-Gu, Ulsan, Korea, as &#8216;BUILDER&#8217; (the &#8220;Builder&#8221;), for the Ship (Hull No.4201), relating to the construction and sale of the Ship, as the same may from time to time be amended and/or supplemented;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Contract Price</b>&#8221; in relation to the Ship, means Thirty Eight Million Seventy One Thousand Three Hundred and Twenty Dollars (US$38,071,320) or such other lesser or higher sum as may be payable by the Borrower to the Builder pursuant to the Contract;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Contractual Currency</b>&#8221; has the meaning given in Clause 21.5;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Contribution</b>&#8221; means, in relation to a Lender, the part of the Loan which is owing to that Lender;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;CRD IV</b>&#8221; means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive&nbsp;2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Credit Support Annex</b>&#8221; means, in relation to the Swap Bank and the Borrower, the credit support annex (on the 2002 ISDA Bilateral Form-Transfer form) made between the Borrower and the Swap Bank pursuant to the Master Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Credit Support Annex Account</b>&#8221; means, in relation to the Credit Support Annex, an account in the name of the Borrower executing the Credit Support Annex with the Account Bank which is designated by the Agent as the Credit Support Annex Account for the purpose of this Agreement;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Creditor Party</b>&#8221; means the Agent, the Security Trustee, the Arranger, the Account Bank, the Swap Bank and any Lender, whether as at the date of this Agreement or at any later time;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;CRR</b>&#8221; means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;DAC6</b>&#8221; means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU or any replacement legislation applicable in the United Kingdom;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Delivery</b>&#8221; means the delivery of the Ship from the Builder thereof to, and the acceptance of the Ship by, the Borrower pursuant to the Contract;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Delivery Amount</b>&#8221; has the meaning given in the Master Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Delivery Date</b>&#8221; means the date upon which the Delivery of the Ship occurs;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Designated Transaction</b>&#8221; means a Transaction which fulfils the following requirements:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it is entered into by the Borrower pursuant to the Master Agreement with the Swap Bank which, at the time the Transaction is entered into, is also a Lender;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its purpose is the hedging of all or part of the Borrower&#8217;s exposure under this Agreement to fluctuations in SOFR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the final Repayment Date; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it is designated by the Borrower, by delivery of a notice of designation by the Borrower to the Agent in the form set out in Schedule 5 as a Designated Transaction for the purposes of the Finance Documents;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Disruption Event</b>&#8221; means either or both of:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">material disruption to those payment or communications systems or to those financial markets which are, in each case, 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 Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties or, if applicable, any Security Party; or</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 or, if applicable, any Security Party preventing that, or any other, Party or, if applicable, any Security Party:</p>
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			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">from performing its payment obligations under the Finance Documents; or</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">from communicating with other Parties or, if applicable, any Security Party in accordance with the terms of the Finance Documents,&nbsp;and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Security Party whose operations are disrupted;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;DOC</b>&#8221; means a document of compliance issued to an Operator in accordance with rule 13 of the ISM Code;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Dollars</b>&#8221; and &#8220;<b>$</b>&#8221; means the lawful currency for the time being of the United States of America;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Drawdown Date</b>&#8221; means the date, being a Business Day falling not later than the Latest Permissible Drawdown Date on which the Loan is or, as the context may require, shall be advanced to the Borrower;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Drawdown Notice</b>&#8221; means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Earnings</b>&#8221; means, in relation to the Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower or (as the case may be) to the Security Trustee pursuant to the General Assignment or the Charter Assignment and which arise out of the use or operation of the Ship, including (but not limited to):</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all freight, hire and passage moneys, compensation payable to the Borrower or (as the case may be) to the Security Trustee pursuant to the General Assignment in the event of requisition of the Ship 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 for the employment of the Ship;</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all moneys which are at any time payable under Insurances in respect of loss of earnings;</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">contributions of any nature whatsoever in respect of general average; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if and whenever the Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Earnings Account</b>&#8221; means, in relation to the Ship, the account(s) and fixed time deposit account connected thereto or its renewals opened or to be opened in the name of the Borrower with the Account Bank, which is designated by the Agent, as an Earnings Account(s) for the Ship for the purposes of this Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;EEA Member Country</b>" means any member state of the European Union, Iceland, Liechtenstein and Norway;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Environmental Approval</b>&#8221; means any consent, authorisation, licence or approval of any governmental or public body or authorities or courts applicable to the Ship or her operation or the carriage of cargo and/or passengers thereon and/or provisions of goods and/or services on or from the Ship required under any Environmental Law;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Environmental Claim</b>&#8221; means any and all enforcement, clean up, removal or other governmental or regulatory actions or orders instituted or completed pursuant to any Environmental Law or any Environmental Approval together with claims made by any third party relating to damage, contribution, loss or injury, resulting from any actual or threatened emission, spill, release or discharge of a Material of Environmental Concern from the Ship;</p>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Environmental Laws</b>&#8221; means all national, international and state laws, rules, regulations, treaties and conventions applicable to any vessel owned, managed or crewed by or chartered to any Security Party pertaining to the pollution or protection of human health or the environment including, without limitation, the carriage of Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of Environmental Concern from the Ship;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>EU Bail-In Legislation Schedule</b>&#8221; means the document described as such and published by the Loan Market Association (or any successor person) from time to time;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Evaluation Costs and Expenses</b>&#8221;<b> </b>means the amounts to be paid by the Borrower under Clause 20.1 (a) hereof;<b> </b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Event of Default</b>&#8221; means any of the events or circumstances described in Clause 19.1;</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>FATCA</b>&#8221; means:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">sections 1471 to 1474 of the Code or any associated regulations or other official guidance;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any agreement pursuant to the implementation of any treaty, law, regulation or other official guidance referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;FATCA Deduction</b>&#8221; means a deduction or withholding from a payment under a Finance Document required by FATCA;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;FATCA Exempt Party</b>&#8221; means a Party that is entitled to receive payments free from any FATCA Deduction;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;FATCA FFI</b>&#8221; means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Creditor Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Final Maturity Date</b>&#8221; means the date falling on the earlier of (a) the seventh anniversary of the Drawdown Date and (b) 30 June 2030;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Finance Documents</b>&#8221; means:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Agency and Trust Deed;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Master Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Credit Support Annex;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Master Agreement Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Guarantee;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Accounts Pledges;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Mortgage;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the General Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(j)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Charter Assignment in connection with the Approved Existing Charter and any other future Charter Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(k)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Approved Manager&#8217;s Undertaking;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(l)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Guarantor&#8217;s Undertaking-Assignment; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(m)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or any other person as security for, or to establish any form of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the documents referred to in this definition;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Financial Indebtedness</b>&#8221; means, in relation to a person (the &#8220;<b>debtor</b>&#8221;), a liability of the debtor:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">under any loan stock, bond, note or other security issued by the debtor;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">under any acceptance credit, guarantee or letter of credit facility made available to the debtor;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">under any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the other person;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Financial Year</b>&#8221; means, in relation to the Borrower, each period of 1 year commencing on 1 January thereof in respect of which its accounts are or ought to be prepared;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Funding Rate</b>&#8221; means an individual rate notified by the Lenders to the Borrower pursuant to paragraph (b) of Clause 5.4;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>GAAP</b>&#8221; means generally accepted accounting principles as from time to time in effect in the United States of America;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>General Assignment</b>&#8221; means, in relation to the Ship, a first priority deed of assignment collateral to the Mortgage registered or to be registered thereon, executed or (as the context may require) to be executed by the Borrower in favour of the Security Trustee, whereby the Borrower shall assign to the Security Trustee the Insurances, the Earnings and any Requisition Compensation of the Ship, in such form as the Agent (acting on the instructions of the Majority Lenders) may approve or require, as the same may from time to time be amended and/or supplemented and respective notices of assignment and acknowledgements thereof;</p>
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			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Group</b>&#8221; means the Guarantor and its subsidiaries (including the Borrower);</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Guarantee" </b>means the guarantee and indemnity given or, as the context may require, to be given by the Guarantor in favour of the Security Trustee in form and substance satisfactory to the Agent, as security for the Secured Liabilities and any and all obligations of the Borrower under this Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Guarantor</b>&#8221;<b> </b>means EUROSEAS LTD. being a company incorporated in accordance with the laws of the Republic of the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 or any other legal entity nominated by the Borrower and accepted by the Agent which have, or as the context may require, shall or may at any time guarantee the obligations of the Borrower under this Agreement and/or those of the other Security Parties to the Lenders and/or any other Creditor Party;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Guarantor</b>&#8217;<b>s Undertaking-Assignment</b>&#8221;<b> </b>means, in relation to the Ship, an undertaking to the Security Trustee in respect of the Ship executed or (as the context may require) to be executed by the Guarantor, being nominated as co-assured in the insurance policies for the Ship whereby the Guarantor would undertake throughout the Security Period, to subordinate any and all claims it may have against the Borrower and/or the Ship to the claims of the Lenders under the Loan Agreement and the Finance Documents and would incorporate also a first priority assignment of all the rights which the Guarantor may have in the Insurances relating to the Ship (other than the right to be reimbursed for P&amp;I claims under the &#8220;pay and be paid&#8221; rule);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Hedging Exposure</b>&#8221;<b> </b>means, as at any relevant date, the amount certified by the Swap Bank to the Agent to be the aggregate net amount in Dollars which would be payable by the Borrower to the Swap Bank under (and calculated in accordance with) section 6(e) (Payments on Early Termination) of the Master Agreement entered into by the Swap Bank with the Borrower if an Early Termination Date had occurred on the relevant date in relation to all continuing Designated Transactions entered into between the Borrower and the Swap Bank, the Borrower being the defaulting party;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Historic Term SOFR</b>&#8221;<b> </b>means, in relation to the Loan or any part of the Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan and which is as of a day which is no more than three US Government Securities Business Days before the Quotation Day;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>IACS</b>&#8221; means the International Association of Classification Societies;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Insurances</b>&#8221; means, in relation to the Ship:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association, which are effected in respect of the Ship, the Earnings or otherwise in relation to the Ship whether before, on or after the date of this Agreement; and</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Interest Payment Date</b>&#8221; means in respect of the Loan or any part thereof in respect of which a separate Interest Period is fixed the last day of the relevant Interest Period and in case of any Interest Period longer than three (3) months the date(s) falling at successive three (3) monthly intervals during such longer Interest Period and the last day of such Interest Period;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Interest Period</b>&#8221; means in relation to the Loan or any part thereof, each period for the calculation of interest in respect of the Loan ascertained in accordance with Clause 6;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Interpolated Historic Term SOFR</b>&#8221; means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">either:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, SOFR for a day which is no more than six US Government Securities Business Days (and no less than three US Government Securities Business Days) before the Quotation Day; and</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;</p>
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			<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><b>&#8220;Interpolated Term SOFR</b>&#8221; means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">either:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, SOFR for the day which is three US Government Securities Business Days before the Quotation Day; and</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;ISM Code</b>&#8221; means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) (as amended by MSC 104 (73)) and A.913(22) (superseding Resolution A.788(19)), as the same may be amended, supplemented or superseded from time to time (and the terms &#8220;<b>safety management system</b>&#8221;, &#8220;<b>Safety Management Certificate</b>&#8221; and &#8220;<b>Document of Compliance</b>&#8221; have the same meanings as are given to them in the ISM Code);</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;ISPS Code</b>&#8221; means the International Ship and Port Facility Security Code adopted by the International Maritime Organisation (as the same may be amended, supplemented or superseded from time to time);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;ISSC</b>&#8221; means a valid and current International Ship Security Certificate issued under the ISPS Code;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Latest Permissible Drawdown Date</b>&#8221; means the 30<sup style="vertical-align:top;line-height:120%;">th</sup> June 2023, being the latest date for drawdown of the Loan pursuant to Clause 2 hereof;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Lender</b>&#8221; means, subject to Clause 26.6:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Borrower under Clause 26.14), its successor or assign, unless it has delivered a Transfer Certificate or Certificates covering the entire amounts of its Commitment and its Contribution; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the holder for the time being of a valid Transfer Certificate;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Major Casualty</b>&#8221; means, in relation to the Ship, any casualty to the Ship in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $750,000 or the equivalent in any other currency;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Majority Lenders</b>&#8221; means:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">before the Loan has been made, Lenders whose Commitments are equal to or greater than 66 &#8532;&nbsp;per cent. of the Total Commitments; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">after the Loan has been made, Lenders whose Contributions are equal to or greater than 66 &#8532;&nbsp;per cent. of the Loan;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Management Agreement</b>&#8221;<b> </b>means the agreement made between the Borrower and the Approved Manager providing (inter alia) for the Manager to manage the Ship);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Mandatory Costs</b>&#8221; shall have the meaning given to it in Clause 21.8;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Market Disruption Rate</b>&#8221; means the Reference Rate;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Market Value</b>&#8221; means, in relation to the Ship, the market value of the Ship determined not earlier than one month prior to the Drawdown Date and at least once a year thereafter by one separate, independent and reputable first class sale and purchase broker, appointed by and reporting to the Agent certifying the market value of the Ship on the basis set out in Clause 15.4 at the expense of the Borrower in accordance with Clause 15.4 and 15.9 hereof;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Master Agreement</b>" means a master agreement on the 2002 ISDA (Multicurrency-Crossborder) form (including the schedules collateral thereto and the Credit Support Annex thereto) in an agreed form to be made between the Borrower and the Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under the Master Agreement;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Master Agreement Assignment</b>" means a deed of assignment of the Borrower&#8217;s rights under the Master Agreement in a form acceptable to the Swap Bank;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Material Adverse Change</b>&#8221; means any event or series of events which, in the reasonable opinion of the Majority Lenders, has or will have a Material Adverse Effect;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Material Adverse Effect</b>&#8221; means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the business, operations, property, condition (financial or otherwise) or prospects of the Borrower or any other Security Party (other than the Approved Manager); or</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the ability of the Borrower or any other Security Party (other than the Approved Manager) to perform its respective obligations under the Finance Documents to which it is a party; or</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the validity or enforceability of, or the effectiveness or ranking of, any Security Interest granted pursuant to any of the Finance Documents or the rights or remedies of any Creditor Party under any of the Finance Documents;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Maximum Facility Amount</b>&#8221; means an amount equal to the lesser of (i) $26,000,000 and (ii) 67% of the charter-free market value of the Ship;<b> </b></p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Minimum Liquidity</b>&#8221; means free and unencumbered (other than in favour of the Lender(s)/Lender(s)&#8217;s banking group or the Agent or the Account Bank) minimum liquidity balances in aggregate of at least 15 % of the Loan outstanding, including but not limited to any amounts held in the Cash Collateral Account which is to be held during the Security Period in an account or accounts opened or to be opened with the Lender(s)/Lender(s)&#8217; banking group or the Agent or the Account Bank in the name of the Borrower or the Guarantor or any other member of the Group or any other entity acceptable to the Agent;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;month</b>&#8221; 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, <u>provided that</u> (i) 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 (ii) 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 such Banking Day it shall end on the preceding Banking Day and &#8220;<b>months</b>&#8221; and &#8220;<b>monthly</b>&#8221; shall be construed accordingly;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Mortgage</b>&#8221; means, in relation to the Ship, the first priority or first preferred ship mortgage (as the case may be) on the Ship executed or to be executed by the Borrower in favour of the Security Trustee under an Approved Flag (and Deed of Covenant collateral thereto if applicable), in such form as the Security Trustee may approve or require, as the same may from time to time be amended and/or supplemented;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Net Worth</b>&#8221;<b> </b>means the value of the total assets of the Guarantor minus total liabilities, as expressed in its financial statements;<b> </b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Notifying Lender</b>&#8221; has the meaning given in Clause 23.1;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Operator</b>&#8221; means any person who is from time to time during the Security Period concerned in the operation of the Ship and falls within the definition of &#8220;<b>Company</b>&#8221; set out in rule 1.1.2. of the ISM Code;</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Protocol of Delivery and Acceptance</b>&#8221; means the protocol of delivery and acceptance in respect of the Ship executed and delivered or (as the context may require) to be executed and delivered by or on behalf of the Builder and the Borrower, evidencing the delivery and acceptance of the Ship pursuant to the Contract, such protocol to be in a form satisfactory to the Agent;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Participating Member State</b>&#8221; means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Party</b>&#8221;&nbsp;means a party to this Agreement or a Finance Document (together the &#8220;<b>Parties</b>&#8221;);</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>PATRIOT Act</b>&#8221;&nbsp;means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Improvement and Reauthorization Act of 2005 (H.R. 3199);</p>
			</td>
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			<td style="width: auto; font-size: 10pt;">&#8220;<b>Payment Currency</b>&#8221; has the meaning given in Clause 21.5;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Performance Guarantee</b>&#8221;&nbsp;means the letter of guarantee in respect of the Approved Existing Charter executed by the Performance Guarantor in favour of the Borrower pursuant to which the Performance Guarantor guaranteed to the Borrower and their successors, transferees and assigns the due and punctual performance of all present and future obligations of the Approved Existing Charterer under the Approved Existing Charter;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Performance Guarantor</b>&#8221; means ASYAD SHIPPING COMPANY S.A.O.C. (formerly known as OMAN SHIPPING COMPANY S.A.O.C.), a company organised and existing under the laws of the Sultanate of Oman (CR No 1723154) having its registered office at Madinat Alsultan Qaboos, Bousher, Muscat Governorate, 118 P.O. Box 104, Sultanate of Oman;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Permitted Security Interests</b>&#8221; means:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Security Interests created by the Finance Documents;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">liens for unpaid crew&#8217;s wages in accordance with usual maritime practice;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">liens for salvage;</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(d)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">liens arising by operation of law for not more than 2&nbsp;months&#8217;&nbsp;prepaid hire under any charter in relation to the Ship not prohibited by this Agreement;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">liens for master&#8217;s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Ship, provided such liens do not secure amounts more than 30&nbsp;days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause&nbsp;14.12(h);</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the Borrower is prosecuting or defending such action in good faith by appropriate steps; and</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Security Interests arising by operation of law in respect of taxes which are not overdue for payment other than taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Potential Event of Default</b>&#8221; means an event or circumstance which, with the giving of any notice, the lapse of time and/or the satisfaction of any other condition, would constitute an Event of Default;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Purchase Price</b>&#8221; means in relation to the Ship, the price to be paid by the Borrower to the Builder pursuant to the terms of the Contract or such other sum as is determined in accordance with the terms and conditions of the Contract;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Quotation Day</b>&#8221; means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market, in which case the Quotation Day shall be determined by the Agent in accordance with that market practice (and if quotations would normally be given on more than one (1) day, the Quotation Day will be the last of those days);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Reference Rate</b>&#8221; means, in relation to the Loan or any part of the Loan:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or</p>
			</td>
		</tr>

</table>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">as otherwise determined pursuant to Clause 7,</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Relevant Jurisdiction</b>&#8221; means, in relation to the Borrower or any other Security Party:</p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its jurisdiction of incorporation;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any jurisdiction where any Charged Property owned by it is situated;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any jurisdiction where it conducts its business; and</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any jurisdiction whose laws govern the perfection of any of the Finance Documents entered into by it;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Relevant Nominating Body</b>&#8221; 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;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Relevant Market</b>&#8221; means the market for overnight cash borrowing collateralised by US Government Securities;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Repayment Date</b>&#8221; means a date on which a repayment is required to be made under Clause 8;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Repayment Instalment</b>&#8221; means each instalment of the Loan which becomes due for repayment by the Borrower on a Repayment Date pursuant to Clause 8;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Requisition Compensation</b>&#8221; includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of &#8220;Total Loss&#8221;;</p>
			</td>
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</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Resolution Authority</b>&#8221; means any body which has authority to exercise any Write-down and Conversion Powers;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Restricted Party</b>&#8221; means a person that is:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">listed on, owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List; or</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organised under the laws of a Sanctioned Country; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">otherwise a target of Sanctions ("target of Sanctions" signifying a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities or against whom Sanctions are otherwise directed);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Retention Account</b>&#8221; means an interest bearing account in the name of the Borrower with the Lenders and/or the Account Bank, or any other account which is designated by the Agent as the Retention Account at its discretion for the purposes of this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Sanctioned Country</b>&#8221; means a country or territory that is, or whose government is, the target of Sanctions broadly prohibiting dealings with such government, country or territory (currently including, without limitation, Cuba, Iran, North Korea, Crimea, and Syria);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Sanctions</b>&#8221; means any economic, financial or trade sanctions laws, regulations, embargoes or other restrictive measures adopted, administered, enacted or enforced by any Sanctions Authority and/or any other body notified from time to time in writing to the Borrower by the Agent, or otherwise imposed by any law or regulation to which the Borrower, any other Security Party and the Lenders are subject (which shall include without limitation, any extra-territorial sanctions imposed by law or regulation of the United States of America);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Sanctions Authorities</b>&#8221; means together:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the United States government;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the United Nations Security Council;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the European Union or its member states ;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the United Kingdom; or</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 (<b>OFAC</b>), the United States Department of State, and Her Majesty's Treasury (<b>HMT</b>);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Sanctions List</b>&#8221; means the "Specially Designated Nationals and Blocked Persons" list maintained by OFAC, any list maintained by OFAC within its &#8220;the Consolidated Sanctions List&#8221;, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Secured Liabilities</b>&#8221; means all liabilities which any Security Party, at the date of this Agreement or at any later time or times, has under or by virtue of any Finance Document and in the case of the Approved Manager under or by virtue of the Approved Manager&#8217;s Undertaking-Assignment or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Security Interest</b>&#8221; means:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rights of the plaintiff under an action <i>in rem</i> in which the vessel concerned has been arrested or a writ has been issued or similar step taken; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but&nbsp;(c)&nbsp;does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Security Party</b>&#8221; means the Borrower, the Guarantor, the Approved Manager, and any other person (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within paragraph (j) of the definition of &#8220;Finance Documents&#8221;;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Security Period</b>&#8221; means the period commencing 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 Finance Documents whensoever arising have been irrevocably paid, performed and/or complied with;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Security Trustee</b>&#8221; means EUROBANK S.A., having its registered office at 8, Othonos Street, Athens, Greece and acting through its office at 83, Akti Miaouli, 185 38 Piraeus, Greece or any successor of it appointed under clause 5 of the Agency and Trust Deed;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Ship</b>&#8221; means Hull No. 4201 a sub panamax container carrier of about 37200 DWT currently under construction at the Builder in accordance with the terms and the conditions of the Contract, to be registered under the Marshall Islands flag in the ownership of the Borrower under the name &#8220;GREGOS&#8221;;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;SOFR</b>&#8221; means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York, (or any other person which takes over the publication of that rate);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Specified Time</b>&#8221; means a day or time determined in accordance with Schedule 7 (Timetables);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Swap Bank</b>&#8221; means EUROBANK S.A. acting in such capacity through its office at 8, Iolkou Street, &amp; Filikis Etairias Str., 142 34 N. Ionia, Athens, Greece and includes its successors in title;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Term SOFR</b>&#8221; means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Total Loss</b>&#8221; means:</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">actual, constructive, compromised, agreed or arranged total loss of the Ship;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any expropriation, confiscation, requisition or acquisition of the Ship, whether for full consideration, a consideration less than her proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, excluding a requisition for hire unless she is within 40 days redelivered to the full control of the Ship&#8217;s owner;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any arrest, capture, seizure or detention of the Ship unless she is within 40 days redelivered to the full control of the Ship&#8217;s owner;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any hijacking or theft of the Ship unless she is within 6 months redelivered to the full control of the Borrower;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Total Loss Date</b>&#8221; means:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard of;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earliest of:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date on which a notice of abandonment is given to the insurers; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date of any compromise, arrangement or agreement made by or on behalf of the Borrower, with the Ship's insurers in which the insurers agree to treat the Ship as a total loss; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred, provided that the Agent shall notify the Borrower of such date as soon as practicable;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Transaction</b>&#8221; has the meaning given in the Master Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Transfer Certificate</b>&#8221; has the meaning given in Clause 26.2;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>Trust Property</b>&#8221; has the meaning given in clause 3.1 of the Agency and Trust Deed;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>UK Bail-In Legislation</b>&#8221;<b><i>&nbsp;</i></b>means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part 1 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 institutes or their Affiliates (otherwise than through liquidation, administration or other insolvency proceedings);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Unpaid Sum</b>&#8221;&nbsp;means any sum due and payable but unpaid by the Borrower or a Security Party under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>US Government Securities Business Day</b>" means any day other than:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Saturday or a Sunday; and</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>US Tax Obligor</b>&#8221;&nbsp;means:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;the Borrower which is resident for tax purposes in the United States of America; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;a Security Party some or all of whose payments under the Finance Documents are from sources within the United States for US Federal income tax purposes;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>VAT</b>" means:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;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 paragraph (a) above, or imposed elsewhere;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#8220;<b>Write-down and Conversion Powers</b>&#8221;&nbsp;means:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in relation to any other applicable Bail-In Legislation:</p>
			</td>
		</tr>

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			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any similar or analogous powers under that Bail-In Legislation; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in relation to any UK Bail-In Legislation:</p>
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			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 Legislation that are related to or ancillary to any of those powers; and</p>
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			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any similar or analogous powers under that UK Bail-In Legislation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Construction of certain terms.</b> In this Agreement:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause 13, approved in writing by the Agent;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>asset</b>&#8221; includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>company</b>&#8221; includes any corporation, partnership, joint venture and unincorporated association;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;consent</b>&#8221; includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>document</b>&#8221; includes a deed; also a letter, fax or electronic mail;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>excess risks</b>&#8221; means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of her insured value being less than the value at which the Ship is assessed for the purpose of such claims;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>expense</b>&#8221; means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable tax including VAT;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>law</b>&#8221; includes any form of delegated legislation, any order or decree, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>legal or administrative action</b>&#8221; means any legal proceeding or arbitration and any administrative or regulatory action or investigation;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Lender's "cost of funds" in relation to its participation in the Loan (or any part of the Loan) is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan (or that part of the Loan) for a period equal in length to the Interest Period of the Loan (or that part of the Loan);</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;liability</b>&#8221; includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>months</b>&#8221; shall be construed in accordance with Clause 1.4;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>obligatory insurances</b>&#8221; means all insurances effected, or which the Borrower is obliged to effect, under Clause 13 below or any other provision of this Agreement or another Finance Document;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>parent company</b>&#8221; has the meaning given in Clause 1.5;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>person</b>&#8221; includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>policy</b>&#8221;, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation therein of clause 1 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision in the Norwegian Marine Insurance Plan;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;regulation</b>&#8221; includes any regulation, rule, official directive, request or guideline (either having the force of law or compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self&#8209;regulatory or other authority or organisation;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>subsidiary</b>&#8221; has the meaning given in Clause 1.5;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;successor</b>&#8221; includes any person who is entitled (by assignment, novation, merger or otherwise) to any other person&#8217;s rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>tax</b>&#8221; includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>war risks</b>&#8221; includes the risk of mines and all risks excluded by clause 24 of the Institute Time Clauses (Hulls) (1/10/83) or clause 25 of the Institute Time Clauses (Hulls) (1/11/1995).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Meaning of </b>&#8220;<b>month</b>&#8221;<b>.</b> <b> </b>A period of one or more &#8220;months&#8221; ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started (&#8220;the numerically corresponding day&#8221;), but:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and &#8220;<b>month</b>&#8221; and &#8220;<b>monthly</b>&#8221; shall be construed accordingly.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.5</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Meaning of </b>&#8220;<b>subsidiary</b>&#8221;<b>. </b>A company (S) is a subsidiary of another company (P) if:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">P has direct or indirect control over a majority of the voting rights attached to the issued shares of S; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">P has the direct or indirect power to appoint or remove a majority of the directors of S; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and any company of which S is a subsidiary is a parent company of S.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.6</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General Interpretation.</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Agreement:</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement or otherwise;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise; and</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(iii)</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">words denoting the singular number shall include the plural and vice versa.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Clauses 1.1 to 1.5 and paragraph (a) of this Clause 1.6 apply unless the contrary intention appears.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">References in Clause 1.2 to a document being in the form of a particular Schedule or Appendix include references to that form with any modifications to that form which the Agent (with the authorisation of the Majority Lenders in the case of substantial modifications) approves or reasonably requires.</p>
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			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The clause headings shall not affect the interpretation of this Agreement.</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Agreement contains the entire agreement of the parties and its provisions supersede the provisions of the Commitment Letter any and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by this Agreement.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Event of Default.</b> <b> </b>A Potential Event of Default and/or an Event of Default are &#8220;continuing&#8221; if either of them has not been remedied or waived.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>LOAN</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Amount of loan.</b> <b> </b>Subject to the satisfaction of all conditions precedent and in reliance on the representations and warranties made in or in accordance with them and furthermore subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower in one (1) advance a principal amount being the lesser of (i) $26,000,000 and (ii) 67% of the charter-free market value of the Ship.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Lenders' participations in Loan.</b> <b> </b>Subject to the other provisions of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date, its Commitment bears to the Total Commitments.<b> </b></p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Purpose of Loan.</b> <b> </b>The Borrower undertakes with each Creditor Party to use the Loan only for the purpose stated in Clause 1.1 to this Agreement.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of Proceeds. </b>The Lenders shall have no responsibility for the application of the proceeds of the Loan (or any part thereof) by the Borrower.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Duration of Lenders</b>&#8217;<b> commitment. </b>The Lenders will be under no liability to advance their respective Commitments or any part of them after the date of the expiry of the Availability Period, whereas any part of the Commitment undrawn and not cancelled at close of business on the date of expiry of the Availability Period shall automatically be cancelled.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.6 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Borrower</b>&#8217;<b>s right of cancellation </b></p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2.6.1</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall be entitled to cancel the Loan under this Agreement upon giving the Lender not less than ten (10) days&#8217; notice in writing to that effect.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2.6.2</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any notice of cancellation once given by the Borrower shall be irrevocable whereas any amount cancelled may not be drawn.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2.6.3</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Notwithstanding any cancellation pursuant to sub-clause 2.6.1, the Borrower shall continue to be liable for any and all amounts due to the Lenders under this Agreement, including without limitation any amounts due under Clause 24 (<i>Increased Costs</i>).</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>POSITION OF THE LENDERS </b></p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Interests of Lenders several. </b>The rights of the Lenders under this Agreement (but without prejudice to the provisions of this Agreement relating to or requiring action by the Majority Lenders) are several; accordingly each Lender shall have the right to protect and enforce its rights arising out of this Agreement and it shall not be necessary for any other Lender and/or any other Creditor Party to be joined as an additional party in any proceedings for this purpose.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Independent action by a Lender. </b>None of the Lenders shall enforce, exercise any rights, remedies or powers or grant any consents or releases under or pursuant to, or otherwise have a direct recourse to the security and/or guarantees constituted by any of the Finance Documents without the prior written consent of the Majority Lenders but, provided such consent has been obtained, it shall not be necessary for any other Lender to be joined as an additional party in any proceedings for this purpose.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Obligations of Lenders several.</b> <b> </b>The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement to which it is a party shall not result in:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the obligations of the other Lenders being increased; nor</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower, any Security Party, any other Lender being discharged (in whole or in part) from its obligations under any Finance Document,</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and in no circumstances shall a Lender have any responsibility for a failure of another Lender to perform its obligations under this Agreement.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Parties bound by certain actions of Majority Lenders.</b> <b> </b>Every Lender and any other Creditor Party, the Borrower and each Security Party shall be bound by:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any determination made, or action taken, by the Majority Lenders under any provision of a Finance Document;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any instruction or authorisation given by the Majority Lenders to the Agent or the Security Trustee under or in connection with any Finance Document;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in accordance with such an instruction or authorisation.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Reliance on action of Agent.</b> <b> </b>The Borrower and each Security Party shall be entitled to assume that the Majority Lenders have duly given any instruction or authorisation which, under any provision of a Finance Document, is required in relation to any action which the Agent has taken or is about to take.</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Construction.</b> <b> </b>In Clauses 3.4 and 3.5 references to action taken include (without limitation) the granting of any waiver or consent, an approval of any document and an agreement to any matter.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DRAWDOWN</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Request for Loan.</b> <b> </b>Subject to the following conditions, the Borrower may request the Loan to be advanced by ensuring that the Agent receives the Drawdown Notice not later than 11.00 a.m. (London time) two (2) Business Days prior to the intended Drawdown Date.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Availability.</b> <b> </b>The conditions referred to in Clause 4.1 are that:</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(a)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Drawdown Date has to be a Business Day up to and including the Latest Permissible Drawdown Date; and</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount of the Loan shall not exceed the lesser of (i) $26,000,000 and (ii) 67% of the charter-free market value of the Ship as determined up to thirty days prior to the Drawdown Date and shall be used for the purposes set out in Clause 1.1 of this Agreement; and</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Loan shall be advanced in a single amount;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower has complied with the provisions of Clause 9.1 with respect to the Loan.</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification to Lenders of receipt of the Drawdown Notice.</b> <b> </b>The Agent shall promptly notify the Lenders that it has received the Drawdown Notice and shall inform each Lender of:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount of the Loan drawn down and the Drawdown Date;</p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount of that Lender's participation in the Loan; and</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the duration of the first Interest Period.</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Drawdown Notice irrevocable.</b> <b> </b>The Drawdown Notice shall specify the amount of the Loan and Business Day upon which same is required to be advanced as well as the proposed duration of the first Interest Period, shall give full details of the place and account to which the proceeds of the Loan are to be paid, which must both be acceptable to the Lenders and shall be signed by a director or an authorised attorney-in-fact of the Borrower, and once served, the Drawdown Notice cannot be revoked without the prior consent of the Agent, acting on the authority of the Majority Lenders.</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Lenders to make available Contributions.</b> <b> </b>Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the account of the Borrower the amount due from that Lender on the Drawdown Date under Clause 2.2.</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Disbursement of Loan.</b> <b> </b>Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts which the Agent receives from the Lenders under Clause 4.5 and that payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice and in the same funds as the Agent received the payments from the Lenders.</p>
			</td>
		</tr>

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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Disbursement of the Advance to Builder</b>&#8217;<b>s Bank. </b>Notwithstanding the foregoing provisions of this Clause 4, in the event that any part of the Loan is required to be drawn down prior to the satisfaction of the conditions precedent set out in Clause 10.1 and remitted to the Builder&#8217;s bank in accordance with the relevant clause of the Contract (herein called the &#8220;Builder&#8217;s Bank&#8221;), the Agent may in its absolute discretion agree to remit such amount to the Builder&#8217;s Bank prior to the satisfaction of the conditions precedent set out in Clause 9.1 expressly subject to the following conditions:</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">such amount is remitted to the Builder&#8217;s Bank to be held by it in an account in the Agent&#8217;s name and/or to the order of the Agent to be held in a separate account which shall be operated pursuant to the terms and conditions of the Contract;</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the principal amount (the &#8220;<b>deposited amount</b>&#8221;) of such funds will only be released to the Builder strictly in accordance with the Agent&#8217;s instructions set out in the SWIFT payment instructions and the Contract, (herein, the &#8220;<b>SWIFT Instructions</b>&#8221;) of the Agent to the Builder&#8217;s Bank;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the deposited amount so released may be used only for payment to the account of the Builder in satisfaction of the balance of the Purchase Price of the Ship plus extras; and</p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the event that:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">none of the said amount so remitted is released (whether on the expected Delivery Date or thereafter) in accordance with the SWIFT instructions or any part thereof is not so released, or</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the Builder&#8217;s Bank fails to remit the said amount in accordance with the SWIFT Instructions,</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in case of continued failure of the Builder&#8217;s Bank to comply with the SWIFT instructions the Borrower shall forthwith upon demand by the Agent pay to the Agent such amounts that may be certified by the Agent as being the amount required to indemnify the Agent in respect of any cost transferred to the Agent in relation to the deposited amount from the date of payment thereof to the Builder&#8217;s Bank to the date of disbursement of the deposited amount to the Builder or the refund of the deposited amount to the Agent less the amount (if any) of the earned interest received by the Agent from the Builder&#8217;s Bank .</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without prejudice to the obligations of the Borrower to indemnify the Agent on demand, the Agent shall in good faith take reasonable and proper steps diligently to seek recovery of the deposited amount from the Builder&#8217;s Bank (provided that prior to taking such action the Borrower shall have agreed to indemnify the Agent for all costs and expenses which may be incurred in seeking recovery of such amount, including, without limitation, all legal fees and disbursements reasonably and properly incurred) and if the Agent shall recover any part of the deposited amount (and provided that it has previously recovered full indemnification under Clause 4.7(d)) the Agent shall, so long as no Event of Default has occurred and is continuing, pay to the Borrower the amount so recovered after subtracting any tax suffered or incurred thereon or expenses incurred by the Lender.</p>
			</td>
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Agent shall have no liability whatsoever to the Borrower or any other person for any loss caused by the Builder&#8217;s Bank&#8217;s failure for any reason whatsoever to remit the said amount and any earned interest to the designated account or to comply fully in accordance with the SWIFT Instructions.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any amounts remitted by the Builder&#8217;s Bank (to the Lender and returned pursuant to this Clause 4.7 will be applied as follows, and express authority is hereby given by the Borrower to the Agent to make such application, in case the purchase of the Ship has been cancelled or delayed beyond the Cancelling Date as per the Contract these amounts shall be applied in or towards prepayment of the outstanding indebtedness in full, and the remaining amount (if any) shall be freely available to the Borrower;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">provided that if any such amount so returned is not a part of the amount of the Loan but part of the Borrower&#8217;s equity such amount shall be freely available to the Borrower.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>The provisions of Clause 8.10 shall apply to any prepayment of the Loan made under this Clause 4.7.</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Satisfaction of Conditions Precedent. </b>Notwithstanding the giving of the Drawdown Notice pursuant to Clause 4.1, the Lenders shall not be obliged to disburse any funds until all the conditions precedent set out in Clause 9.1 have been satisfied, save as provided in Clause 9.2.</p>
			</td>
		</tr>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Deemed Indebtedness</b>. The relevant payment by the Agent under Clause 4.6 shall constitute the advancement of the Loan and the Borrower shall thereupon become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender's Contribution.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INTEREST</b></p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of normal interest.</b> Subject to the provisions of this Agreement, interest on the Loan or any part of the Loan in respect of each Interest Period shall be paid by the Borrowers on the last day of that Interest Period.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Calculation of interest.</b> <b> </b>Subject to the provisions of this Agreement, the rate of interest on the Loan or any part of the Loan in respect of each Interest Period is a percentage rate per annum which is the aggregate of:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Applicable Margin; and</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Reference Rate.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of accrued interest.</b> The Borrower shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period (and, if an Interest Period is longer than 3 months, on the dates falling at three (3) monthly intervals after the first day of the Interest Period).</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of rates of interest.</b> <b> </b>The Agent shall notify the Borrower and each Lender of:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the determination of a rate of interest under this Agreement; and</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">each Funding Rate relating to the Loan, any part of the Loan or any Unpaid Sum.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Unavailability of Term SOFR</b></p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Interpolated Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Historic Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR for the Loan or that part of the Loan.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Interpolated Historic Term SOFR: If paragraph (b) above applies but no Historic Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of Loan or that part of the Loan.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Cost of funds: If paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 5.7 shall apply to the Loan or that part of the Loan for that Interest Period.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Market disruption</b></p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 50 per cent (50%) of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the Market Disruption Rate, then Clause 5.7 shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Cost of funds </b></p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.7 applies, the rate of interest on each Lender's share of the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Applicable Margin; and</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rate notified to the Agent (and the Borrower) by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in the Loan or that part of the Loan.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.7 applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to Clause 24.7, any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If paragraph (e) below does not apply and any rate notified to the Agent under sub-paragraph (ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.7 applies pursuant to Clause 5.6 and</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Lender's Funding Rate is less than the Market Disruption Rate; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Lender does not notify a rate by the time specified in sub-paragraph (ii) of paragraph (a) above,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that Lender's cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Break Costs</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall, within three (3) Business Days of demand by a Creditor Party, pay to that Creditor Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day prior to the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become or may become payable.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Interest Rate Hedging. </b>The Borrower shall sign the Master Agreement and the Credit Support Annex with Eurobank S.A. as Swap Bank on the date of this Agreement. At any time during the Security Period, the Borrower may request the Swap Bank to conclude Designated Transactions to fix the interest rate for the Loan for more than 12 months, following drawdown of the Loan. Unless the Swap Bank agrees otherwise, any such hedging arrangements shall be from floating rate to fixed rate only and shall not (i) exceed the amount of the Loan or (ii) extend beyond the final Repayment Date. Signature of the said Master Agreement does not commit the Swap Bank to conclude Transactions, but provides a contractual framework within which Designated Transactions may be concluded and secured on mutually acceptable terms to be agreed at the relevant time. If at any time the aggregate notional amount of the Designated Transactions exceeds the outstanding principal amount of the Loan, the notional amount of the Designated Transactions shall be reduced by way of termination notified by either party on or about the date the Designated Transactions exceed the amount of the Loan, so that the aggregate notional amount of the Designated Transactions reflect the then outstanding principal amount of the Loan. Such termination shall be treated under the said Master Agreement as an Additional Termination Event (as defined in section 14 of the Master Agreement) with the Borrower as the sole Affected Party (as defined in section 14 of Master Agreement). The Borrower&#8217;s obligations under the said Master Agreement and Credit Support Annex shall be secured on a pari passu basis with its obligations under this Agreement.</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Applicable Margin. </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower may, at his option and subject to:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">serving a written notice to the Agent not less than 2 Business Days prior to the commencement of an Interest Period (or at any other time during an Interest Period as the Agent may agree in its absolute discretion) (the "Commencement Date"); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Event of Default having occurred; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Event of Default resulting from the relevant application,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">credit the Cash Collateral Account with the Cash Collateral and apply the Cash Collateral on the Commencement Date in reducing the Margin to 1.00 per cent. (1%) per annum and such reduced Margin shall apply to an amount of the Loan equal to the Cash Collateral for a duration to be agreed between the Borrower and the Agent but having the same duration of an Interest Period of the Loan (the "Fixing Period") on or prior to the relevant Commencement Date. The Cash Collateral (or any part thereof) may only be withdrawn or transferred at the end of any Fixing Period;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">If the Borrower withdraws or transfers the Cash Collateral (or any part thereof) prior to the end of a Fixing Period in accordance with paragraph (a) above or otherwise with the Agent's prior consent, the Margin for the amount of the Loan equal to the Cash Collateral which has been withdrawn or transferred will revert to the Margin which applies at that time in accordance with the terms of the Loan Agreement and the Borrower will indemnify the Lenders on demand in respect of all breakage costs which result from such withdrawal or transfer effected prior to the end of a Fixing Period.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sustainability pricing adjustment </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11.1</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On the first day of each Pricing Adjustment Period, the Applicable Margin (initially of 2.15% per annum) applicable to the Loan outstanding shall be reduced by up to 0.05% (zero point zero five percent) per annum, in case (i) the Ship&#8217;s CII Rating for the previous year remains at least &#8220;B&#8221;, and shall remain at least &#8220;B&#8221; for the whole duration of such Pricing Adjustment Period and (ii) the Ship&#8217;s Reported EEOI for the same period is 29gCO<sub>2 </sub>per cargo ton transported/nautical mile or less (the &#8220;<b>Sustainability Pricing Adjustment</b>&#8221;<b>);</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11.2</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">At the expiry of a Pricing Adjustment Period the Applicable Margin to the Loan shall revert to 2.15% per annum.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Sustainability Pricing Adjustment applicable to the Loan shall at no time exceed 0.05% per annum for the duration of the Security Period and shall not be reduced further during a subsequent Pricing Adjustment Period.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If an Event of Default occurs, the Sustainability Pricing Adjustment shall no longer apply and the Applicable Margin of 2.15% per annum shall apply instead.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Clause 5.11:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;CII</b>&#8221;<b> </b>means Carbon Intensity Indicator, as provided in the MARPOL Carbon Intensity Regulations;<b> </b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;CII Rating</b>&#8221;<b> </b>means the Ship&#8217;s attained operational carbon intensity rating, expressed as a rating from A-E in a calendar year, as calculated in accordance with the MARPOL Carbon Intensity Regulations.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;EEOI</b>&#8221;<b> </b>means Energy Efficiency Operational Index as per IMO MEPC.1/Circ.684, 2009;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Reported EEOI</b>&#8221;<b> </b>is the operational efficiency of the Ship quantified by measuring the annual average carbon intensity of the Ship per transport work which is reported annually in gCO<sub>2</sub> per ton of cargo shipped/nautical mile travelled and it is verified by the company&#8217;s approved Classification Society or other competent authority in respect of the Ship or in case said entities are unable to provide such a verification by the Approved Manager.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Pricing Adjustment Period</b>&#8221;<b> </b>means, the period commencing on the first day of the Interest Period after a Sustainability Performance Certificate related to the Ship has been delivered to the Agent and ending on the first anniversary thereof provided that the last such period may last only few months as it will reach the Final Maturity Date;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Sustainability Performance Certificate</b>&#8221;<b> </b>means a certificate in the form set out in Schedule 6 (Form of Sustainability Performance Certificate) signed by a director of the Borrower or the Chief Executive Officer or Chief Financial Officer of the Guarantor, that shows the Ship&#8217;s CII Rating and sets forth the Ship&#8217;s CII Rating, and Reported EEOI certified by the approved classification society or other competent authority in respect of the Ship.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;Sustainability Period</b>&#8221;<b> </b>means, in respect of the Ship, the period commencing on the later of (i) 1 January 2023 and (ii) the day the Ship came under the management of the Approved Manager, and ending on 31 December 2023, and each subsequent 12-month period thereafter.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INTEREST PERIODS</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Selection of Interest Periods</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower may select the Interest Period for the Loan in the Drawdown Notice. Subject to paragraphs (f) and (h) below and Clause 6.2, the Borrower may select each subsequent Interest Period in respect of the Loan in a selection notice.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each selection notice is irrevocable and must be delivered to the Agent by the Borrower not later than the Specified Time.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Borrower fails to select an Interest Period in the Drawdown Notice or fails to deliver a selection notice to the Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to Clause 6.2, be three (3) Months.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to this Clause 6, the Borrower may select an Interest Period of three (3) or six (6) Months or such longer or shorter period as the Agent may, in its sole discretion, agree with the Borrower.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">An Interest Period in respect of the Loan shall not extend beyond the final Repayment Date.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In respect of a Repayment Instalment, the Borrower may request in the relevant selection notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The first Interest Period for the Loan shall start on the Drawdown Date and, subject to paragraph (h) below, each subsequent Interest Period shall start on the last day of its preceding Interest Period.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Except for the purposes of paragraph (f) above and Clause 6.2, the Loan shall have one Interest Period only at any time.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to Interest Periods</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In respect of a Repayment Instalment, prior to determining the interest rate for the Loan, the Agent may establish an Interest Period that is shorter than the Interest Period selected in the relevant selection notice for a part of the Loan equal to such Repayment Instalment to end on the Repayment Date relating to it and the remaining part of the Loan shall have the Interest Period selected in the relevant selection notice, subject to paragraph 6.1.(d) of Clause 6.1.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Agent makes any change to an Interest Period referred to in this Clause 6.2, it shall promptly notify the Borrower and the Lenders.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>6.3</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Non-Business Days</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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).</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DEFAULT INTEREST</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Default Interest</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Borrower or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent. Any interest accruing under this Clause 5.3 shall be immediately payable by the Borrower and the Security Parties on demand by the Agent.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan or that part of the Loan:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two and a half per cent (2.5%) per annum higher than the rate which would have applied if that Unpaid Sum had not become due.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Default Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>7.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application to Master Agreement.</b> <b> For the avoidance of doubt, this Clause 7 does not apply to any amount payable under the Master Agreement in respect of any continuing Designated Transaction as to which section 9 (h) (Interest and Compensation) of the Master Agreement shall apply.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>REPAYMENT AND PREPAYMENT</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Amount of repayment instalments</b>. The Borrower shall repay the Maximum Facility Amount by twenty eight (28) consecutive equal quarterly instalments, the first twelve (12) instalments in the amount of seven hundred thousand Dollars ($700,000) each, followed by sixteen (16) instalments in the amount of four hundred fifty thousand Dollars ($450,000) each and by a balloon payment of ten million four hundred thousand Dollars ($10,400,000) (the &#8220;<b>Balloon Instalment</b>&#8221;).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Repayment Dates.</b> The first instalment of the Loan shall be repaid on the date falling three (3) months after the Drawdown Date and each subsequent instalment shall be repaid at three monthly intervals thereafter and the Balloon Instalment shall be repaid concurrently with the twenty eighth (28<sup style="vertical-align:top;line-height:120%;">th</sup>) and final repayment instalment, which shall be repaid on the final Repayment Date being the date falling on the Final Maturity Date,</p>
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			<td style="width: auto; font-size: 10pt;">Provided always that if the amount of the Loan drawn down hereunder is less than $26,000,000 then the amount of the repayment instalments and of the Balloon Instalment shall be reduced on a pro rata basis.</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Final Repayment Date.</b> On the final Repayment Date, the Borrower shall additionally pay to the Lenders all other sums then accrued or owing under any Finance Document.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Voluntary prepayment.</b> Subject to the following conditions, the Borrower may prepay the whole or part of the Loan on the last day of an Interest Period.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Conditions for voluntary prepayment.</b> The conditions referred to in Clause 8.4 are that:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a partial prepayment shall be in the minimum amount of Five Hundred Thousand Dollars ($500,000) or a multiple thereof;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Agent has received from the Borrower at least ten (10) Business Days prior written confirmative and irrevocable notice specifying the amount to be prepaid in connection with the Loan and the date on which the prepayment is to be made (such date shall be the last day of an Interest Period); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower has provided evidence satisfactory to the Agent that any consent required by the Borrower or any Security Party in connection with the prepayment has been obtained and remains in force, and that any requirement relevant to this Agreement which affects the Borrower or any Security Party has been complied with.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Effect of notice of prepayment.</b> <b> </b>A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authority of the Majority Lenders, and the amount specified in the prepayment notice shall become due and payable by the Borrower on the date for prepayment specified in the prepayment notice.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of notice of prepayment.</b> <b> </b>The Agent shall notify the Lenders promptly upon receiving a prepayment notice and shall provide any Lender which so requests with a copy of any document delivered by the Borrower under Clause 8.5(c).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.8</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Mandatory prepayment.</b> <b> </b>The Borrower shall be obliged to prepay the Loan in full together with accrued interest to the date of prepayment and all other sums payable by the Borrower to the Lenders pursuant to this Agreement and the other Finance Documents (and if the Commitment or any portion thereof has not been drawn yet, it shall be reduced to zero) if the Ship is sold (provided that no Event of Default has occurred and is continuing and then, subject to the prior written consent of the Agent, not to be unreasonably withheld), refinanced by another bank or financial institution or becomes a Total Loss:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of a sale of the Ship (whether for further trading or scrapping), on the earlier of (i) the date on which the sale is completed by delivery of the Ship to the buyer and (ii) the date of receipt by the Borrower of the sale proceeds; or</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of a refinancing of the Ship, on or before the date on which the refinancing takes place; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of a Total Loss of the Ship, on the earlier of (i) the date falling one hundred eighty (180) days after the Total Loss Date and (ii) the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Amounts payable on prepayment.</b> <b> </b>A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 below or otherwise) in respect of the Loan and, together with any sums payable under Clause 21.2) but, subject to Clause 5.8, without premium or penalty.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of partial prepayment.</b> <b> </b>Each voluntary partial prepayment shall be applied at the Borrower&#8217;s option against the repayment instalments of the Loan specified in Clause 8.1 and the Balloon Instalment.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.11</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No reborrowing.</b> <b> </b>No amount prepaid or repaid may be re-borrowed.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.12</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Unwinding of Designated Transactions.</b> <b> </b>On or prior to any repayment or prepayment of the Loan under this Clause 8 or any other provision of this Agreement, the Borrower shall wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>CONDITIONS PRECEDENT </b>&#8211;<b> Conditions SUBSEQUENT</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>9.1</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Documents, fees and no default.</b> <b> </b>Each Lender's obligation to contribute to the Loan is subject to the following conditions precedent:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that, on or before the date of signing of this Agreement, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that, on or before the date of drawdown of the Loan, the Lender receives the documents described in Part B in Schedule 3 in form and substance satisfactory to the Agent and its lawyers;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that, on or before the service of the Drawdown Notice, the Agent receives the fees payable pursuant to Clause 20.1 (a) and has received payment of the expenses referred to in Clause 20.2;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that at the date of the Drawdown Notice, at the Drawdown Date and on the first day of each Interest Period and on the date of each Compliance Certificate:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Loan;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the representations and warranties in Clause 10 and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true and not misleading in any material respect if repeated on each of those dates with reference to the circumstances then existing;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">none of the circumstances contemplated by Clause 5.5 has occurred and is continuing;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">there has not been a Material Adverse Change in the financial position or state of affairs of the Borrower and/or the Group from that disclosed to the Agent prior to the date of this Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that, if the ratio set out in Clause 15.1 were applied immediately following the advancement of the Loan, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent (acting reasonably) may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>9.2</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Waiver of conditions precedent.</b> <b> </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Majority Lenders, at their discretion, permit the Loan to be advanced before certain of the conditions referred to in Clause 9.1 are satisfied, the Borrower shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authority of the Majority Lenders, specify).</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>9.3</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Conditions Subsequent.</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower undertakes to deliver or cause to be delivered to the Agent within thirty (30) days after the Delivery Date or at any later date agreed by the Agent the documents and other evidence listed in Schedule 3, Part C (Conditions Subsequent).</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.</b></p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>REPRESENTATIONS AND WARRANTIES</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.1</b></p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>The Borrower represents and warrants to each Creditor Party as follows:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.2</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Status.</b> <b> </b>The Borrower is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands and in compliance with the Republic of the Marshall Islands Economic Substance Regulation 2018 in accordance with its terms and time frame once the same becomes applicable; neither the Borrower nor any Security Party is a FATCA FFI or a US Tax Obligor.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.3</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Share capital and ownership.</b> <b> </b>The Borrower has an authorised share capital divided into 100 registered shares and the legal title and beneficial ownership of all those shares is held, free of any Security Interest or other claim by the Guarantor.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Corporate power.</b> <b> </b>The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to execute the Finance Documents to which it is a party; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to borrow under this Agreement, to enter into Designated Transactions under the Master Agreement and to make all the payments contemplated by, and to comply with, the Finance Documents to which the Borrower is a Party.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to authorise the registration of the Ship under the Approved Flag.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Consents in force.</b> <b> </b>All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Legal validity; effective Security Interests.</b> <b> </b>The Finance Documents to which the Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents):</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">constitute the Borrower's legal, valid and binding obligations enforceable against the Borrower in accordance with their respective terms; and</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate, subject to any relevant insolvency laws affecting creditors' rights generally.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No third party Security Interests.</b> <b> </b>Without limiting the generality of 10.6, at the time of the execution and delivery of each Finance Document:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower will have the right to create all the Security Interests which that Finance Document purports to create; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No conflicts.</b> <b> </b>The execution by the Borrower of each Finance Document to which it is a party, and the borrowing by the Borrower of the Loan, and its compliance with each Finance Document to which it is a party will not involve or lead to a contravention of:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any law or regulation in any Relevant Jurisdiction; or</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the constitutional documents of the Borrower; or</p>
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		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any contractual or other obligation or restriction which is binding on the Borrower or any of its assets, and will not have a Material Adverse Effect.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No withholding taxes.</b> <b> </b>All payments which the Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of any Relevant Jurisdiction.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No default.</b> <b> </b>No Event of Default or Potential Event of Default has occurred and is continuing.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Information.</b> <b> </b>All information which has been provided in writing by or on behalf of the Borrower or any Security Party to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.6; all audited and consolidated accounts which have been so provided satisfied the requirements of Clause 11.7; and there has been no Material Adverse Change in the financial position or state of affairs of the Borrower from that disclosed in the latest of those accounts which constitutes a Material Adverse Effect.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.12</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No litigation.</b> <b> </b>No legal or administrative action involving the Borrower or any Security Party (including action relating to any alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to the Borrower&#8217;s knowledge, is likely to be commenced or taken which, in either case and if determined adversely, would be likely to have a Material Adverse Effect.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.13</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with certain undertakings.</b> <b> </b>At the date of this Agreement, the Borrower is in compliance with Clauses 11.2, 11.5, 11.9, 11.12 and 11.19.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.14</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Taxes paid.</b> <b> </b>The Borrower has paid all taxes applicable to, or imposed on or in relation to it and its business.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.15</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>ISM Code and ISPS Code compliance.</b> <b> </b>All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ship have been complied with.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.16</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No Money Laundering.</b> <b> </b>Without prejudice to the generality of Clause 2.2, in relation to the borrowing by the Borrower of the Loan, the performance and discharge of their obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by the Finance Documents to which the Borrower is a party, the Borrower confirms that (i) it is acting for its own account, (ii) that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified in this Agreement and (iii) that the foregoing will not involve or lead to contravention of any law, official requirements or other regulatory 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).</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.17</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Patriot Act.</b> <b> </b>To the extent applicable to the Borrower, the Borrower is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act. No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.18</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Social law matters. </b>The Borrower is in compliance in all material respects with any employment law or relevant regulation applicable to it.</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.19</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with processing of personal data. </b>The Borroweris in compliance in all material respects with any law or regulation applicable to it pertaining to the protection of persons from the processing of personal data and no claim, notice or other communication has been received by the Borrower and/or the Guarantor in respect of any actual breach of, or liability under, any such law or regulation which, has or would be reasonably likely to have a Material Adverse Effect on the Borrower.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.20</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DAC 6. </b>No transaction contemplated by the Finance Documents nor any transaction to be carried out in connection with any transaction contemplated by the Finance Documents meet any hallmark set out in Annex IV of the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU, if applicable.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.21</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>The Ship. </b>The Ship will upon her delivery to the Borrower and at any time thereafter be:</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the absolute and unencumbered (other than in favour of the Lenders or any other Creditor Party) ownership of the Borrower who will on and after the Ship&#8217;s delivery be the sole, legal and beneficial owner of the Ship;</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">registered in the name of the Borrower under the laws and flag of the Flag State;</p>
			</td>
		</tr>

</table>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">operationally seaworthy and in every way fit for service, provided that the Borrower will not be in violation of this sub-clause 10.21 (c) in cases of (i) small off hire incidents occurring during the normal course of trading of the Ship or (ii) in cases of normal maintenance/repairs or (iii) in cases of damage to the Ship by causes for which it is insured under the Ship&#8217;s Insurances and all necessary steps have been taken to repair such damage to the satisfaction of any requirements set by the Ship&#8217;s Classification;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">classed with the relevant Classification free of all qualifications and overdue recommendations of the relevant Classification Society affecting class;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.22 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Ship</b>&#8217;<b>s employment. </b>The Ship is not subject to any Charter other than the Approved Existing Charter and will not be subject to any other charter or contract of employment or to any other agreement to enter into any charter or contract which, if entered into after the date of the Mortgage/General Assignment would have required the consent of any Creditor Party and on the date of her delivery to the Borrower and any time thereafter there will not be any agreement or arrangement whereby the Earnings (as defined in the Mortgage/General Assignment) of the Ship may be shared with any other person.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.23</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No Security Interests.</b> <b> </b>Neither the Ship, nor her Earnings, Insurances or Requisition Compensation (each as defined in the Mortgage/General Assignment) nor the Accounts or any of them nor any other properties or rights which are, or are to be, the subject of any of the Finance Documents will be, on the date the Ship will be delivered to the Borrower subject to any Security Interest other than Permitted Security Interests.</p>
			</td>
		</tr>

</table>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.24</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No immunity. </b>Neither the Borrower nor any of its respective assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other enforcement).</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.25</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Valid choice of Law. </b>The choice of law agreed to govern this agreement and/or any other finance document and the submission to the jurisdiction of the courts agreed in each of the finance documents are or will be, on execution of the respective finance documents, valid and binding on the Borrower and any other security party which is or is to be a party thereto.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.26</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Environmental matters</b></p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(</b>a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Environmental Law applicable to the Ship and/or the Borrower and/or the Approved Manager has been violated in a material way;</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all consents, licences and approvals required under such Environmental Laws have been obtained and are currently in force;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Environmental Claim has been made or, to the best of the Borrower&#8217;s knowledge and belief, is threatened or pending against any of the Borrower or any other Security Party or the Ship and there has been no environmental incident which has given, or might give, rise to such a claim.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.27</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sanctions. </b>Neither the Borrower and/or the Guarantor nor any other Security Party (a) is a Restricted Party, (b) is controlled directly or indirectly by a Restricted Party, (c) controls a Restricted Party or (d) has a Restricted Party serving as director or officer and as far as the Approved Existing Charter is concerned, same contains the BIMCO Non-Designated Entities Clause pursuant to which the Approved Existing Charterer has warranted that on the date of the relevant fixture and throughout the duration of the Approved Existing Charter it will not be subject to any of the sanctions, prohibitions, restrictions or reservations mentioned therein.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.28</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>P</b><b>ari passu and subordinated indebtedness. </b>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 Financial Indebtedness of the Borrower, with the exception of any obligations which are mandatorily preferred by operation of law and not by contract, and any Financial Indebtedness of the Borrower owing to any of its respective shareholders is subordinated in all respects to the Borrower&#8217;s obligations under this Agreement (in the case of a Borrower).</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.29</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No filings or actions required.</b><b> </b>Save for the registration of the Mortgage under the laws of the Approved Flag State through the competent registry, it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of any of Finance Documents that they or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Relevant Jurisdiction on or in relation to any of the Finance Documents and each of the Finance Documents is in proper form for its enforcement in the courts of the Relevant Jurisdiction in accordance with its terms.</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.30</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Solvency.</b></p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(</b>a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">neither the Borrower nor any other Security Party is unable, or admit or have admitted their inability, to pay its debts or has suspended making payments on any of its debts;</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">neither the Borrower nor any other Security Party by reason of actual or anticipated financial difficulties has commenced, or intends to commence, negotiations with one or more of its creditors with a view to rescheduling any of its Financial Indebtedness;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the value of the assets of the Borrower and the other Security Parties is not less than their respective liabilities (taking into account contingent and prospective liabilities); and</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no moratorium has been, or may, in the reasonably foreseeable future be, declared in respect of any Financial Indebtedness of the Borrower or any other Security Party.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.31</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Valuations. </b>The Borrower represents and warrants that:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all information supplied by it or on their behalf to an independent shipbroker selected by or acceptable to the Agent for the purposes of a valuation delivered to the Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it has not omitted to supply any information to an independent shipbroker selected by or acceptable to the Agent which, if disclosed, would adversely affect any valuation prepared by such an independent shipbroker; and;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">there has been no change to the factual information provided pursuant to paragraph (a) above in relation to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.32</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Validity and Completeness of the Contract. </b>The Borrower warrants that the copy of the Contract delivered to the Agent before the date of this Agreement is a true and complete copy thereof which constitutes valid, binding and enforceable obligations of the parties thereto in accordance with its terms subject to any relevant insolvency laws affecting creditors&#8217; rights generally; and no amendments or additions to it have been agreed (other than those notified to the Lender prior to the date of this Agreement) nor has any of the parties thereto waived any of their respective rights thereunder.</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.33</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Repetition of Representations and Warranties. </b>The representations and warranties in this Clause 10. shall be deemed to be repeated by the Borrower (a) on the date of service of the Drawdown Notice, (b) on the Drawdown Date and (c) on the first day of each Interest Period as if made with reference to the facts and circumstances existing on each such day.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>GENERAL UNDERTAKINGS</b></p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>The Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Title; negative pledge; pari passu.</b> <b> </b>The Borrower will:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">ensure that the Ship upon her delivery to the Borrower will maintain its ownership, management, control and ultimate beneficial ownership and the Borrower will hold the legal title to, and own the entire beneficial interest in the Ship&#8217;s Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and except for Permitted Security Interests. For the avoidance of doubt the Lenders consent and agree to any changes relating to the shareholders of the Guarantor&#8217;s trading shares in the normal course of business and confirm that such changes do not violate the terms of this Agreement;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">not create or permit to arise any Security Interest (except for Permitted Security Interests) over any of its asset, present or future (including but not limited to, the Borrower&#8217;s rights against the Swap Bank under the Master Agreement or all or any of the Borrower&#8217;s interest in any amount payable to the Borrower by the Swap Bank under the Master Agreement); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that its liabilities under the Finance Documents to which it is a party to will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No disposal of assets.</b> <b> </b>The Borrower will not (without the prior written consent of the Agent, acting with authority from the Majority Lenders) transfer, lease or otherwise dispose of:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any debt payable to them or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No other liabilities or obligations to be incurred.</b> <b> </b>The Borrower will not incur any liability or obligation except (i) liabilities and obligations under the Finance Documents to which it is a party and (ii) liabilities or obligations incurred in the ordinary course of their business of operating and chartering the Ship.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Information provided to be accurate.</b> <b> </b>All financial and other information which is provided in writing by or on behalf of the Borrower under or in connection with any Finance Document to which it is a party will be true and not misleading in any material respect and will not omit any material fact or consideration.</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of financial statements.</b> <b> </b>The Borrower will:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that the Guarantor furnishes the Agent, with annual, audited and consolidated financial statements of the Guarantor within 180 days after the end of the financial year concerned, and prepared in accordance with GAAP principles and practices consistently applied, such obligation commencing from the 31<sup style="vertical-align:top;line-height:120%;">st</sup> December 2023;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">send to the Agent, together with the Accounting Information referred to in paragraph (a) above, a Compliance Certificate;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">provide the Agent from time to time as the Agent may reasonably request and in form and substance satisfactory to the Agent with any information on the financial condition, commitments, business and operations of the Borrower and any other Security Party;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">keep the Agent advised with respect to all major financial developments of the Borrower and the Guarantor, including (but not limited to) sales or purchases of vessels, new loans, refinancing and/or restructuring of existing loans and contracts for term employment of vessels, as the Agent may from time to time reasonably request.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.7</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Form of financial statements.</b> <b> </b>All financial statements delivered under Clause 11.6 will:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">give a true and fair view of the state of affairs of the Guarantor, or as the case may be, of the Borrower at the date of those accounts and of the profit for the period to which those accounts relate; and</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">fully disclose or provide for all significant liabilities of the Guarantor, or as the case may be, of the Borrower for the period to which those accounts relate,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to the Agent&#8217;s satisfaction.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Consents.</b> <b> </b>The Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for the Borrower and any Security Party to perform their respective obligations under each of the Finance Documents to which each of them is a party;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for the validity or enforceability of any Finance Document to which each of the Borrower and any Security Party is party,</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Borrower will comply (and will ensure that each Security Party will comply) with the terms of all such consents.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Maintenance of Security Interests.</b> <b> </b>The Borrower will:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Relevant Jurisdictions, pay any stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the reasonable opinion of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of litigation.</b> <b> </b>The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, the Approved Manager and any other Security Party or the Ship, its Earnings or its Insurances as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered as having a Material Adverse Effect on the business, assets or financial condition of them or as affecting the validity or enforceability of any Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Master Agreements. </b>The Borrower will not waive or fail to enforce, the Master Agreement, or any of its provisions, or enter into any Transaction pursuant to the Master Agreement (except Designated Transactions).</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.12 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Principal place of business.</b> <b> </b>The Borrower will not establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States of America.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.13</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Confirmation of no default.</b> <b> </b>The Borrower will, not more than once per quarter and within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by at least one (1) director of the Borrower and which:</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">states that no Event of Default or Potential Event of Default has occurred; or</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material details are given.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.14</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of default.</b> <b> </b>The Borrower will notify the Agent as soon as the Borrower becomes aware of:</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the occurrence of an Event of Default or a Potential Event of Default which is continuing; or</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any matter which indicates that an Event of Default or a Potential Event of Default may have occurred,</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and will thereafter keep the Agent fully up&#8209;to&#8209;date with all developments.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.15</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of further information</b>. The Borrower will inform the Agent of all major financial developments in the Group such as new loans, refinancing/restructuring of existing loans, new acquisitions and sales, contracts for term employment of the Ship and furthermore will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information relating to:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower, the Ship, her Insurances or her Earnings; or</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other matter relevant to, or to any provision of, a Finance Document,</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">which may be requested by any Creditor Party at any time.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.16</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of customer information.</b> <b> </b>The Borrower will produce such documents and evidence regarding the Borrower itself and each Security Party as the Lenders shall from time to time require, based on applicable laws and regulations from time to time and the Lenders&#8217; own internal guidelines from time to time, relating to the Lenders&#8217; knowledge of its customers (&#8220;KYC&#8221;).</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.17</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Ownership. </b>The Borrower or, as the case may be, any other corporate Security Party shall ensure that, throughout the Security Period without the prior written consent of the Agent, which shall not be unreasonably withheld, there shall be no change in the Directors and Officers of the Borrower and in the Chairman of the Guarantor and moreover the Borrower shall ensure that no change shall be made directly or indirectly in the ownership of the Borrower, the beneficial ownership of the Guarantor, or the control of the Borrower and/or the Guarantor, as disclosed to the Agent prior to the date of this Agreement, without the prior written consent of the Agent, which shall not be unreasonably withheld. For the avoidance of doubt the Lenders consent and agree to any changes relating to the Guarantor&#8217;s trading shares in the normal course of business and confirm that such changes do not violate the terms of this Agreement.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.18</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sanctions</b> <b> </b></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Borrower and/or the Guarantor undertakes to comply (and shall procure that each other Security Party and each Affiliate of any of them shall comply) in all respects with all Sanctions, including employing the Ship not allowing her employment in manner contrary to any Sanctions.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Borrower and/or the Guarantor undertakes not to use (and shall procure that no other Security Party shall use) any revenue or benefit derived from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Creditor Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Borrower and/or the Guarantor undertakes to ensure (and shall procure that each other Security Party shall ensure) that no proceeds to the best of its knowledge (after reasonable enquiry) from any activity or dealing with a Restricted Party are credited to any bank account held with any Creditor Party in its name.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(d)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Borrower and/or the Guarantor undertakes (and shall procure that each other Security Party shall), to the extent permitted by law, promptly upon becoming aware of them supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.19 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Treasury Services. </b>The Borrower shall not enter into any treasury related contract with a bank or financial institution other than pursuant to the Master Agreement with the Agent or a Lender as swap bank, without the prior consent of the Agent. For the avoidance of doubt this clause will not prohibit the Borrower from obtaining advisory and/or information services from other banks or financial institutions.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.20 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Use of proceeds.</b> <b> </b>The Borrower shall not (and shall procure that no other Security Party and no Affiliate of any of them shall) 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 Party; or (ii) in any other manner that could result in the Borrower or any other Security Party or any Creditor Party being in breach of any Sanctions or becoming a Restricted Party.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.21</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Anti-Corruption.</b> <b> </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(</b>a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall not (and shall procure that no other Security Party r will) directly or indirectly use the proceeds of the Loan for any purpose which would breach or might breach applicable anti-corruption laws, including but not limited to the UK Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, each as amended.</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall (and shall procure that each other Security Party will):</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">conduct its business in compliance with applicable anti-corruption laws and regulations; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">maintain effective policies and procedures designed to promote and achieve compliance with such laws and regulations.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.22</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Social law matters. </b>The Borrower shall (and shall procure that each other Security Party shall) comply in all respects with with any employment law or relevant regulation applicable to it.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.23</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with other laws.</b> <b> </b>The Borrower shall (and shall procure that each other Security Party shall) comply in all respects with all laws and regulations to which it may be subject including without limitation (i) the Trading with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order thereto) and (ii) the PATRIOT Act.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.24</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with processing of personal data. </b>The Borrower shall (and shall procure that each Security Party shall) comply in all respects with all laws and regulations to which they may be subject pertaining to the protection of persons from the processing of personal data where failure to do so is reasonably likely to have a Material Adverse Effect, and shall use its best endeavours to avoid being subject to any claim, notice or other communication in respect of any actual breach of, or liability under, any such law or regulation where any such breach or liability has or is reasonably likely to have a Material Adverse Effect; Provided that upon becoming aware of any such claim, notice or other communication, the Borrower shall promptly inform the Agent in writing of (i) any such claim against the Borrower and/or the Guarantor, whether current, pending or threatened, and/or of (ii) any communication or notice and/or (iii) the imposition of any fine against the Borrower and/or the Guarantor in respect of any actual or alleged breach of, or liability under, any such law or regulation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.25</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Marshall Islands Economic Substance Regulations 2018. </b>The Borrower shall (and shall procure that each other Security Party incorporated in the Republic of the Marshall Islands shall) comply in all respects with the Republic of the Marshall Islands Economic Substance Regulations 2018 (including submission to the Agent of documentary evidence of such compliance) always in accordance with its terms and time frame once the same becomes applicable.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.26</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DAC6. </b>The Borrower, if applicable, shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Finance Documents or any transaction carried out (or to be carried out) in connection with any transaction contemplated by the Finance Documents contains a hallmark as set out in Annex IV of DAC6; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if available).</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.27</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>ANNEX VI. </b>The Borrower shall, upon the request of any Lender and at the cost of the Borrower, on or before 31st July in each calendar year, supply or procure the supply to the Agent, of all ship fuel oil consumption data required to be collected and reported by the Borrower in accordance with Regulation 22A of Annex VI and any Statement of Compliance, together with a Carbon Intensity and Climate Alignment Certificate (if the same becomes mandatory), in each case relating to the Ship for the preceding calendar year and in accordance with the terms and time frame relevant applicable regulations of Annex VI may from time to time come in force and effect; and</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">For the purposes of this Clause 11.27:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>"Annex VI"</b> means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention for the Prevention of Pollution from Ships 1973 ("MARPOL"), as modified by the Protocol of 1978 relating thereto;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>"Carbon Intensity and Climate Alignment Certificate"</b> means a certificate from a Recognised Organisation relating to the Ship and a calendar year setting out:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the average efficiency ratio of the Ship for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with regulation 22A of Annex VI in respect of that calendar year; and</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the climate alignment of the Ship for such calendar year,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>"Recognised Organisation"</b> means, in respect of the Ship, the Ship&#8217;s flag state or an organisation which is likely to be RINA representing the Ship&#8217;s flag state and duly authorised to determine whether the Borrower has complied with regulation 22A of Annex VI.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>"Statement of Compliance"</b> means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.28</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of Sustainability Performance Certificate. </b>The Borrower or the Guarantor shall provide the Agent with a Sustainability Performance Certificate for the Ship within ninety (90) days of the end of each Sustainability Period for the Ship.<b> </b></p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.29</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of copies and translation of documents.</b> <b> </b>The Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide one (1) copy for each Creditor Party.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>CORPORATE UNDERTAKINGS</b></p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Maintenance of status.</b> <b> </b>The Borrower will maintain its separate corporate existence and remain in good standing under the laws of its incorporation.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Negative undertakings.</b> <b> </b>The Borrower will not:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">carry on any type of business other than the ownership, chartering and operation of the Ship in accordance with its constitutional documents;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">make any form of distribution (other than payment of a dividend pursuant to Clause 12.4) or effect any form of redemption, purchase, reduction or return of share capital or issue, allot or grant any person a right to any shares in its capital; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), which consent and instructions will not be unreasonably be withheld, incur any debt or provide any form of credit or financial assistance (unless fully subordinated to the Loan and on terms otherwise acceptable to the Lenders) issue any guarantee to any person, (other than otherwise permitted in this Agreement), or enter into any transaction with or involving such a person, unless in the ordinary course of its normal shipping business; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), open or maintain any account with any bank or financial institution except accounts with the Account Bank or the Swap Bank or for the purposes of the Finance Documents and accounts notified to the Agent prior to the date of this Agreement; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks, or enter into any transaction in a derivative (other than a Designated Transaction); or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enter into any form of amalgamation, merger or de-merger or any form of reconstruction or reorganisation, or change its name; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">purchase any further assets (other than the Ship), either directly or indirectly (through subsidiaries); or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), which consent and instructions will not be unreasonably be withheld, incur any other Financial Indebtedness. Any shareholder loans, inter company loans, affiliate loans and third party loans to the Borrower shall be fully subordinated to the rights of the Creditor Parties under the Loan Agreement and the Finance Documents, on terms satisfactory to the Agent in its sole discretion.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Dividends. </b>The Borrower may declare or pay any dividends or other distribution as long as no Event of Default has occurred which is continuing and such declaration of payment would not result to an Event of Default.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Liquidity. </b>The Borrower and the Guarantor will ensure that from the date of this Agreement the Borrower or the Guarantor or any other member of the Group or any other entity acceptable to the Agent maintain during the Security Period with the Agent or the Account Bank or the Lenders/Lender(s)&#8217; banking group the Minimum Liquidity.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Debt to equity ratio. </b>The Borrower will ensure that the Guarantor&#8217;s total debt net of cash will not exceed 75% of the total market value of its assets.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Minimum Net Worth. </b>The Borrower will ensure that the Guarantor&#8217;s minimum Net Worth listed in Nasdaq will be at least fifteen million Dollars ($15,000,000).</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance Check.</b> <b> </b>On each Compliance Date, compliance with the undertakings contained in Clause 15.1 shall be determined by reference to the Accounting Information for the twelve month period in each Financial Year of the Borrower (commencing with the twelve month period commencing on 1 January 2023) delivered to the Agent pursuant to the Agreement. At the same time as they deliver that Accounting Information, the Borrower shall deliver to the Agent a Compliance Certificate signed by a director of the Borrower. If, prior to the delivery of a Compliance Certificate, the Borrower becomes aware that such undertakings will not be complied with, the Borrower shall immediately notify the Agent thereof.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of FATCA </b>The Borrower shall not become (and shall procure that no Security Party shall become) a FATCA FFI or a US Tax Obligor, without the prior written consent of the Lenders.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.10 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Republic of the Marshall Islands Economic Substance Regulations 2018. </b>The Borrower will ensure that each of the Security Parties incorporated in the Republic of the Marshall Islands shall comply in all respects and remain in compliance with the Republic of the Marshall Islands Economic Substance Regulations 2018 in accordance with its terms and time frame once the same becomes applicable.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INSURANCE</b></p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>The Borrower undertakes with each Creditor Party to comply (and to the extent applicable to procure in all cases that any other Security Party or other entity if named as co-assured in the insurance policies will comply) with the following provisions of this Clause 13 at all times during the Security Period, except as the Agent may (with the authority of the Majority Lenders), otherwise permit.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Maintenance of obligatory insurances.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) keep the Ship insured at its or at the relevant Security Party&#8217;s expense against:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">fire and usual marine risks (including hull and machinery and excess risks);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">war risks (including war protection and indemnity liabilities, terrorism, piracy and confiscation); and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">protection and indemnity risks (including cover for oil pollution liability risks); and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other risks against which the Majority Lenders consider, having regard to practices and other circumstances prevailing at the relevant time, it would in the opinion of the Majority Lenders be reasonable for the Borrower and/or the relevant Security Party to insure and which are specified by the Security Trustee by notice to the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Terms of obligatory insurances.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each Security Party other entity if named as co-assured in the insurance policies will) effect such insurances:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in Dollars;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of (i) 120% of the amount of the Loan and the Hedging Exposure (ii) the Market Value of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in relation to protection and indemnity risks in respect of the full value and tonnage of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on approved terms; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">through approved brokers and with approved insurance companies and/or underwriters and/or war risks associations, and protection and indemnity risks shall be placed with a member of the International Group of P&amp;I Clubs.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Further protections for the Creditor Parties.</b> <b> </b>In addition to the terms set out in Clause 13.3, the Borrower will:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that the obligatory insurances shall be in the name of the Borrower and/or any other entity named as co-assured in the insurance policies of the Ship or whenever the Security Trustee so requires, name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that the insurers shall note the Security Trustee&#8217;s interest and endorse the relevant notices of assignment and loss payable clause on the relevant certificates of entry or policies and shall furnish the Security Trustee with a copy of such certificates of entry or policies;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">use its best endeavors to provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set&#8209;off, counterclaim or deductions or condition whatsoever;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">provide that following an Event of Default which is continuing the Security Trustee may make proof of loss if the Borrower fails to do so.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Renewal of obligatory insurances.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will):</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">at least 21 days before the expiry of any obligatory insurance:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Borrower proposes to renew that insurance and of the proposed terms of renewal; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in case of any material change in insurance cover, obtain the Majority Lenders' approval to the matters referred to in paragraph (i) above;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">at least 14 days before the expiry of any obligatory insurance, renew the insurance; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall before the expiry of the current insurances notify the Security Trustee in writing of the terms and conditions of the renewal.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Copies of policies; letters of undertaking.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) ensure that all approved brokers provide the Security Trustee with copies of all policies relating to the obligatory insurances which they effect or renew and of a letter or letters or undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 13.4;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with the said loss payable clause;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">they will advise the Security Trustee immediately of any material change to the terms of the obligatory insurances;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">they will notify the Security Trustee, not less than 7 days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if the insurances form part of a fleet cover, they will not set off any claims on the Ship against premiums due for other vessels under the fleet cover not mortgaged to the Agent or against premiums due for other insurances; neither will they cancel the insurance cover of the Ship for reason of non-payment of such premiums; and they will arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested by the Security Trustee.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Copies of certificates of entry.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) ensure that, from any protection and indemnity and/or war risks associations in which the Ship is entered, the Security Trustee is provided with:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a certified copy of the certificate of entry for the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a letter or letters of undertaking in such form as may be required by the Security Trustee; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Deposit of original policies.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of premiums.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that each other Security Party if named as co-assured in the insurance policies will) punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Security Trustee.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Guarantees.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure that each other Security Party or other entity if named as co-assured in the insurance policies will) ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Restrictions on employment.</b> <b> </b>The Borrower shall not employ the Ship, nor permit same to be employed, outside the cover provided by any obligatory insurances.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.12</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with terms of insurances.</b> <b> </b>The Borrower shall not (and to the extent applicable shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) do or omit to do (or permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole or in part; and, in particular:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower shall (and shall procure in all cases that each other Security Party or other entity if named as co-assured in the insurance policies will) take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.7(c) above) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower shall not (and shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) make any changes relating to the classification or classification society or manager or operator of the Ship approved by the underwriters of the obligatory insurances; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower shall not (and shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) employ any, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.13</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Alteration to terms of insurances.</b> <b> </b>The Borrower shall not (and to the extent applicable shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) make or agree to any material alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Security Trustee (not to be unreasonably withheld).</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.14</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Settlement of claims. </b>The Borrower shall not (and to the extent applicable shall procure in all cases that no other Security Party or other entity if named as co-assured in the insurance policies will) settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty without the prior written consent of the Security Trustee (which consent will not be unreasonably withheld),, and shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances in accordance with the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.15</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of copies of communications.</b> <b> </b>The Borrower shall (and to the extent applicable shall procure in all cases that any other Security Party or other entity if named as co-assured in the insurance policies will), if required by the Security Trustee, provide the Security Trustee, at the time of each such communication, copies of all material written communications between the Borrower and:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the approved brokers; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the approved protection and indemnity and/or war risks associations; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the approved insurance companies and/or underwriters, which relate directly or indirectly to:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.16</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of information.</b> <b> </b>In addition, the Borrower shall (and to the extent applicable shall procure in all cases that any other Security Party or other entity if named as co-assured in the insurance policies will) promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person) reasonably requests for the purpose of:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 below or dealing with or considering any matters relating to any such insurances,</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Borrower and/or (as the case may be) any other Security Party or other entity, in all cases if named as co-assured in the insurance policies shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a) above (it being understood however that prior to the occurrence of an Event of Default which is continuing the Borrower will only bear the costs of such insurance reports once per year).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.17</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Mortgagees</b>&#8217;<b> interest.</b> <b> </b>The Agent shall be entitled from time to time to effect, maintain and renew a mortgagees&#8217; interest insurance in an amount equal to 115% of the aggregate of the Loan and the Hedging Exposure and otherwise on such terms, through such insurers and generally in such manner as the Lenders may from time to time consider appropriate and the Borrower shall upon demand against appropriate vouchers/invoices fully indemnify the Lenders in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.18</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Review of insurance requirements. </b>The Majority Lenders shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the reasonable opinion of the Majority Lenders, significant and capable of affecting the Borrower and/or to the extent applicable any other Security Party or other entity in all cases if named as co-assured in the insurance policies or the Ship and her insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower and/or (as the case may be) any other Security Party or other entity in all cases if named as co-assured in the insurance policies may be subject), and, prior to the occurrence of an Event of Default which is continuing, may appoint insurance consultants in relation to this review at the cost of the Borrower and/or any other Security Party or other entity in all cases if named as co-assured in the insurance policies, subject to such appointment taking place once per year.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.19</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Modification of insurance requirements.</b> <b> </b>The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the Majority Lenders (acting reasonably) consider appropriate in the circumstances.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>13.20</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with instructions.</b> <b> </b>The Security Trustee shall be entitled but will not be bound to (without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to effect the insurances of the Ship in the amount and in terms acceptable to the Security Trustee from time to time at the cost and on behalf of the Borrower and/ to the extent applicable or any other Security Party or other entity in all cases if named as co-assured in the insurance policies.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SHIP</b>&#8217;<b>S COVENANTS</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 15 at all times during the Security Period, except as the Agent (with the authority of the Majority Lenders) may otherwise permit.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Ship's name and registration</b>. The Borrower shall keep the Ship registered in its name under the Approved Flag; shall not do or allow to be done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry or flag of the Ship without the prior written consent of the Agent (acting on the authority of the Majority Lenders), such consent not to be unreasonably withheld.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Repair and classification.</b> <b> </b>The Borrower shall keep the Ship in a good and safe condition and state of repair:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">consistent with first&#8209;class ship ownership and management practice;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">so as to maintain the Ship with the highest classification available for vessels of the same age, type and specification as the Ship with Lloyd&#8217;s Register of Shipping (or such other first class classification society being a member of IACS and as may be approved by the Security Trustee), free of overdue recommendations and conditions affecting the Ship&#8217;s class; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">so as to comply with all laws and regulations applicable to vessels registered at ports in the Approved Flag State or to vessels trading to any jurisdiction to which the Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Modification.</b> <b> </b>The Borrower shall not (and shall procure that no Approved Manager shall) make any modification or repairs to, or replacement of, the Ship or equipment installed on her which would or might materially alter the structure, type or performance characteristics of the Ship or materially reduce her value.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Removal of parts.</b> <b> </b>The Borrower shall not (and shall procure that no Approved Manager shall) remove any material part of the Ship, or any item of equipment installed on, the Ship unless the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Lenders and becomes on installation on the Ship the property of the Borrower and subject to the security constituted by the Mortgage Provided that the Borrower may install leased equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Surveys.</b> <b> </b>The Borrower shall submit the Ship regularly to all periodical or other surveys which may be required for classification purposes, at the cost and expense of the Borrower. The Agent shall have the right to request one or more technical survey reports of the Ship by surveyors appointed to by the Agent at the cost of the Borrower, provided that the frequency of such reports shall be limited to one per year (unless an Event of Default shall have occurred and is continuing).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Inspection.</b> <b> </b>The Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times, but without interference to the Ship&#8217;s trading and operations, to inspect her condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections. Provided that the Ship is found to be in satisfactory condition, the cost of such inspections shall be borne by the Borrower not more than once per year.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Prevention of and release from arrest.</b> <b> </b>Unless contested in good faith by appropriate proceedings, the Borrower shall promptly discharge:</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship, her Earnings or her Insurances; and</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all taxes, dues and other amounts charged in respect of the Ship, her Earnings or her Insurances;</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and, forthwith upon receiving notice of the arrest of the Ship, or of her detention in exercise or purported exercise of any lien or claim, the Borrower shall procure her prompt release by providing bail or otherwise as the circumstances may require.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Compliance with laws etc.</b> <b> </b>The Borrower shall:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">comply, or procure compliance by the Approved Manager with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or regulations relating to the Ship owned by it, its ownership, operation and management or to the business of the Borrower (including, without limitation, the obtaining of all relevant certificates of financial responsibility and any other matters required for entering United States territorial waters or calling at any United States Port);</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">comply (and procure that each Security Party and each Affiliate of any of them shall comply) in all aspects with all Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">not employ the Ship nor allow her employment in any manner contrary to any Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's war risks insurers unless the prior written consent of the Majority Lenders has been given and the Borrower has (at its expense) effected any special, additional or modified insurance cover which the Majority Lenders may require.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of information. </b>The Borrower shall promptly provide the Security Trustee with any information which the Majority Lenders reasonably request regarding:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship, her employment, position and engagements;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Earnings and payments and amounts due to the master and crew of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship and any payments made in respect of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any towages and salvages;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its compliance, the Approved Manager&#8217;s compliance or the compliance of the Ship with the ISM Code</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and, upon the Security Trustee's request, provide copies of any current charter relating to the Ship and of any current charter guarantee, and copies of the ISM Code and ISPS Code documentation.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of certain events.</b> <b> </b>The Borrower shall immediately notify the Security Trustee by letter of:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any casualty which is or is likely to be or to become a Major Casualty;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any requirement or recommendation made by any insurer or classification society (or any withdrawal of class) or by any competent authority which is not complied with in accordance with its terms;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any arrest or detention of the Ship which is not lifted within forth eight (48) hours, any exercise or purported exercise of any lien on the Ship or her Earnings or any requisition of the Ship for hire;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any intended dry docking of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Environmental Claim made against the Borrower or in connection with the Ship or any Environmental Incident;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, the Approved Manager or otherwise in connection with the Ship; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Borrower shall keep the Security Trustee advised in writing on a regular basis and in such detail as the Security Trustee shall require of the Borrower&#8217;s, the Approved Manager&#8217;s or any other person's response to any of those events or matters.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.12</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Restrictions on chartering, appointment of managers, etc.</b> <b> </b>The Borrower shall not without the prior written consent of the Agent (acting on the authority of the Majority Lenders):</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">let the Ship on demise charter for any period;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">except for the Approved Existing Charter, enter into any time charter or bareboat charter or consecutive voyage charter in respect of the Ship for a term which exceeds, or which by virtue of any optional extensions may exceed, 12 months;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enter into any charter in relation to the Ship under which more than 2 months' hire (or the equivalent) is payable in advance;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">charter the Ship otherwise than on bona fide arm's length terms at the time when the Ship is fixed;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">appoint a commercial, technical or operational manager of the Ship (other than the Approved Manager) or agree to any material alteration to the terms of the Approved Manager's appointment (and in respect of which, the consent of the Agent shall not be unreasonably withheld);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">de&#8209;activate or lay up the Ship;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">change the legal ownership of the shares in the Ship;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">put the Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed Seven Hundred Fifty Thousand Dollars ($750,000) (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or her Earnings for the cost of such work or otherwise; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">change the classification society with which the Ship is classed (and in respect of which, the consent of the Agent and the authority of the Majority Lenders shall not be unreasonably withheld).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.13</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notice of Mortgage.</b> <b> </b>The Borrower shall keep the Mortgage registered against the Ship as a valid first priority mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the Master's cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Borrower to the Lenders.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.14</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sharing of Earnings.</b> <b> </b>The Borrower shall not enter into any agreement or arrangement for the sharing of any Earnings other than a profit sharing agreed at arm&#8217;s length under a charter party provided that it is not a part of any pool arrangement, in which case the Agent&#8217;s prior written consent will be required (such consent not to be unreasonably withheld).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.15</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>ISPS Code.</b> <b> </b>The Borrower shall comply with the ISPS Code and in particular, without limitation, shall:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">procure that the Ship and the company responsible for the Ship&#8217;s compliance with the ISPS Code, comply with the ISPS Code; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">maintain for the Ship an ISSC; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">notify the Lender immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.16</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Charter Assignment.</b> <b> </b>in the case of the Approved Existing Charter and/or if the Borrower enters into any other time charter or contract of affreightment in respect of the Ship which is of twelve (12) months or more in duration, or is capable of exceeding twelve (12) months in duration, the Borrower shall execute in favour of the Security Trustee a Charter Assignment and notice of assignment (and shall try to obtain an acknowledgement of the same from the relevant charterer or counterparty) of such time charter or contract of affreightment in such form and on such terms as the Agent may reasonably require, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4 and 5 of Schedule 3, Part A hereof as the Agent may reasonably require.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>14.17</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No freight derivatives. </b> The Borrower shall not enter into or agree to enter into (without the consent of the Majority Lenders, such consent not to be unreasonably withheld) any freight derivatives or any other instruments which have the effect of hedging forward exposure to freight derivatives.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>ASSET COVER RATIO SHORTFALL - ship</b>&#8217;<b>s valuation</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Minimum Security Cover; Provision of additional security cover; prepayment of Loan.</b> <b> </b>In the event the Agent (acting on the instructions of the Majority Lenders) notifies the Borrower that:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Market Value (determined as provided below) of the Ship; plus</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the net realisable value of any additional security previously provided under this Clause 15 (but always excluding any amounts standing to the credit of the Earnings Account or the Retention Account or the Cash Collateral Account),</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">is during the Security Period below the Asset Cover Ratio, the Borrower undertakes that it will, within thirty (30) days after the date on which the Agent's notice is served, either:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">provide, or ensure that a third party provides, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and which consists of either (aa) cash pledged to the Security Trustee or any other Creditor Party which when in the form of cash in Dollars, will be valued on a Dollar for Dollar basis or (bb) a Security Interest (including, but not limited to, a first priority mortgage over another vessel), covering such asset or assets and documented in such terms as the Agent may, with authorisation from the Majority Lenders, approve or require; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">prepay in accordance with Clause 8 such part of the Loan as will eliminate the shortfall, however, clause 8.10 will not be applicable in this Clause 15.1 (ii) and such prepayment will be applied against repayment instalments of the Loan (including the payment of the Balloon Instalment) on a pro rata basis.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.2</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Meaning of additional security.</b> <b> </b>In Clause 15.1 &#8220;security&#8221; means a Security Interest over an asset or assets (whether securing the Borrower&#8217;s liabilities under the Finance Documents or a guarantee in respect of those liabilities), or a guarantee, letter of credit or other security in respect of the Borrower&#8217;s liabilities under the Finance Documents, in each case in a form and substance acceptable to the Agent in its sole discretion.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.3</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Requirement for additional documents.</b> <b> </b>The Borrower shall not be deemed to have complied with Clause 15.1(i) above until the Agent has received in connection with the additional security certified copies of documents of the kinds referred to in paragraphs 2, 3, 4 and 5 of Schedule 3 (Part A) and such legal opinions in terms acceptable to lawyers selected by the Agent in its sole discretion.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.4</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Valuation of Ship.</b> <b> </b>Subject to the following provisions of this Clause 15.4, the Market Value of the Ship shall be determined:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in Dollars, as at the date of (or no earlier than 30 days prior to the Drawdown Date) such valuation;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">by an independent shipbroker selected by or acceptable to the Agent and reporting to the Agent;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">with or without physical inspection of the Ship (as the Agent may require);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on the basis of a sale for prompt delivery for cash, free of charter and free of encumbrances on normal arm's length commercial form as between a willing seller and a willing buyer.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Value of additional vessel security.</b> <b> </b>The net realisable value of any additional security which is provided under Clause 15.1 (i) and which consists of a Security Interest over a vessel other than the Ship shall be that shown by way of a valuation complying with the requirements of Clause 15.4.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Valuations binding and conclusive</b>. Any valuation under Clause 15.1(i), 16.4 or 16.5 shall be binding and conclusive evidence of the Market Value of the Ship or of the other assets it refers to at the date of such valuation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Provision of information.</b> <b> </b>The Borrower shall promptly provide the Agent and any shipbroker or expert acting under Clause 15.4 or Clause 15.5 with any information which the Agent or the shipbroker or expert may reasonably request for the purposes of the valuation; and, if the Borrower fails to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Majority Lenders (or the expert appointed by them) consider prudent.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of valuation expenses. </b>Without prejudice to the generality of the Borrower&#8217;s obligations under Clauses 20.2, 20.3 and 21.3, the Borrower shall, subject to the provisions of Clause 15.9, on demand, pay the Agent the amount of the fees and expenses of any shipbrokers or experts instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>15.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Frequency of valuations. </b>The Agent shall be entitled to obtain written valuations of the Ship prior to the drawdown of the Loan and any time during the Security Period, provided that after drawdown of the Loan the costs and expenses of such shall only be borne by the Borrower once per year (unless an Event of Default has occurred and is continuing, in which case the Agent shall be entitled to obtain a valuation at any time, at the cost and expense of the Borrower).</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>PAYMENTS AND CALCULATIONS</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Currency and method of payments.</b> <b> </b>All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">by not later than 11.00 a.m. (New York City time) on the due date;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if in Dollars, to the account of the Agent with such corresponding bank in New York as the Agent may from time to time notify to the Borrower and the other Creditor Parties; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrower and the other Creditor Parties.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment on non-Business Day.</b> <b> </b>If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the due date shall be extended to the next succeeding Business Day; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and interest shall be payable during any extension under paragraph (a) at the rate payable on the original due date.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Basis for calculation of periodic payments. </b>All interest and commitment fee and any other payments under any Finance Document which are 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 and a 360 day year.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Distribution of payments to Creditor Parties. </b>Subject to Clauses 16.5, 16.6 and 16.7:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, the Swap Bank or the Security Trustee shall be made available by the Agent to that Lender, the Swap Bank or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such Account as the Lender or the Swap Bank or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">amounts to be applied in satisfying amounts of a particular category which are due to the Lenders or the Swap Bank generally shall be distributed by the Agent to each Lender or the Swap Bank pro rata to the amount in that category which is due to it.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Permitted deductions by Agent. </b>Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a Lender or the Swap Bank, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or the Swap Bank under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender or the Swap Bank to pay on demand.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Agent only obliged to pay when monies received. </b>Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the Borrower or any Lender or the Swap Bank any sum which the Agent is expecting to receive for remittance or distribution to the Borrower or that Lender or the Swap Bank until the Agent has satisfied itself that it has received that sum.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>16.7</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Refund to Agent of monies not received. </b>If and to the extent that the Agent makes available a sum to the Borrower or a Lender or the Swap Bank, without first having received that sum, the Borrower or (as the case may be) the Lender or the Swap Bank concerned shall, on demand:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">refund the sum in full to the Agent; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Agent may assume receipt. </b>Clause 16.7 shall not affect any claim which the Agent has under the law of restitution and applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Creditor Party accounts. </b>Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Agent's memorandum account. </b>The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Accounts prima facie evidence. </b>If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by the Borrower or a Security Party to a Creditor Party, those accounts shall, absent manifest error, be prima facie evidence that that amount is owing to that Creditor Party.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>17.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>APPLICATION OF RECEIPTS</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Normal order of application.</b> <b> </b>Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any Finance Document shall be applied:&#8209;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following order and proportions:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at (ii) and (iii) below (including, but without limitation, all amounts payable by the Borrower under Clauses 20, 21, and 22 of this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents (and, for this purpose, the expression &#8220;interest&#8221; shall include any net amount which the Borrower has become liable to pay or deliver under section 2(e) (Obligations) of the Master Agreement but shall have failed to pay or deliver to the Creditor Parties at the time of application or distribution under this Clause 17); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">thirdly, in or towards satisfaction of the Loan and the Hedging Exposure (in the case of the latter, calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or distribution hereunder) on a pro rata basis;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrower, the Security Parties and the other Creditor Parties, states in its reasonable opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(a); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Variation of order of application.</b> <b> </b>The Agent may, following the occurrence of an Event of Default or a Potential Event of Default which is continuing, with the authorisation of the Majority Lenders and the Swap Bank by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Appropriation rights overriden. </b>This Clause 17 and any notice which the Agent gives under Clause 17.2 shall override any right of appropriation possessed, and any appropriation made, by the Borrower or any Security Party.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>APPLICATION OF EARNINGS</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.1</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment and application of Earnings.</b> <b> </b>The Borrower undertakes with each Creditor Party to ensure that, throughout the Security Period (and subject only to the provisions of the General Assignment), as long as no Event of Default has occurred which is continuing, all the Earnings of the Ship are credited to the Earnings Account and shall be applied as follows:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">first, towards payment of all sums other than principal and interest due to the Lenders under this Agreement and the other Finance Documents;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">secondly, towards payment of the next instalment of principal and the next payment of interest due to the Lenders in accordance with the provisions of Clause 18.3;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">thirdly, in or towards making payments due to the Swap Bank under a Master Agreement and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">fourthly, any surplus shall (subject always to the other provisions of this Clause 18 and provided no Event of Default is continuing) be available to the Borrower, and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it is expressly agreed that so long as no Event of Default shall have occurred and is continuing, the Borrower shall be entitled to withdraw from the Earnings Account any amount provided, however, that if in the opinion of the Agent or the Security Trustee (as the case may be) there will be insufficient sums standing to the credit of the Earnings Account to meet payments under (a) and (b) above, the Agent or the Security Trustee (as the case may be) shall be entitled to refuse any withdrawal from the Earnings Account.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.2 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Designated Transactions.</b> <b> </b>All payments by the Swap Bank to the Borrower under each Designated Transaction shall be credited to the Earnings Account. Any appreciation of the Hedging Exposure over such amount as is referred to in the Credit Support Annex that is not already fully secured by the Mortgage shall be covered by cash collateral on a Dollar for Dollar basis for the amount of any shortfall (and which shall be documented through the Credit Support Annex) and credited to a dedicated swap account opened with the Account Bank.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.3 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Monthly retentions.</b> <b> </b>The Borrower undertakes with each Creditor Party to ensure that, in each calendar month of the Security Period commencing one month after the Drawdown Date, on such dates as the Agent may from time to time specify, there is transferred to the Retention Account out of the Earnings received in the Earnings Account during the preceding calendar month:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">one&#8209;third of the amount of the repayment instalment falling due under Clause 8 on the next Repayment Date; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the relevant fraction of the aggregate amount of interest on the Loan which is payable on the next due date for payment of interest under this Agreement.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The &#8220;relevant fraction&#8221; is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period (or, if the period is shorter, the number<b> </b>of months from the later of the commencement of the current Interest Period or the last due date for payment of interest to the next due date for payment of interest under this Agreement).</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.4</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Shortfall in Earnings.</b> <b> </b>If the aggregate Earnings received in the Earnings Account are insufficient in any month for the required amount to be transferred to the Retention Account under Clause 18.3, the Borrower shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent&#8217;s right to make such demand at any time, the Agent may permit the Borrower to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.3 from the Earnings received in the next or subsequent months.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of retentions.</b> <b> </b>Until an Event of Default occurs, the Lenders shall on each Repayment Date and on each due date for the payment of interest under this Agreement apply in accordance with the payment details set out in Clause 16.1 so much of the balance on the Retention Account as equals:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the repayment instalment due on that Repayment Date; or</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount of interest payable on that interest payment date;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in discharge of the Borrower&#8217;s liability for that repayment instalment or that interest.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Interest accrued on Retention Account.</b> Any credit balance on the Retention Account shall bear interest at the rate from time to time offered by the Account Bank to its customers for Dollar deposits of similar amounts and for periods similar to those for which such balance appears to the Account Bank likely to remain on the Retention Account.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Location of accounts.</b> <b> </b>The Borrower and each other holder of an Account shall maintain the Accounts with the Account Bank, free of Security Interest and rights of set-off (other than as created under the Accounts Pledges), until no amount remains outstanding under this Agreement or any other Finance Documents and shall procure that transfers are made from each Account (and irrevocably authorises the Agent following the occurrence of an Event of Default which is continuing to instruct the Account Bank to transfer from each Account) in order to facilitate the payment of amounts required and/or contemplated by this Agreement and the other Finance Documents and shall promptly:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">comply with any requirement of the Agent as to the location or re&#8209;location of any of the Accounts;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">execute any documents which the Lenders specify to create or maintain in execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) each Account.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Debits for expenses etc.</b> <b> </b>The Agent shall be entitled (but not obliged) from time to time to debit the Earnings Account with prior notice to the Borrower in order to discharge any amount due and payable under Clause 20 or 21 to a Creditor Party or payment of which a Creditor Party has become entitled to demand under Clause 20 or 21.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Borrower</b>&#8217;<b>s obligations unaffected.</b> <b> </b>The provisions of this Clause 18 do not affect:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the liability of the Borrower to make payments of principal and interest on the due dates; or</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other liability or obligation of the Borrower or any Security Party under any Finance Document.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EVENTS OF DEFAULT</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Events of Default.</b> <b> </b>An Event of Default occurs if:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower or any Security Party fail to pay when due or (if payable on demand) three (3) days following the date on which the written demand is served any sum payable under a Finance Document or under any document relating to a Finance Document, unless such failure to pay is caused by an administrative or technical error or any disruption event in the payment/communication system which is beyond the control of the Borrower, in which case the Borrower shall rectify such error within three (3) Business Days; or</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any breach occurs of Clauses 9.2, 9.3, 10.12, 11,2, 11.12, 11.18, 12.2, 12.3, 13 or 15.1, and in case any such breach (other than those referred to in Clauses 9.2, 9.3, 13 and 15.1 hereinabove to which other grace periods are applicable, as therein provided) is in the opinion of the Security Trustee, capable of remedy, if it will continue un-remedied for seven (7) Business Days after its occurrence; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any breach of the obligations set out in Clause 11.22 occurs which in the reasonable opinion of the Majority Lenders could have a Material Adverse Effect.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraph (a) or (b)) which, in the opinion of the Majority Lenders, is capable of remedy, and such default continues un-remedied ten (10) days after written notice from the Agent requesting action to remedy the same; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(subject to any applicable grace period specified in the Finance Document) any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)); or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any representation, warranty or statement made by, or by an officer of, the Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in a material way when it is made; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any of the following occurs in relation to any Financial Indebtedness of the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Financial Indebtedness of the Borrower is not paid when due or, if payable on demand, three (3) days following the date on which the written demand is served; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Financial Indebtedness of the Borrower becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a lease, hire purchase agreement or charter creating any Financial Indebtedness of the Borrower is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of the Borrower ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility as a result of any event of default; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(v)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Security Interest securing any Financial Indebtedness of the Borrower becomes enforceable; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any of the following occurs in relation to the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower becomes, in the opinion of the Majority Lenders, unable to pay its debts as they fall due; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any assets of the Borrower are subject to any form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $500,000 or more or the equivalent in another currency unless such execution, attachment, arrest, sequestration or distress is being contested in good faith and on substantial grounds and is discussed or withdrawn within thirty (30) days of the occurrence thereof; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any administrative or other receiver is appointed over any asset of the Borrower; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an administrator is appointed (whether by the court or otherwise) in respect of the Borrower;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(v)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or a winding up or administration order is made in relation to the Borrower, or the members or directors of the Borrower pass a resolution to the effect that it should be wound up, placed in administration; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vi)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a resolution is passed, an administration notice is given or filed, a bona fide application or petition to a court is made or presented or any other step is taken by (aa) the Borrower or the Guarantor (bb) the members or directors of the Borrower or the Guarantor, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of the Borrower or the Guarantor, or (dd) a government minister or public or regulatory authority of a Relevant Jurisdiction for or with a view to the winding up of the Borrower and the Guarantor or the appointment of a provisional liquidator or administrator in respect of the Borrower or the Guarantor ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a person other than the Borrower and the Guarantor which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than three months after the commencement of the winding up</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by a creditor of the Borrower or of the Guarantor (other than a holder of Security Interests which together relate to all or substantially all of its assets) for the winding up of a the Borrower or the Guarantor or the appointment of a provisional liquidator or administrator in respect of any of the above in any Relevant Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Borrower or the Guarantor will continue to carry on business in the ordinary way and without being the subject of any actual, interim or pending insolvency law procedure</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(viii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of the Borrower unless the petition is being contested in good faith and on substantial grounds and is dismissed or withdrawn within 30 days of the presentation of the petition; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ix)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower petitions a court, or present any proposal for, any form of judicial or non&#8209;judicial suspension or deferral of payments, reorganisation of its debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(x)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any meeting of the members or directors of the Borrower is summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iii), (iv), (v) or (vi) above; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(xi)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in a Relevant Jurisdiction other than England, any event occurs or any procedure is commenced which, in the reasonable opinion of the Majority Lenders, is similar to any of the foregoing; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(j)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it becomes unlawful in any Relevant Jurisdiction or impossible:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for the Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for the Agent, the Security Trustee, the Account Bank or the Lenders or the Swap Bank to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(k)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any consent necessary to enable the Borrower to own, operate or charter the Ship or to enable the Borrower or any Security Party to comply with any provision which the Majority Lenders (acting reasonably) consider material of a Finance Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(l)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">it appears to the Majority Lenders that, without their prior consent, a change has occurred after the date of this Agreement in the legal or beneficial ownership of the shares in the Borrower or in the ultimate control of the voting rights attaching to any shares of the Guarantor as declared to the Agent prior to the execution of this Agreement. For the avoidance of doubt the Agent consents and agrees to any changes relating to the Guarantor&#8217;s trading shares in the normal course of business and confirm that such changes do not violate the terms of this Agreement; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(m)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any provision which the Majority Lenders (acting reasonably) consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another third party claim or interest; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(n)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an Event of Default which is continuing or a Termination Event (in each case as defined in the Master Agreement) occurs during the Security Period;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(o)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Master Agreement is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect during the Security Period for any reason except with the consent of the Agent, acting on the authority of the Majority Lenders;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(p)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the security constituted by a Finance Document is in any way imperilled or in jeopardy; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(q)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If any debt of any Security Party (which in the case of the Guarantor exceeds an aggregate amount of $1,000,000) is not paid when due or any debt of any Security Party (which in the case of the Guarantor exceeds an aggregate amount of $1,000,000) becomes due and payable prior to the date when it would otherwise have become due (unless as a result of the exercise by the relevant Security Party of a voluntary right of prepayment), or any creditor of any Security Party becomes entitled to declare its claim (which in the case of the Guarantor exceeds an aggregate amount of $1,000,000) due and payable, or any facility or commitment available to any Security Party is withdrawn, suspended or cancelled by reason of any default (however described) of such Security Party, and such debt is not discharged within seven (7) Business Days; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(r)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any of the following occurs in relation to the Ship:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship 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 (for any reason other than the reason of a Total Loss of the Ship) and the Borrower shall fail to procure the release of the Ship within a period of forty (40) days thereafter; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any change to the name or port of registry, or flag of the Ship is made without the prior written consent of the Agent (acting on the authority of the Majority Lenders), (such consent not to be unreasonably withheld) or the registration of the Ship in the ownership of the Borrower under the laws and flag of the Approved Flag State is cancelled or terminated without the prior written consent of the Agent or, if the Ship is only provisionally registered on the Drawdown Date of the Loan and is not permanently registered under the laws and flag of Approved Flag State at least five (5) days prior to the deadline for completing such permanent registration; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the event of hostilities in any part of the world (whether war is declared or not), the Ship is entered or trades to any zone which is declared a war zone by any government or by the Ship's war risks insurers unless the prior written consent of the Majority Lenders has been given and the Borrower being the Ship&#8217;s registered owner, has (at its expense) effected any special, additional or modified insurance cover which the Majority Lenders may require or an Approved Flag State, becomes involved in hostilities or civil war or there is a seizure of power in the relevant Approved Flag State by unconstitutional means if, in any such case, such event could in the opinion of the Majority Lenders reasonably be expected to have a Material Adverse Effect on the security constituted by any of the Finance Documents and the Borrower fails to register the Ship under another Approved Flag State as and when requested by the Majority lenders or do such other action as the Agent may reasonably require to ensure that such event or circumstance will not have a Material Adverse Effect within 30 days of notice from the Agent or such longer period as the Agent may in its discretion agrees; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Relevant Person and/or the Approved Manager and/or any of their respective Environmental Affiliates fails to comply with any Environmental Approval or any Environmental Law and all other laws or regulations relating to the Ship its operation and management (including, without limitation, the obtaining of all relevant certificates of financial responsibility and any other matters required for entering United States territorial waters or calling at any United States Port) or the Ship is involved in any incident which gives rise or which may give rise to any Environmental Claim, if in any such case, such non-compliance or incident or the consequences thereof could be expected to have a material adverse effect on the business assets, operations, property or financial condition of the Borrower or the Guarantor or any other Security Party or on the security created by any of the Finance Documents; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(v)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Security Party or any other person fails or omits to comply with any requirements of the protection and indemnity association or other insurer with which any of the Ship is entered for insurance or insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover in relation to that Ship (including without limitation, liability for Environmental Claims arising in jurisdictions where that Ship operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vi)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship ceases to be managed by the Approved Manager (for any reason other than the reason of a Total Loss or sale of that Ship) without the approval of the Majority Lenders (not to be unreasonably withheld) and the Borrower fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Managers or any of them; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Earnings of the Ship are not paid to the Earnings Account for any reason whatsoever (other than with the Agent&#8217;s prior written consent); or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(viii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship ceases to comply with the ISM Code or, as the case may be, the ISPS Code; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(s)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other event occurs or any other circumstances arise or develop including, without limitation:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Material Adverse Effect; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any accident or other event involving the Ship in the light of which the Majority Lenders (acting reasonably) consider that there is a significant risk that the Borrower is, or will later become, unable to discharge their liabilities under the Finance Documents as they fall due.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Actions following an Event of Default.</b> On, or at any time after, the occurrence of an Event of Default which is continuing:</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(a)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>the Agent may, and if so instructed by the Majority Lenders, the Agent shall:</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(i</b>)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">serve on the Borrower a notice stating that the Commitments and all other obligations of each Lender to the Borrower under this Agreement are terminated; and/or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">serve on the Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a) (i) or (ii) above, the Security Trustee, the Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Termination of Commitments.</b> <b> </b>On the service of a notice under paragraph (a)(i) of Clause 19.2, the Commitments and all other obligations of each Lender to the Borrower under this Agreement shall terminate.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Acceleration of Loan.</b> <b> </b>On the service of a notice under paragraph (a)(ii) of Clause 19.2, the Loan, all accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Multiple notices; action without notice.</b> <b> </b>The Agent may serve notices under paragraphs (a) (i) and (ii) of Clause 19.2 simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after the service of both or either of such notices.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of Creditor Parties and Security Parties.</b> <b> </b>The Agent shall send to each Lender, the Security Trustee, the Account Bank and each Security Party a copy or the text of any notice which the Agent serves on the Borrower under Clause 19.2; but the notice shall become effective when it is served on the Borrower, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the Borrower or any Security Party with any form of claim or defence.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Creditor Parties</b>&#8217;<b> rights unimpaired</b>. Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1 and Clause 3.2.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exclusion of Creditor Party Liability.</b> <b> </b>No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset; except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been caused by the gross negligence or the wilful misconduct of such Creditor Party's own officers and employees or (as the case may be) such receiver's or manager's own partners or employees.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Interpretation.</b> <b> </b>In Clause 19.1 references to an event of default or a termination event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(h) &#8220;petition&#8221; includes an application.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Relevant Persons. </b>In this Clause 19, a &#8220;Relevant Person&#8221; means the Borrower, the Guarantor, the Approved Manager and any other Security Party.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>19.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Position of Swap Bank. </b>Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to the foregoing provisions of this Clause 19, to have any regard to the requirements of the Swap Bank except to the extent that the Swap Bank is also a Lender.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>FEES AND EXPENSES</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Evaluation Costs and Expenses </b>&#8211;<b> Commitment Fee </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall irrevocably and unconditionally pay to the original Lender specified in Schedule 1 <i>(The lenders and their Commitments) </i>of this Agreement, a non-refundable amount equal to zero point eighty five (0.85%) per centum on the Drawdown Date of the Loan representing the cost and expenses for the evaluation of the Commitment and the terms on which it shall be made available (as outlined in this Agreement) and the arrangement of the drawdown of the Loan, whether in whole or in part.</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall pay to the Agent a commitment fee at the rate of zero point twenty per cent (0.20%) per annum on the undrawn portion of the Maximum Facility Amount, such fee accruing from the date hereof and being payable quarterly in arrears to the Agent on account of the Lenders on the earliest of:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date upon which the Loan is drawn by the Borrower; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date upon which the Borrower shall have given written notification to the Agent as to its intention not to make use of the Loan.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Evaluation Costs and Expenses and Commitment Fee referred to in this Clause 20.1 shall not be refundable irrespective of whether the Loan is drawn or not.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.2</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Costs of negotiation, preparation etc.</b> <b> </b>The Borrower shall pay to the Agent on its demand the amount of all expenses (including, but not limited to, all legal expenses and VAT, if applicable) incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document, other than any syndication costs/expenses.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Costs of variations, amendments, enforcement etc.</b> <b> </b>The Borrower shall pay to the Agent, on the Agent's demand, the amount of all expenses incurred by a Lender in connection with:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any amendment or supplement to a Finance Document, or any proposal for such an amendment or supplement to be made, including, but not limited to, an amendment pursuant to or contemplated by Clause 24.7;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any consent or waiver by the Lenders, the Majority Lenders or the Creditor Party concerned under or in connection with a Finance Document;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the valuation of any security provided or offered under Clause 15 or any other matter relating to such security;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any step taken by the Agent or the Security Trustee concerned with a view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Documentary taxes. </b>The Borrower shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent's demand, fully indemnify each Creditor Party against any liabilities and expenses resulting from any failure or delay by the Borrower to pay such a tax.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>20.5</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Certification of amounts.</b> <b> </b>A notice which is signed by at least one officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall, save for manifest error, be prima facie evidence that the amount, or aggregate amount, is due.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INDEMNITIES</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Indemnities regarding borrowing and repayment of Loan.</b> <b> </b>The Borrower shall fully indemnify the Agent and each Lender on the Agent's written demand and the Security Trustee on its demand in respect of all expenses, liabilities and losses which are incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender claiming the indemnity;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 or other relevant period;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any failure (for whatever reason) by the Borrower to make payment of any amount due under a Finance Document on the due date or, if payable on demand, three (3) days following the date on which the written demand is served (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 8);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the occurrence and/or continuance of an Event of Default or a Potential Event of Default (including, but not limited to, a breach of Clauses 11.18 or 11.20) and/or the acceleration of Loan under Clause 19.4;</p>
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			<td style="width: auto; font-size: 10pt;">and in respect of any tax (other than tax on its overall net income or which relates to a FACTA Deduction) for which a Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document.</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Breakage costs.</b> <b> </b>Without limiting its generality, Clause 21.1 covers any liability, expense or loss, incurred by a Lender:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount); and</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in terminating, or otherwise in connection with, any interest and/or currency swap or any other transaction entered into (whether with another legal entity or another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part which the Lender concerned determines is fairly attributable to this Agreement of the amount of the liabilities, expenses or losses (including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.3</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Miscellaneous indemnities.</b> <b> </b>The Borrower shall fully indemnify the Agent and the Security Trustee severally on their respective demands in respect of all claims, demands, proceedings, liabilities, taxes, losses and expenses of every kind (&#8220;liability items&#8221;) which may be made or brought against, or incurred by, the Agent or the Security Trustee, in any country, in relation to:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other event, matter or question which occurs or arises at any time during the Security Period and which has any connection with, or any bearing on, any Finance Document, any payment or other transaction relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created (or intended to be created) by a Finance Document;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">other than liability items which are shown to have been caused by the gross negligence or the wilful misconduct of the Agent's or (as the case may be) the Security Trustee's own officers or employees.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without prejudice to its generality, this Clause 21.3 covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.4</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Extension of indemnities; environmental indemnity.</b> <b> </b>Without prejudice to its generality, Clause 21.3 covers:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any matter which would be covered by Clause 21.3 if any of the references in that Clause to a Lender were a reference to the Agent or (as the case may be) to the Security Trustee; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any liability items which arise, or are asserted, under or in connection with any law relating to safety at sea, pollution or the protection of the environment if such liability items would not have arise or asserted against the Lender or Agent or the Security Trustee (as the case may be) if any of them had not entered into any of the Finance Documents and/or exercised any of its rights, powers and discretions thereby conferred and/or performed any of its obligations thereunder and/or been involved in any of the transactions contemplated by the Finance Documents.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Currency indemnity.</b> <b> </b>If any sum due from the Borrower or any other Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the &#8220;Contractual Currency&#8221;) into another currency (the &#8220;Payment Currency&#8221;) for the purpose of:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">making or lodging any claim or proof against the Borrower or any Security Party, whether in its liquidation, any arrangement involving it or otherwise; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">obtaining an order or judgment from any court or other tribunal; or</p>
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			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enforcing any such order or judgment;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower or such other Security Party shall indemnify the Creditor Party concerned against any loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Clause 21.5, the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Clause 21.5 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities and for the avoidance of doubt, Clause 21.4 does not apply in respect of sums due from the Borrower to the Swap Bank under or in connection with the Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply.</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Certification of amounts.</b> <b> </b>A notice which is signed by 1 officer of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall, save for manifest error, be prima facie evidence that the amount, or aggregate amount, is due.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.7</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sums deemed due to a Lender.</b> <b> </b>For the purposes of this Clause 21, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to a Lender shall be treated as a sum due to that Lender.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>21.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Mandatory Costs.</b> <b> </b>The Borrower shall, on demand by the Agent, pay to the Agent for the account of a Lender, such amount which any Lender certifies in a notice to the Agent to be its good faith determination of the amount necessary to compensate it for complying with:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of a Lender lending from a lending office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions) in respect of loans made from that lending office; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of any Lender lending from a lending office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions), which, in each case, is referable to that Lender's participation in the Loan.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>NO SET-OFF OR TAX DEDUCTION</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.1</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No deductions.</b> <b> </b>All amounts due from the Borrower under a Finance Document shall be paid:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without any form of set&#8209;off, cross-claim or condition; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.2</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Grossing-up for taxes.</b> <b> </b>If the Borrower is required by law to make a tax deduction from any payment:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower shall notify the Agent as soon as it becomes aware of the requirement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Evidence of payment of taxes.</b> <b> </b>Within 1 month after making any tax deduction, the Borrower shall deliver to the Agent documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.4</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exclusion of tax on overall net income</b>. In this Clause 22 &#8220;tax deduction&#8221; means any deduction or withholding for or on account of any present or future tax except tax on a Creditor Party's overall net income.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.5</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>FATCA Information.</b> <b> </b></p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party:</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">confirm to that other Party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party;</p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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; and</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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.</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If a Party 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 that other Party reasonably promptly.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Paragraph (a) above shall not oblige any Creditor Party to do anything which would or might in its reasonable opinion constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or 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 party for purposes of this paragraph (c).</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents 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.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>FATCA Deduction</b></p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Creditor Parties.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>22.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Contractual recognition of Bail-In.</b> <b> </b></p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">any Bail-In Action in relation to any such liability applicable to such Party, including (without limitation):</p>
			</td>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">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;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">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</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">a cancellation of any such liability; and</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 applicable to such Party.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>23.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>ILLEGALITY, ETC</b></p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>23.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Illegality.</b> <b> </b>This Clause 23 applies if a Lender (the &#8220;Notifying Lender&#8221;) notifies the Agent that it has become, or will with effect from a specified date, become:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">unlawful or prohibited (including, without limitation, due to a breach of Clauses 11.18 or 11.20) as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">contrary to, or inconsistent with, any regulation,</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>23.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of illegality.</b> <b> </b>The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1 which the Agent receives from the Notifying Lender.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>23.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Prepayment; termination of Commitment. </b>On the Agent notifying the Borrower under Clause 23.2, the Notifying Lender's Commitment shall terminate; and thereupon or, if later, on the date specified in the Notifying Lender's notice under Clause 23.1 as the date on which the notified event would become effective the Borrower shall prepay the Notifying Lender's Contribution in accordance with Clause 8.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>23.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Mitigation.</b> <b> </b>If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">have an adverse effect on its business, operations or financial condition; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>24.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INCREASED COSTS</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Increased costs.</b> <b> </b>This Clause 24 applies if the Notifying Lender notifies the Agent that as a result of:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender's overall net income); or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">complying with any regulation (including any regulation which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement (including, but not limited to, Basel II, Basel III, CRD IV and CRR),</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Notifying Lender considers that it (or any of its Affiliates) has incurred or will incur an &#8220;increased cost&#8221;, that is to say:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or any Finance Document or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a reduction in the amount of any payment to the Notifying Lender under this Agreement or any Finance Document or in the effective return which such a payment represents to the Notifying Lender or on its capital;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying Lender's Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(iv)</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender (or any of its Affiliates) under this Agreement or any Finance Document,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or any of its Affiliates) or an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or which is attributable to a FATCA Deduction.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">For the purposes of this Clause 24.1 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class thereof) on such basis as it considers appropriate.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification to Borrower of claim for increased costs.</b> <b> </b>The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of increased costs.</b> <b> </b>The Borrower shall pay to the Agent, on the Agent's demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notice of prepayment.</b> <b> </b>If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.3, the Borrower may give the Agent not less than 14 days' notice of its intention to prepay the Notifying Lender's Contribution at the end of an Interest Period.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Prepayment; termination of Commitment</b>. A notice under Clause 24.4 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower&#8217;s notice of intended prepayment; and:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Lender's Contribution, together with accrued interest thereon at the applicable rate plus the Margin.</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>24.6</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Application of prepayment. Clause 8 shall apply in relation to the prepayment.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>24.7</b></p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to Reference Rates</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to paragraph (b) of Clause 27.2, any amendment or waiver which relates to:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">providing for the use of a Replacement Reference Rate; and</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">implementing market conventions applicable to that Replacement Reference Rate;</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(v)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vi)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 Reference Rate (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,</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If any Lender fails to respond to a request for an amendment or waiver described in<i>, </i>or for any other vote of Lenders in relation to, paragraph (a) above within 5 Business Days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being made:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Clause 24.7:</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;Published Rate&#8221; means:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">SOFR; or</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Term SOFR for any Quoted Tenor.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;Quoted Tenor&#8221; means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;Relevant Nominating Body&#8221; 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.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;Replacement Reference Rate&#8221; means a reference rate which is:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">formally designated, nominated or recommended as the replacement for a Published Rate by:</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Relevant Nominating Body,</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &#8220;<b>Replacement Reference Rate</b>&#8221; will be the replacement under paragraph (ii) above;</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to a Published Rate; or</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to a Published Rate.</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SET</b>&#8209;<b>OFF</b></p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of credit balances</b>. Each Creditor Party may without prior notice at any time after the occurrence of an Event of Default which is continuing:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">apply any balance (whether or not then due) which at any time stands to the credit of any Account in the name of the Borrower and/or the Guarantor at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Borrower and/or the Guarantor to that Creditor Party under any of the Finance Documents; and</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">for that purpose:</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">break, or alter the maturity of, all or any part of a deposit of the Borrower and/or the Guarantor;</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">convert or translate all or any part of a deposit or other credit balance into Dollars;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Existing rights unaffected.</b> <b> </b>No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition to any right of set&#8209;off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sums deemed due to a Lender.</b> <b> </b>For the purposes of this Clause 25, a sum payable by the Borrower and/or the Guarantor to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender's proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No Security Interest.</b> <b> </b>This Clause 25 gives the Lenders a contractual right of set off only, and does not create any equitable charge or other Security Interest over any credit balance of the Borrower and/or the Guarantor.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>25.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No Borrower</b>&#8217;<b>s/Guarantor</b>&#8217;<b>s set off. </b>The Borrower and/or the Guarantor shall not have a right of set off in relation to sums that may be due from any Creditor Party under this Agreement or any of the other Finance Documents.</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>TRANSFERS AND CHANGES IN LENDING OFFICES</b></p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Transfer by the Borrower.</b> <b> </b>The Borrower may not:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without the prior written consent of the Agent (given on the instructions of all of the Lenders), transfer any of its rights or obligations under any Finance Document;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">without the prior written consent of the Agent (given on the instructions of all the Lenders), enter into any merger, de-merger or other reorganisation, or carry out any other act, as a result of which any of its rights or liabilities would vest in, or pass to, another person.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Transfer by a Lender.</b> <b> </b>Subject to Clause 26.4, a Lender (the &#8220;Transferor Lender&#8221;) may, at its sole discretion and at the expense of the Transferee Lender (as hereinafter defined), without the consent of and/or the prior consultation with the Borrower (but with notice to the Borrower) and/or any Security Party, at any time assign or transfer by novation (as applicable):</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its rights in respect of all or part of its Contribution; or</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its obligations in respect of all or part of its Commitment; or</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a combination of (a) and (b);</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">to be (in the case of its rights) assigned or transferred to, or (in the case of its obligations) assumed by and novated to, another bank or financial institution, or another branch, any Subsidiary or Affiliate of, or company controlled by, the Lender or a member of the European Central Bank System, a credit institution, a financial services institution, a financial institution, an insurance company, a social security a pension fund, a hedge fund, an investment company/trust or a special purpose company established for the purposes of securitization,&nbsp; or by 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 (a &#8220;<b>Transferee Lender</b>&#8221;) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required by the Agent (a &#8220;<b>Transfer Certificate</b>&#8221;) executed by the Transferor Lender and the Transferee Lender and should the Transfer Certificate alone be not sufficient in the Transferor Lender&#8217;s or Transferee Lender's jurisdiction for a Transferor Lender to transfer all or a proportionate share of the Transferor Lender's interest in the security constituted by the Finance Documents, the Borrower hereby undertakes, immediately on being requested to do so by the Agent 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 such Lender&#8217;s interest in the Finance Documents and all relevant references in this Agreement to such Lender shall thereafter be construed as a reference to the Transferor Lender and/or its Transferee Lender (as the case may be) to the extent of their respective interests.</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">However any rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee shall be dealt with separately in accordance with the Agency and Trust Deed.&nbsp;</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Transfer Certificate, delivery and notification.</b> <b> </b>As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee, the Arranger, the Account Bank and each of the Lenders;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes or electronic mail notifying them of the Transfer Certificate and attaching a copy of it;</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">send to the Transferee Lender copies of the letters or faxes or electronic mail sent under paragraph (b) above.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Effective Date of Transfer Certificate.</b> <b> </b>A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under Clause 26.3 on or before that date.</p>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>No transfer without Transfer Certificate.</b> <b> </b>No assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Lender re-organisation; waiver of Transfer Certificate</b>. However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the &#8220;successor&#8221;), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the Agent's notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender. In addition, where security rights (such as pledge and mortgage rights) created in the interest of the Lender concerned were transferred to the successor as a result of such a merger, de-merger or other reorganisation, then such rights will serve as if they were created in the interest of the successor.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Effect of Transfer Certificate.</b> <b> </b>A Transfer Certificate takes effect in accordance with English law as follows:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to the extent specified in the Transfer Certificate, all rights, interests and/or obligations (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned and/or transferred by novation (as applicable) to the Transferee Lender absolutely, free of any defects in the Transferor Lender's title and of any rights or equities which the Borrower or any Security Party had against the Transferor Lender;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Transferor Lender's Commitment is discharged to the extent specified in the Transfer Certificate;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about pro&#8209;rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any part of the Loan which the Transferee Lender advances after the Transfer Certificate's effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor's title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 21, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount.</p>
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		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
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		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">The rights and equities of the Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross&#8209;claim.</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Maintenance of register of Lenders.</b> <b> </b>During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least 3 Business Days prior notice.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Reliance on register of Lenders.</b> <b> </b>The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.10</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Authorisation of Agent to sign Transfer Certificates.</b> <b> </b>The Borrower, the Arranger, the Account Bank, the Security Trustee, each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.11</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Registration fee. </b>In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the Transferor Lender or (at the Agent's option) the Transferee Lender. Such fees will not burden any of the Security Parties under any circumstances.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.12</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Sub-participation; subrogation assignment.</b> <b> </b>A Lender may sub&#8209;participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to, the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.13</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Disclosure of information to a Transferee Lender</b>. A Lender may disclose to a potential Transferee Lender or sub&#8209;participant any information necessary to effect the relevant transaction which the Lender has received in relation to the Borrower, any Security Party or their affairs under or in connection with any Finance Document, provided that the Lender shall ensure that such person shall have entered into an undertaking of confidentiality with the Lender.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.14</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Change of lending office.</b> <b> </b>A Lender may change its lending office without consultation with the Borrower by giving notice to the Agent and the change shall become effective on the later of:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date on which the Agent receives the notice; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the date, if any, specified in the notice as the date on which the change will come into effect.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.15</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification.</b> <b> </b>On receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.16 </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Security over Lenders</b>&#8217;<b> rights.</b> <b> </b>In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from, the Borrower or any other Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities;</p>
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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">except that no such charge, assignment or Security Interest shall:</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for Lender as a party to any of the Finance Documents; or</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">require any payments to be made by the Borrower or any other Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26.17</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DAC6. </b>Nothing in any Finance Document shall prevent disclosure of any confidential information or other matter to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in Part II A1 of Annex IV of Directive 2011/16/EU, if applicable.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>26. </b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>18</b> <b> Disclosure of information to a service provider.</b> <b> </b>Further to Clause 26.13 and without limiting the foregoing, the Borrower authorises any of the Lenders to disclose all information related or connected to:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship or any other vessel owned or operated by a Security Party;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the negotiation, drafting and content of this Agreement and the Finance Documents;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Loan; or</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Security Party,</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to a Transferee Lender or a potential Transferee Lender or to any other person who may propose entering into contractual relations with the Lender in relation to this Agreement to any service provider (included but not limited to professional advisers, auditors, lawyers, accountants, surveyors, valuers, insurers, insurance advisers and brokers) which any of the Lenders may in its discretion deem necessary or desirable in connection with this Agreement or any other Finance Documents and/or the protection or enforcement of its rights thereunder, provided that the recipient has agreed to treat the information as confidential.</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>VARIATIONS AND WAIVERS</b></p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Variations, waivers etc. by Majority Lenders.</b> <b> </b>Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party's rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax or electronic mail, by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party.</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Variations, waivers etc. requiring agreement of all Lenders.</b> <b> </b>However, as regards the following, Clause 27.1 applies as if the words &#8220;by the Agent on behalf of the Majority Lenders&#8221; were replaced by the words &#8220;by or on behalf of every Lender&#8221;:</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a reduction in the Applicable Margin or in the calculation of Interest;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees, or other sums payable under this Agreement;</p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an increase in any Lender's Commitment;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an extension of the Availability Period;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a change to the definition of &#8220;Majority Lenders&#8221;, &#8220;Finance Documents&#8221;, &#8220;Restricted Party&#8221;, &#8220;Sanctions&#8221;, &#8220;Sanctions Authority&#8221; or &#8220;Sanctions List&#8221;;</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a change to the preamble or to Clause 2, 3, 4, 5.1, 11.18, 11,20, 17, 19 or 30;</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a change to Clause 3 or this Clause 27;</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender's consent is required.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Exclusion of other or implied variations.</b> <b> </b>Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising:</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a provision of this Agreement or another Finance Document; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">an Event of Default; or</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any right or remedy conferred by any Finance Document or by the general law,</p>
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		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of Variation or Waiver.</b> <b> </b>No variation or waiver may be made before the date falling ten (10) Business Days after the terms of that variation or waiver have been notified by the Agent to the Lenders. The Agent shall notify the Lenders reasonably promptly of any variations or waivers proposed by the Borrower.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>27.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Variation or Waiver: FATCA.</b></p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Notwithstanding the foregoing, if the Agent or a Lender reasonably believes that an amendment or waiver may constitute a &#8220;material modification&#8221; for the purposes of FATCA that may result (directly or indirectly) in a Party being required to make a FATCA Deduction and the Agent or that Lender (as the case may be) notifies the Borrower and the Agent accordingly, that amendment or waiver may, subject to paragraph (b) below, not be effected without the consent of the Agent or that Lender (as the case may be).</p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>NOTICES</b></p>
			</td>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>General.</b> <b> </b>Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax or electronic mail; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Addresses for communications.</b> <b> </b>A notice shall be sent:</p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(a)</b></p>
			</td>
			<td style="width: 220px; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>to the Borrower:</b></p>
			</td>
			<td style="width: 1109px; font-size: 10pt;"><b>c/o Euroseas Ltd</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>4, Messogiou &amp; Evropis Street</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>151 24, Maroussi </b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>Athens, Greece</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Fax No: +30 2111 804097</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Email: aha@euroseas.gr</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Attn:&nbsp; Mr. Tassos Aslidis/Simos Pariaros</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">(b)</td>
			<td style="width: 220px; font-size: 10pt;">to a Lender:</td>
			<td style="width: 1109px; font-size: 10pt;">At the address below its name in</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Schedule 1 or (as the case may require) in the relevant Transfer Certificate;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;"><b>(c)</b></td>
			<td style="width: 220px; font-size: 10pt;"><b>to the Arranger, Account Bank and</b></td>
			<td style="width: 1109px; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;"><b>Security Trustee:</b>&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>83 Akti Miaouli &amp; 1, Flessa Street</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>185 38 Piraeus</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>Greece</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Fax No: +30 210 4587877;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">(d)</td>
			<td style="width: 220px; font-size: 10pt;">to the Agent:&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">EUROBANK S.A.</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>83 Akti Miaouli &amp; 1, Flessa Street</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>185 38 Piraeus</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;"><b>Greece</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Fax: +30 210 4587877</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Email: ShippingLoansAdministration@eurobank.gr&nbsp;&nbsp;&nbsp;&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">(e)</td>
			<td style="width: 220px; font-size: 10pt;">to the Swap Bank: EUROBANK S.A.</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">8 Iolkou &amp; Filikis Etairias Str.,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">142 34. N. Ionia, Athens</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Fax No. +30 3522 670 / 210 3522 669</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Attention: Head of Regulations Monitoring &amp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Agreements Negotiation/ Head of Global Markets &amp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">Treasury Back Office Division&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 33px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 220px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1109px; font-size: 10pt;">&nbsp;</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">or to such other person, address or fax number as is notified by the Borrower or any Security Party or the Agent, the Swap Bank, the Security Trustee or a Lender (as the case may be) to the other parties to this Agreement in writing.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Effective date of notices.</b> <b> </b>Subject to Clauses 28.4 and 28.5:</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a notice which is sent by e-mail shall be deemed to be effective in accordance with paragraphs (c) and (d) of Clause 28.7.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Service outside business hours.</b> <b> </b>However, if under Clause 28.3 a notice would be deemed to be served:</p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on a day which is not a business day in the place of receipt; or</p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on such a business day, but after 5 p.m. local time;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Illegible notices.</b> <b> </b>Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.6</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Valid notices.</b> <b> </b>A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if,</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.7</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Electronic communication.</b> <b> </b></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(</b>a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 (including, without limitation, by way of posting to a secure website), if those two Parties:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">notify each other of any change to their respective addresses or any other such information supplied to them by not less than five (5) Business Day&#8217;s notice.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any such electronic communication as specified in paragraph (a) above to be made between a Security Party and the Agent or any other Creditor Party may only be made in that way 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.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and, in the case of any electronic communication made by a Party to the Agent or any other Creditor Party, only if it is addressed in such a manner as the Agent or such other Creditor Party shall specify for this purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 28.7.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.8</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>English language.</b> <b> </b>Any notice under or in connection with a Finance Document shall be in English.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>28.9</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Meaning of </b>&#8220;<b>notice</b>&#8221;<b>. </b>In this Clause &#8220;notice&#8221; includes any demand, consent, authorisation, approval, instruction, waiver or other communication.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SUPPLEMENTAL</b></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Rights cumulative, non-exclusive.</b> <b> </b>The rights and remedies which the Finance Documents give to each Creditor Party are:</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">cumulative;</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">may be exercised as often as appears expedient; and</p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Severability of provisions.</b> <b> </b>If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.3</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Third party rights.</b> <b> </b>A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.</p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.4</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Counterparts.</b> <b> </b>A Finance Document may be executed in any number of counterparts.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>29.5</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>PATRIOT Act Notice.</b> <b> </b>Each of the Agent and the Lenders hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act and the policies and practices of the Agent and each Lender, the Agent and each of the Lenders is required to obtain, verify and record certain information and documentation that identifies the Borrower and each Security Party, which information includes the name and address of the Borrower and each Security Party and such other information that will allow the Agent and each of the Lenders to identify the Borrower and each Security Party in accordance with the PATRIOT Act.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>30.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Governing LAW AND JURISDICTION</b></p>
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		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>30.1</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Governing Law.</b> <b> </b>This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>30.2</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Jurisdiction.</b> <b> </b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a "<b>Dispute</b>").</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Clause 30.2 is for the benefit of the Creditor Parties only. As a result, no Creditor Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions.</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Service of process. </b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(</b>a)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without prejudice to any other mode of service allowed under any relevant law, the Borrower (and the Borrower shall procure that each other Security Party, other than a Security Party incorporated in England and Wales):</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">irrevocably appoint Messrs Shoreside Agents Ltd at 5 St Helen&#8217;s Place, London EC3A 6AB, England (Tel.: +44 (0)203771 8869, fax: +44 (0)203771 8870, attention of: Mrs Electra Panayotopoulos (email:electra.panayotopoulos@shoresidelaw.com), Mr. Andrew Johnson (email Andrew.Johnson@shoresidelaw.com) as its agent for service of process in relation to proceedings of any kind, including an application for a provisional or protective measure (&#8220;proceedings&#8221;) before the English courts in connection with this Agreement and any other Finance Document; and</p>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">agrees that (on the understanding that process has first duly been served upon the process agent) failure by a process agent to notify the Borrower or the relevant Security Party of the process will not invalidate the proceedings concerned.</p>
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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 Borrower must immediately (and in any event within seven (7) days of such event taking place) appoint another agent on terms reasonably acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose and will duly notify the Borrower on the contact details of the same.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>30.4</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Creditor Parties&#8217; rights unaffected. Nothing in this Clause 30 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the settlement of any Dispute, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>AS WITNESS</b> the hands of the duly authorised officers or attorneys of the parties the day and year first before written.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center; text-indent: 0pt;"><b>schedule 1</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>THE LENDERS AND THEIR COMMITMENTS</b></p>

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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Name of Lender</b></p>
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			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: middle; width: 50%; border-top: 1px solid black; border-left: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Lending Office</b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>and</b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>contact details</b></p>
			</td>
			<td style="border-width: 1px; border-style: solid; border-color: black black rgb(0, 0, 0); vertical-align: middle; width: 25%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Total Commitments ($)</b></p>
			</td>
		</tr>
		<tr style="background-color: rgb(255, 255, 255); font-size: 10pt;">
			<td style="vertical-align: middle; width: 25%; border-left: 1px solid black; border-bottom: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Eurobank S.A.</p>
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			<td style="vertical-align: middle; width: 50%; border-left: 1px solid black; border-bottom: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">&nbsp;</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><u>Lending office</u></b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">83 Akti Miaouli &amp; 1, Flessa Street,185 38 Piraeus, Greece</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">&nbsp;</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b><u>Contact details</u></b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">&nbsp;</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">83 Akti Miaouli &amp; 1, Flessa Street,185 38 Piraeus, Greece</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Fax No: +30 210 4587877</p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">Attn: Loans Administration</p>
			</td>
			<td style="vertical-align: middle; width: 25%; border-left: 1px solid black; border-right: 1px solid black; border-bottom: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">26,000,000</p>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>SCHEDULE 2</b><br>
<b>DRAWDOWN NOTICE</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To:</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">EUROBANK S.A.</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">83, Akti Miaouli</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">185 38 Piraeus</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Greece</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Attention:[Loans Administration]</p>
			</td>
			<td style="width: 671px; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">[<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>] 2023</p>
			</td>
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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>1.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>We refer to the loan agreement (the </i>&#8220;<b><i>Loan Agreement</i></b>&#8221;<i>) dated [</i></font><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>] March 2023 and made between (1) ourselves as Borrower, (2) the Lenders referred to therein and (3) yourselves as Arranger, Account Bank, Agent, Swap Bank and as Security Trustee in connection with a secured term loan of up to $26,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>2.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>We request to draw the Loan as follows:</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Amount: $ [<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>];</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Drawdown Date: [<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>] 2023;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Duration of the first Interest Period shall be [<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>] months;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>3.</i></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>Payment instructions: Please credit account of [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>] and numbered [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>] held in our name with the Shipping Branch EUROBANK S.A. with the amount of [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>], for onward remittance [along with Borrower</i>&#8217;<i>s equity funds, under separate instructions value [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>] to [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>] swift code [</i><font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font><i>], to be released as per MT 199 swift message, attached to this Drawdown Notice as Appendix 1].We represent and warrant that:</i></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the representations and warranties in Clause 10 of the Loan Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at this date;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">there has been no Material Adverse Change since the date of the accounts referred to in Clause 11.6 of the Loan Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the said Loan will be used for our own benefit and under our full responsibility and exclusively for the purposes specified in the preamble of the Loan Agreement; and</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the said Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>4.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>This notice cannot be revoked without the prior consent of the Majority Lenders.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>5.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>This notice is governed by English law.</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">Yours faithfully</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">--------------------------------------</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">[<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>]</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>authorised signatory for</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>GREGOS MARITIME LTD</b></p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE 3</b><br>
<b>CONDITION PRECEDENT DOCUMENTS</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>PART A</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">The following are the documents referred to in Clause 9.1(a):</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>1.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A duly executed original of this Agreement, the Agency and Trust Deed, the Master Agreement, the Credit Support Annex, the Master Agreement Assignment, the Guarantee and the Accounts Pledges.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>2.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Copies of the certificate of incorporation and constitutional documents of the Borrower, the Guarantor and the Approved Manager, together with up to date evidence of the good standing.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>3.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Originals of resolutions of the directors and shareholders of the Borrower and originals of the relevant minutes containing the resolutions of the directors of the Guarantor and the Approved Manager authorising the execution of each of the Finance Documents referred to at 1 above to which the Borrower and/or any other Security Party is a party and authorising named officers of the Borrower to give the Drawdown Notice and other notices under this Agreement.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>4.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The original of any power of attorney under which any Finance Document referred to at 1 above is executed on behalf of the Borrower, the Guarantor and the Approved Manager.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>5.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Copies of all consents which the Borrower or any other Security Party requires to enter into, or make any payment under, any Finance Document.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>6.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>All documentation required by the Agent in respect of the Borrower and any other Security Party pursuant to any Lender</i>&#8217;<i>s </i>&#8220;<i>Know your customer</i>&#8221;<i> requirements based on applicable laws and regulations from time to time and the Agent</i>&#8217;<i>s own internal guidelines from time to time, together with such other documents or evidence as such Lender may reasonably require with respect to money laundering regulations.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>7.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A copy of the Contract and of all documents signed or issued by the Borrower or the Builder (or both of them) under or in connection with it and such documentary evidence as the Agent and its legal advisors may require in relation to the due authorisation and execution by the Borrower and the Builder of the Contract and of all documents to be executed by the Borrower and the Builder.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>8.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A copy of the Approved Existing Charter (and all addenda thereto). </i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>9.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A copy of the Performance Guarantee.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>10.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Documentary evidence that the agent for service of process named in Clause 30 of this Agreement has accepted its appointment.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>11.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Favourable legal opinions from lawyers appointed by the Agent on such matters concerning English law or the laws of the Marshall Islands and/or Liberia and such other Relevant Jurisdictions as the Agent may require.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>12.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A certificate in a form and substance satisfactory to the Lenders confirming the legal ownership and the beneficial ownership of the shares in the Borrower, in a form and substance satisfactory to the Agent in its sole discretion.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>13.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The originals of any mandates or other documents required in connection with the opening and operation of the Earnings Account, the Retention Account, the Cash Collateral Account and the Credit Support Annex Account.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>14.</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent.</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>PART B</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">The following are the documents referred to in Clause 9.1(b):</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>1.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The following delivery documents in respect of the Ship:</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">evidence that the Contract Price in respect of the Ship has been (or upon her delivery on the Delivery Date will have been) duly paid in full in accordance with the provisions of the Contract;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">evidence proving the Builder&#8217;s title to the Ship free of any Security Interests, liens, debts or claims of any nature whatsoever;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">copies of the corporate documentation of the Builder proving the legal existence of the Builder and the due authorization of the sale of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">copies of the Builder&#8217;s Certificate, Classification Certificate for Hull and Machinery, Cargo Ship Safety Construction Certificate, Cargo Ship Safety Equipment Certificate, Cargo Ship Safety Radio Certificate, International Loadline Certificate, International Tonnage Certificate, Suez Canal Tonnage Certificate, Panama Canal Tonnage Certificate, Ship Sanitation Control Exemption Certificate</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Bill of Sale;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Protocol of Delivery and Acceptance;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Commercial Invoice;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">each duly executed and delivered;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>2.</i></b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>On the Delivery Date and/or (as the case may be) immediately prior to the Drawdown Date, a duly executed original of:</i></font></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Mortgage;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the General Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Approved Manager&#8217;s Undertaking-Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Guarantor&#8217;s Undertaking-Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Charter Assignment in connection with the Approved Existing Charter and the Performance Guarantee,</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>together with (if not already delivered pursuant to Schedule 3, Part A, paragraph 3) up to date evidence of the good standing, originals resolutions of the directors and shareholders of the Borrower and originals of the relevant minutes containing the resolutions of the directors of the Guarantor and the Approved Manager authorising the execution of each of the Finance Documents with respect to the execution of such Finance Documents, and all other documents required by any of such Finance Documents, including, without limitation, all notices of assignment and/or charge;</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>3.</i></b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Documentary evidence that as from the Delivery Date and/or (where applicable) as from the Drawdown Date:</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship is provisionally registered in the name of the Borrower under the Approved Flag;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents related to the Ship;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship is classed with the highest available class with BV or such any other first class classification society which is a member of IACS acceptable to the Agent, free of all overdue recommendations and conditions of such classification society affecting Class;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Mortgage in respect of the Ship has been duly registered against the Ship as a valid first priority ship mortgage in accordance with the laws of the Approved Flag State; and</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances shall have been complied with;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>4.</i></b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Documents establishing that the Ship is, as from the Drawdown Date, managed by the Approved Manager on terms acceptable to the Agent, together with:</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a copy of the ship management agreement for the Ship;</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">copies of the Document of Compliance and Safety Management Certificate and ISSC;</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">copies of such other ISM Code or ISPS Code documentation as the Agent may by written notice to the Borrower have requested not later than 2 days before the Drawdown Date, certified as true and complete in all material respects by the Borrower and the Approved Manager;</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>5.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Subordination letters from any other co-assureds named in the insurance policies for the Ship (other than the Borrower and the relevant Approved Manager), in the form required by the Agent;</i></font></p>
			</td>
		</tr>

</table>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>6.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A valuation of the Ship addressed to the Agent (at the Borrower</i>&#8217;<i>s expense) prepared in accordance with Clause 15.4 of this Agreement and not older than thirty (30) days prior to the Drawdown Date of the Loan, in a form satisfactory to the Agent;</i></font></p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>7.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Evidence that an aggregate sum equal to the Minimum Liquidity is standing to the credit of an account or accounts opened or to be opened with the Lenders/Lender(s)</i>&#8217;<i> banking group or the Agent or the Account Bank in the name of the Borrower or the Guarantor or any member of the Group or any other entity acceptable to the Agent pursuant to the provisions of Clause 12.5 of this Agreement; </i></font></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>8.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A favourable opinion from an independent insurance consultant appointed by the Agent on such matters relating to the insurances for the Ship as the Agent may require, and at the cost and expense of the Borrower;</i></font></p>
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		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>9.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Favourable legal opinions from lawyers appointed by the Lenders on such matters concerning the laws of England, the laws of Liberia, the laws of the Marshall Islands, the laws of the Approved Flag State (if different) and such other Relevant Jurisdiction as the Agent may require;</i></font></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>10.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>Receipt by the original Lender specified in Schedule 1 (The lenders and their Commitments) of this Agreement of the amount referred to in Clause 20.1 (a) representing the Evaluation Costs and Expenses and of any other fees, costs and expenses due under Clause 20 of this Agreement;</i></font></p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>11.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>On the Delivery Date or as soon as practicable thereafter an extract of the trim and stability booklet certifying the lightweight of the Ship ; </i></font></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>12.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>A Statement of Compliance </i>&#8211;<i> Fuel Oil Consumption Reporting for the Ship and the trading certificates of the Ship promptly upon their issuance; </i></font></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>PART C </b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>CONDITIONS SUBSEQUENT</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(1)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Letters of undertaking. </b>Letters of undertaking in respect of the Insurances as required by the Finance Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Creditor Parties.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(2)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Service of notices and acknowledgements of notices to the Approved Existing Charterer and the Performance Guarantor. </b>Service of all notices of assignment and/or charge given pursuant to any Finance Documents by the Agent pursuant to Part A or Part B of this Schedule 3 and (on an effort basis) an acknowledgement by the Approved Existing<b> </b>Charterer and by the Performance Guarantor of any notice of assignment executed in connection with the relevant Charter Assignment, in any case provision of same is not delayed or denied by the Approved Existing<b> </b>Charterer and/or the Performance Guarantor.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(3)</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Legal opinions. </b>Such of the legal opinions specified in Part B of this Schedule 3 as have not already been provided to the Agent.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>(4)</i></b></font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>Ship</i></b>&#8217;<b><i>s trading certificates in force and relevant confirmation</i></b><i>. (if not already delivered pursuant to Schedule 3, Part B, paragraph 11), copies of all trading certificates of the Ship as soon as practicable after the Delivery Date, to be in force and effect and a signed confirmation in writing by the Borrower, confirming that all trading certificates of the Ship are up to date and in full force as per the applicable rules and regulations thereto.</i></font></p>
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<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>SCHEDULE 4</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>TRANSFER CERTIFICATE</i></b></font></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To:</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">EUROBANK S.A. for itself and for and on behalf of the Borrower, each other Security Party, the Arranger, the Account Bank, the Agent, the Swap Bank, the Security Trustee and each Lender, as defined in the Loan Agreement referred to below.</p>
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			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; [&#9679;]</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1</b>.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Certificate relates to the loan agreement dated [<font style="color: rgb(0, 0, 255); font-size: 10pt;">&#9679;</font>] March 2023 (the &#8220;<b>Loan Agreement</b>&#8221;) and made between (1) GREGOS MARITIME LTD as borrower (the &#8220;<b>Borrower</b>&#8221;), (2) the banks and financial institutions named therein as Lenders, (3) EUROBANK S.A. as Arranger, Account Bank, Agent, Swap Bank and Security Trustee, for a secured term loan of up to $26,000,000.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>2.</i></b></font></p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>In this Certificate:</i></font></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>the Relevant Parties</b>&#8221; means the Agent, the Borrower, each other Security Party, the Security Trustee, the Arranger, the Account Bank and each Lender;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>the Transferor</b>&#8221; means [full name] of [lending office];</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;<b>the Transferee</b>&#8221; means [full name] of [lending office].</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings when used in this Certificate.</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The effective date of this Certificate is [&#9679;] <b>Provided that</b> this Certificate shall not come into effect unless it is signed by the Agent on or before that date.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>4.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Transferor [transfers by novation to the Transferee all rights, interests and obligations] <i>or upon transfer of rights only</i> [assigns to the Transferee absolutely all rights and interests] (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation to [&#9679;] per cent of the Contribution outstanding to the Transferor (or its predecessors in title) which is set out below:</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

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		<tr style="font-size: 10pt;">
			<td style="vertical-align: top; width: 504px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Contribution</b></p>
			</td>
			<td style="vertical-align: top; width: 710px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Amount transferred</b></p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="vertical-align: top; width: 504px; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 710px; font-size: 10pt;">&nbsp;</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>5.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>By virtue of this Transfer Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to $[</i>&#9679;<i>]] [from [</i>&#9679;<i>] per cent. of its Commitment, which percentage represents</i> <i> $[</i>&#9679;<i>]] and the Transferee acquires a Commitment of $[</i>&#9679;<i>].</i></font></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>6.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 26 of the Loan Agreement provides will become binding on it upon this Certificate taking effect. [For the avoidance of doubt the Transferor shall remain as [</i>&#9679;<i>] under the Loan Agreement and the Finance Documents].</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>7.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Creditor Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 26 of the Loan Agreement.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>8.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Transferor:</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(a)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>warrants to the Transferee and each Relevant Party:</i></font></p>
			</td>
		</tr>

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			<td style="width: 27pt; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;">&nbsp;</font></td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;">(i)</font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>that the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are in connection with this transaction; and</i></font></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;">&nbsp;</font></td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;">(ii)</font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>that this Certificate is valid and binding as regards the Transferor;</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(b)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the [transfer] [assignment] in paragraph 4 above;</i></font></p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(c)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any Relevant Jurisdiction the Transferee's title under this Certificate or for a similar purpose.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>9.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Transferee:</i></font></p>
			</td>
		</tr>

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		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(a)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>confirms that it has received a copy of the Loan Agreement and each other Finance Document;</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(b)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Arranger, the Account Bank, the Security Trustee or any Lender or the Swap Bank in the event that:</i></font></p>
			</td>
		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><i>(i)</i></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>the Finance Documents prove to be invalid or ineffective,</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>(ii)</i></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>the Borrower or any other Security Party fails to observe or perform its obligations, or to discharge its liabilities, under the Finance Documents;</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><i>(iii)</i></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or any other Security Party under the Finance Documents;</i></font></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(c)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>agrees that it will have no rights of recourse on any ground against the Agent, the Arranger, the Account Bank, the Security Trustee or any Lender or the Swap Bank in the event that this Certificate proves to be invalid or ineffective;</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(d)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>warrants to the Transferor and each Relevant Party (i) that it has full capacity to enter into this transaction and has taken all corporate action and obtained all official consents which it needs to take or obtain in connection with this transaction; and (ii) that this Certificate is valid and binding as regards the Transferee; and</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(e)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>confirms the accuracy of the administrative details set out below regarding the Transferee; and</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>(f)</i> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>agrees to be responsible for all legal and other costs (including without limitation, notarial fees, breakage costs and, if applicable, VAT) incurred by the Transferor with respect to documenting the transfer and perfecting any security.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>10.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross negligence or dishonesty of the Agent's or the Security Trustee's own officers or employees.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><b><i>11.</i></b> </font></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><font style="color: rgb(31, 77, 120); font-size: 10pt;"><i>The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 above as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded by it.</i></font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>12.</b></p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Certificate (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 origina</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">[Name of Transferor]</td>
			<td style="width: 50%; font-size: 10pt;">[Name of Transferee]</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">&nbsp;</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">By: [&#9679;]&nbsp;&nbsp;</td>
			<td style="font-size: 10pt;">By: [&#9679;]</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">Date: [&#9679;]</td>
			<td style="font-size: 10pt;">Date: [&#9679;]</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">&nbsp;</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;"><b>Agent</b></td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">&nbsp;</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">Signed for itself and for and on behalf of itself</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">as Agent and for every other Relevant Party</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">&nbsp;</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">Eurobank S.A.</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">&nbsp;</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">By: [&#9679;]</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="font-size: 10pt;">Date: [&#9679;]</td>
			<td style="font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Administrative Details of Transferee</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Name of Transferee:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Lending Office:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Contact Person:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">(Loan Administration Department):</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Telephone:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Fax:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Email:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Contact Person</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">(Credit Administration Department):</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Telephone:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Fax:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Email:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">Account for payments:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Note</b>:</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor's interest in the security constituted by the Finance Documents in the Transferor's or Transferee's jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE 5</b><br>
<b>FORM OF COMPLIANCE CERTIFICATE</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">To:</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">EUROBANK S.A.</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">83, Akti Miaouli</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">185 38 Piraeus</p>

			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Greece</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">Attn:</td>
			<td style="width: auto; font-size: 10pt;">Loans Administration&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; [date]</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Dear Sirs</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>Loan Agreement dated </b>[&#9679;] <b>March 2023 (the </b>&#8220;<b>Loan Agreement</b>&#8221;<b>) made between (i) the Borrower referred to therein, (ii) the Lenders referred to therein and (iii) EUROBANK S.A. as Arranger, Account Bank, Agent, Swap Bank, and Security Trustee in connection with a loan facility of up to $26,000,000.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Terms defined in the Loan Agreement have their defined meanings when used in this Compliance Certificate.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We enclose with this certificate a copy of the annual audited consolidated financial statements of the Guarantor referred to in the Loan Agreement (the &#8220;<b>Guarantor</b>&#8221;) for the financial year commencing on the 1<sup style="vertical-align:top;line-height:120%;">st</sup> January 2023. The accounts (i) have been prepared in accordance with all applicable laws and GAAP principles and practices consistently applied, (ii) give a true and fair view of the state of affairs of the Borrower and the Guarantor at the date of the accounts and of its profit for the period to which the accounts relate and (iii) fully disclose or provide for all significant liabilities of the Borrower and the Guarantor.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We also enclose copies of the valuation of the Ship which is used in calculating the asset cover ratio under Clause 15.1 of the Loan Agreement as at [&#9679;].</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Borrower represents that no Event of Default has occurred as at the date of this certificate [(except for the following matter or event [<b><i>set out all material details of mater or event</i></b>]).]</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We now certify that, as at [&#9679;].</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; minimum liquidity balances equal to the Minimum Liquidity have been maintained in an Account or Accounts held with the Lenders/Lender(s)&#8217; banking group or the Agent or the Account Bank in the name of the Borrower or the Guarantor or any other member of the Group or any other entity acceptable to the Agent in line with Clause 12.5;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the asset cover ratio under Clause 15.1 of the Loan Agreement is [&#9679;]%.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We hereby repeat the representations and warranties set out in Clause 10 of the Loan Agreement and confirm that they remain true and correct by reference to the facts and circumstances existing on the date of this Compliance Certificate.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">This certificate shall be governed by, and construed in accordance with, English law.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">Signed</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">____________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;">authorised signatory for<br>
<b>GREGOS MARITIME LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>Schedule 6</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt; text-indent: 0pt;"><b>Form of Sustainability Performance Certificate </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">From: GREGOS MARITIME LTD/EUROSEAS LTD.&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Date [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Dear Sirs</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Loan agreement dated </b>[&#9679;] <b>2023</b> <b>in respect of a loan of up to $26,000,000 (the </b>&#8220;<b>Loan Agreement</b>&#8221;<b>) made between (i) Gregos Maritime Ltd as borrower (the </b>&#8220;<b>Borrower</b>&#8221;<b>), (ii) the banks and financial institutions listed in Schedule 1 thereto, as lenders (</b>&#8220;<b>the Lenders</b>&#8221;<b> or </b>&#8220;<b>a Lender</b>&#8221;<b>) and (iii) Eurobank S.A., as agent (the </b>&#8220;<b>Agent</b>&#8221;<b>),</b>&nbsp;<b> arranger (the </b>&#8220;<b>Arranger</b>&#8221;<b>), account bank (the </b>&#8220;<b>Account Bank</b>&#8221;<b>), security trustee (the </b>&#8220;<b>Security Trustee</b>&#8221;<b>) and swap bank (the </b>&#8220;<b>Swap Bank</b>&#8221;<b>)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">1.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">We refer to the Loan Agreement. This is a Sustainability Performance Certificate. Words and expressions whose meanings are defined in the Loan Agreement shall have the same meanings when used herein.<br>
			&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">We hereby certify and confirm that, (i) the Ship&#8217;s CII Rating for the year ending on 31 December 20[&#9679;] was [&#9679;] and (ii) the Ship&#8217;s Reported EEOI for the same period was [&#9679;], [resulting in an Applicable Margin [reduction/increase] of [&#9679;]% per annum]/[and therefore the Applicable Margin will remain unchanged] in respect of the Loan until the end of the next Pricing Adjustment Period.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The above calculation is based on the attached documents for the year ending [ ].</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Yours faithfully</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">GREGOS MARITIME LTD/EUROSEAS LTD.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">By________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">[Director: [&#8230;&#8230;.Shipping]</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">[[Chief Executive Officer] [Chief Financial Officer]:<b> EUROSEAS LTD.</b>]&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">SCHEDULE 7</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>TIMETABLES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 89%; margin-left: auto; margin-right: auto;">

		<tr style="font-size: 10pt;">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 50%; border-top: 1px solid black; border-left: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Delivery of a duly completed Drawdown Notice </b></p>
			</td>
			<td style="border-width: 1px; border-style: solid; border-color: black black rgb(0, 0, 0); vertical-align: top; width: 50%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Two Business Days before the intended Drawdown Date. </b></p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 50%; border-left: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Reference Rate is fixed</b></p>
			</td>
			<td style="border-bottom: 1px solid rgb(0, 0, 0); vertical-align: top; width: 50%; border-right: 1px solid black; border-left: 1px solid black; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Quotation Day</b>&nbsp;<b>&nbsp;</b></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>EXECUTION PAGES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE BORROWER</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by&nbsp;</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stefania Karmiri</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stefania Karmiri&nbsp;</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of&nbsp;</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 5%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>GREGOS MARITIME LTD</b></td>
			<td style="width: 5%; text-align: right; font-size: 10pt;"><b>)</b></td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of&nbsp;</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: _____/s/ Aikaterini Maria Avramidou________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-at-law</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE LENDERS</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of&nbsp;</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: _______/s/ Aikaterini Maria Avramidou_______</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt; text-indent: 36pt;">&nbsp; Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Attorney-at-law</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE ARRANGER</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: ___/s/ Aikaterini Maria Avramidou______________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation:&nbsp; &nbsp; &nbsp; Attorney-at-law</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE ACCOUNT BANK </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of&nbsp;</td>
			<td style="width: 5%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: ___/s/ Aikaterini Maria Avramidou______________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-at-law</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE AGENT</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of&nbsp;</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of&nbsp;</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: ___/s/ Aikaterini Maria Avramidou______________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation:&nbsp; &nbsp; &nbsp; Attorney-at-law</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE SECURITY TRUSTEE</b></p>

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		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos&nbsp;</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of&nbsp;</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: _____/s/ Aikaterini Maria Avramidou____________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney-at-law</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE SWAP BANK</b></p>

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		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Signed by</td>
			<td style="width: 5%; text-align: right; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">Stavros Yagos</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Stavros Yagos</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">and Nikoletta Mitropoulou</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">/s/ Nikoletta Mitropoulou</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">for and on behalf of</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;"><b>EUROBANK S.A.</b></td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">)</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 50%; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; in the presence of&nbsp;</td>
			<td style="text-align: right; width: 5%; font-size: 10pt;">&nbsp;</td>
			<td style="width: 45%; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness: ____/s/ Aikaterini Maria Avramidou_____________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Name: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aikaterini Maria Avramidou</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Address: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13, Defteras Merarchias Street</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-at-law</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-4.34
<SEQUENCE>3
<FILENAME>ex_660778.htm
<DESCRIPTION>EXHIBIT 4.34
<TEXT>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt;"><b><i><u>EXHIBIT 4.34</u></i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THIS SUPPLEMENTAL AGREEMENT </b>is made this sixteenth (16<sup style="vertical-align:top;line-height:120%;">th</sup>) day of June 2023</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">BETWEEN:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>(1)</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>MARCOS SHIPPING LTD</b>,<b> </b>a corporation incorporated in accordance with the laws of the Republic of the Marshall Islands whose registered office is situated at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as borrower (the &#8220;<b>Borrower</b>&#8221;);</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(2)</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>THE BANKS AND FINANCIAL INSTITUTIONS</b> listed in Schedule 1, as lenders (the &#8220;<b>Lenders</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(3)</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece and acting as arranger through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Arranger</b>&#8221;);</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(4)</b></p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A, </b>a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece and acting as account bank through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Account Bank</b>&#8221;);</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(5)</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece and acting as agent through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Agent</b>&#8221;); and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(6)</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EUROBANK S.A.</b>, a banking societ&#233; anonyme duly incorporated under the laws of Greece, having its registered office at 8, Othonos Street, Athens, Greece and acting as security trustee through its branch at 83 Akti Miaouli &amp; 1, Flessa Street, Piraeus 185 38, Greece (the &#8220;<b>Security</b> <b>Trustee</b>&#8221;).<b> </b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>WHEREAS:</b></p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(A)</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">this Supplemental Agreement is supplemental to a loan agreement dated 14 December 2021 (the &#8220;<b>Principal Agreement</b>&#8221;) made between (inter alios) (1) the Borrower as borrower, (2) the Lenders, (3) the Arranger, (4) the Account Bank, (5) the Agent and (4) the Security Trustee, relating to a secured loan facility of up to $34,000,000 (of which the principal amount outstanding at the date hereof is $22,000,000), made available by the Lenders to the Borrower for the purpose stated therein (the Principal Agreement as hereby amended by this Supplemental Agreement and as the same may hereinafter be further amended and/or supplemented, the &#8220;<b>Loan Agreement</b>&#8221;);</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(B)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">by an Agency and Trust Deed dated 14 December 2021 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;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(C)</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower and the other Security Parties have requested that the Creditor Parties provide their consent to the transition of the interest rate provisions in the Loan Agreement from LIBOR to SOFR; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(D)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">this Agreement sets out the terms and conditions upon which the Creditor Parties shall, at the request of the Borrower and the other Security Parties, provide their consent to the amendments and changes referred to in paragraph (C) above.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOW IT IS HEREBY AGREED</b> as follows:</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Definitions</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>1.1</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Defined terms and expressions</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">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 Agreement.</p>

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			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Definitions</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">In this Supplemental Agreement, the words and expressions specified below shall have the meaning attributed to them below:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Effective Date</b>&#8221; means the date on which the Agent notifies the Borrower and the Lenders in writing that it has received the documents and evidence specified in Clause 4 <i>(Conditions Precedent)</i> of this Supplemental Agreement, in form and substance satisfactory to the Agent.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Loan Agreement</b>&#8221; means the Principal Agreement as hereby amended and as the same may from time to time be further amended and/or supplemented.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Mortgage Amendment</b>&#8221; means an amendment to the first preferred mortgage dated 16 December 2021 recorded over the Ship in favour of the Security Trustee;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Rate Switch Date</b>&#8221; means 16 June 2023.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Ship</b>&#8221; means the m.v. &#8220;MARCOS V&#8221; of 71,892 gross tons, built in 2005 in Japan, with IMO 9307059, permanently registered in Microjacket 28666, Document 1964633 of the Public Registry of the Republic of Panama, Section of Microfilm (Mercantile) as at January 14<sup style="vertical-align:top;line-height:120%;">th</sup>, 2022.</p>

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			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of construction and interpretation provisions of Principal Agreement</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">Clauses 1.3 to 1.7 (inclusive) of the Principal Agreement applies to this Supplemental Agreement as it were expressly incorporated in it with any necessary modifications.</p>

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			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>REPRESENTATIONS AND WARRANTIES</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>2.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Repetition of Loan Agreement representations and warranties</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The Borrower represents to the Creditor Parties that the representations in Clause 10 (<i>Representations</i> <i>and Warranties</i>) of the Principal Agreement, as amended by this Supplemental Agreement and updated with appropriate modifications to refer to this Supplemental Agreement and, where appropriate, each other Finance Document which is being amended by this Supplemental Agreement, remain true and not misleading if repeated on the date of this Supplemental Agreement, and, if different, on the Effective Date and on the Rate Switch Date as if made on such date with reference to the circumstances existing at each such date.</p>

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			</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Additional representations and warranties</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">The Borrower further represents and warrants to the Creditors Parties as of the date of this Supplemental Agreement that:</p>

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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Agreement and the Mortgage Amendment to which it is a party;</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the entry into and performance by it of this Agreement and the Mortgage Amendment to which it is a party does not and will not conflict with any law or regulation applicable to it, its constitutional documents or any agreement or instrument binding upon it or any of its assets;</p>
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			<td style="width: 36pt;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Borrower is not nor on the Effective Date and the Rate Switch Date will be in default under any agreement by which it is or will be on the Effective Date and the Rate Switch Date bound or in respect of any financial commitment, or obligation.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>3.</b></p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>AGREEMENT OF ALL PARTIES TO THE AMENDMENTS TO THE PRINCIPAL AGREEMENT AND THE OTHER FINANCE DOCUMENTS</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The Creditor Parties, relying upon the representations and warranties on the part of the Security Parties contained in Clause 2, hereby agree with the Borrower, subject to and upon the terms and conditions of this Supplemental Agreement and in particular, but without limitation, subject to the fulfilment of the conditions precedent set out in Clause 4, to the replacement of LIBOR by Term SOFR Reference Rate as the benchmark rate for the calculation of interest under the Loan Agreement and the amendment of the Principal Agreement and the other Finance Documents required for such purposes as set out in Clause 5. (<i>Amendments to the Principal Agreement</i>) and Clause 6. (<i>Amendments to Finance Documents</i>) of this Supplemental Agreement.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>CONDITIONS PRECEDENT</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The agreement of the parties to this Agreement contained in Clause 3. <i>Agreement of the parties to this Agreement</i>) shall be expressly subject to no Event of Default having occurred at the time of the Effective Date and further subject to the condition that the Agent shall have received on or before the Effective Date in form and substance satisfactory to the Agent and its legal advisers:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a recent certificate of good standing or equivalent document issued by the competent authorities of the place of its incorporation in respect of the Borrower and the other corporate Security Parties;</p>
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			<td style="width: 36pt;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">certified and duly legalised copies of written resolutions passed at a meeting of the Board of Directors of the Borrower and each other corporate Security Party evidencing approval of this Supplemental Agreement and all documents contemplated hereby to which such Security Party is a party and authorising appropriate officers or attorneys to execute the same and to sign all notices required to be given under this Supplemental Agreement on their behalf or other evidence of such approvals and authorisations as shall be acceptable to the Agent;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the original of a duly legalised power of attorney issued by any Security Party pursuant to the resolutions referred to in paragraph (b) of this Clause 4. duly legalized and apostilled;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Mortgage Amendment duly executed by the relevant parties thereto and permanently registered against the Ship through the competent registry;</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a confirmation letter &#8211; acknowledgement from each of the Security Parties, in the form of Schedule 8;</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">such further agreements amendatory or supplemental to the Finance Documents duly executed by the relevant parties; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">favourable opinions from lawyers appointed by the Agent on such matters concerning the laws of England, Panama, Liberia and the Marshall Islands as the Agent may require,</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and the Agent shall notify the Borrower promptly upon being so satisfied.</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.</b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>AMENDMENTS TO THE PRINCIPAL AGREEMENT</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">With effect on and from the Rate Switch Date, the provisions of the Principal Agreement shall be amended as follows:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.1</b></p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the definitions of &#8220;<b>Interbank Market</b>&#8221;, &#8220;<b>Interest Payment Date</b>&#8221;, &#8220;<b>Interpolated Screen Rate</b>&#8221; &#8220;<b>LIBOR</b>&#8221;, &#8220;<b>Negotiation Period</b>&#8221;, &#8220;<b>Reference Bank Rate</b>&#8221;<b>, </b>&#8220;<b>Reference Bank</b>&#8221;<b>, </b>&#8220;<b>Replacement Benchmark</b>&#8221;, &#8220;<b>Screen Rate</b>" and &#8220;<b>Screen Rate Replacement Event</b>" shall be deleted in their entirety from Clause 1.2 <i>(Definitions) </i>of the Principal Agreement;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the definitions of &#8220;<b>Business Day</b>&#8221;, &#8220;<b>Interest Period</b>&#8221; and &#8220;<b>Quotation Day</b>&#8221; in Clause 1.2 <i>(Definitions) </i>of the Principal Agreement shall be amended to read as follows:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which banks are open for general business in New York, Athens, Piraeus, and, in relation to the fixing of interest rate, any day which is a US Government Securities Business Day;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Interest Period</b>&#8221; means any period by reference to which interest or other payments in respect of the Loan are calculated;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Quotation Day</b>&#8221; means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market, in which case the Quotation Day shall be determined by the Agent in accordance with that market practice (and if quotations would normally be given on more than one (1) day, the Quotation Day will be the last of those days)&#8221;;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the following new definitions shall be inserted in the correct alphabetical order in Clause 1.2 <i>(Definitions) </i>of the Principal Agreement:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Break Costs</b>&#8221;<b> </b>means<b> </b>the amount (if any) by which:</p>

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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the interest which a Lender should have received for the period from the date of receipt of all or any part of the Loan or an Unpaid Sum to the last day of the current Interest Period in respect of the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">exceeds</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the amount which that 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 Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Credit Adjustment Spread</b>&#8221; means in relation to:</p>

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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">0.11448%, for an Interest Period of a duration of up to three (3) months but not including three months;</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">0.26161%, for an Interest Period of a duration exceeding three (3) months.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Disruption Event</b>&#8221; means either or both of:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">material disruption to those payment or communications systems or to those financial markets which are, in each case, 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 Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties or, if applicable, any Security Party; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 or, if applicable, any Security Party preventing that, or any other, Party or, if applicable, any Security Party:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">from performing its payment obligations under the Finance Documents; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">from communicating with other Parties or, if applicable, any Security Party in accordance with the terms of the Finance Documents,</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Security Party whose operations are disrupted;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Funding Rate</b>&#8221; means an individual rate notified by a Lender to the Agent pursuant to paragraph (a) (ii) of Clause 5.6 <i>(Cost of funds)</i>;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Historic Term SOFR</b>&#8221;<b> </b>means, in relation to the Loan or any part of the Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan and which is as of a day which is no more than three US Government Securities Business Days before the Quotation Day;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Interpolated Historic Term SOFR</b>&#8221; means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">either:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, SOFR for a day which is no more than six US Government Securities Business Days (and no less than three US Government Securities Business Days) before the Quotation Day; and</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Interpolated Term SOFR</b>&#8221; means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">either:</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, SOFR for the day which is three US Government Securities Business Days before the Quotation Day; and</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;LIBOR Loan" </b>means a Loan or, if applicable, Unpaid Sum which is not a Term SOFR Loan;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Market Disruption Rate</b>&#8221; means the percentage rate per annum which is the aggregate of the Reference Rate and the Credit Adjustment Spread.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Reference Rate</b>&#8221; means, in relation to the Loan or any part of the Loan:</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or</p>
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			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">as otherwise determined pursuant to Clause 5.5<i> (Unavailability of Term SOFR)</i> of the Loan Agreement,</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and if, in either case that rate is less than zero, the Reference Rate shall be deemed to be zero;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Relevant Market</b>&#8221; means the market for overnight cash borrowing collateralised by US Government Securities;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Selection Notice</b>&#8221; means a notice substantially in the form set out in Schedule 7 (or in any other form which the Agent approves or reasonably requires);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;SOFR</b>&#8221; means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York, (or any other person which takes over the publication of that rate);</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Specified Time</b>&#8221; means a day or time determined in accordance with Schedule 6 <i>(Timetables);</i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Term SOFR</b>&#8221; means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Term SOFR Loan</b>&#8221; means the Loan, the relevant part of the Loan or any Unpaid Sum which is, or becomes, a "Term SOFR Loan" pursuant to Clause 5.1 (Rate Switch)<i>.</i></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Unpaid Sum</b>&#8221; means any sum due and payable but unpaid by the Borrower or a Security Party under the Finance Documents;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>US Government Securities Business Day</b>" means any day other than:</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Saturday or a Sunday; and</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.&#8221;;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">following paragraph<b> </b>shall be added to Clause 1.3 (<i>Construction of certain terms) </i>of the Principal Agreement:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">&#8220;a Lender's "cost of funds" in relation to its participation in the Loan (or any part of the Loan) is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan (or that part of the Loan) for a period equal in length to the Interest Period of the Loan (or that part of the Loan)&#8221;;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Clause 5 of the Principal Agreement shall be deleted and replaced as follows:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;5.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INTEREST</b></p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Calculation of interest. </b>Subject to the provisions of this Agreement, the rate of interest on the Loan or any part of the Loan in respect of each Interest Period is a percentage rate per annum which is the aggregate of:</p>
			</td>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>(i) </b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Margin and the Reference Rate in relation to an Interest Period of a duration of three (3) moths, and</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Margin and the Reference Rate and the Credit Adjustment Spread in relation to an Interest Period of a duration of up to three (3) months but not including three (3) months or of a duration exceeding three (3) months.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Payment of interest.</b> The Borrower shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period (and, if an Interest Period is longer than 3 months, the Borrower shall also pay interest then accrued on the Loan or any part of the Loan on the dates falling at three (3) monthly intervals after the first day of the Interest Period).</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notification of rates of interest. </b>The Agent shall notify the Borrower and each Lender of:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the determination of a rate of interest under this Agreement; and</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">each Funding Rate relating to the Loan, any part of the Loan or any Unpaid Sum.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Unavailability of Term SOFR</b></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Interpolated Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Historic Term SOFR: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR for the Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Interpolated Historic Term SOFR: If paragraph (b) above applies but no Historic Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Cost of funds: If paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 5.6 shall apply to the Loan or that part of the Loan for that Interest Period.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Market disruption</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">If before close of business in Athens on the Quotation Day for the relevant Interest Period, the Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 40 per cent (40%) of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the Market Disruption Rate, then Clause 5.6 shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Cost of funds </b></p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.6 applies, the rate of interest on each Lender's share of the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Margin; and</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rate notified to the Agent (and the Borrower) by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in the Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.6 applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to Clause 24.7, any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If paragraph (e) below does not apply and any rate notified to the Agent under sub-paragraph (ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 5.6 applies pursuant to Clause 5.5 and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Lender's Funding Rate is less than the Market Disruption Rate; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a Lender does not notify a rate by the time specified in sub-paragraph (ii) of paragraph (a) of this Clause 5.6 above,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">that Lender's cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Break Costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower shall, within three (3) Business Days of demand by a Creditor Party, pay to that Creditor Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day prior to the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become or may become payable.&#8221;;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Clause 6 of the Principal Agreement shall be deleted and replaced as follows:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;6.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>INTEREST PERIODS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>6.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Selection of Interest Periods</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower may select the Interest Period for the Loan in the Drawdown Notice for the Loan. Subject to paragraphs (b) and (c) below and Clause 6.2, the Borrower may select each subsequent Interest Period in respect of the Loan in a Selection Notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than the Specified Time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Borrower fails to select an Interest Period in the Drawdown Notice or fails to deliver a Selection Notice to the Agent in accordance with paragraphs (a) and (b) above of this Clause 6.1, the relevant Interest Period will, subject to Clause 6.2, be three (3) Months.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to this Clause 6, the Borrower may select an Interest Period of three (3) or six (6) Months or such longer or shorter period as the Agent may, in its sole discretion, agree with the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">An Interest Period in respect of the Loan shall not extend beyond the final Repayment Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In respect of a Repayment Instalment, the Borrower may request in the relevant Selection Notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it and, subject to paragraph (d) above of this Clause 6.1, select a longer Interest Period for the remaining part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The first Interest Period for the Loan shall start on the Drawdown Date and, subject to paragraph (h) below, each subsequent Interest Period shall start on the last day of its preceding Interest Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Except for the purposes of paragraph (f) above of this Clause 6.1 and Clause 6.2, the Loan shall have one Interest Period only at any time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>6.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to Interest Periods</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In respect of a Repayment Instalment, prior to determining the interest rate for the Loan, the Agent may establish an Interest Period that is shorter than the Interest Period selected in the relevant Selection Notice for a part of the Loan equal to such Repayment Instalment to end on the Repayment Date relating to it and the remaining part of the Loan shall have the Interest Period selected in the relevant Selection Notice, subject to paragraph (d) of Clause 6.1.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Agent makes any change to an Interest Period referred to in this Clause 6.2, it shall promptly notify the Borrower and the Lenders.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>6.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Non-Business Days</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">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).&#8221;;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Clause 7 of the Principal Agreement shall be deleted and replaced as follows:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;7.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>DEFAULT INTEREST</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>7.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Default Interest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Borrower or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent. Any interest accruing under this Clause shall be immediately payable by the Borrower and the Security Parties on demand by the Agent.</p>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan or that part of the Loan:</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two and a half per cent (2.5%) per annum higher than the rate which would have applied if that Unpaid Sum had not become due.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Default Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.&#8221;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">paragraph (a) of Clause 20.3 of the Principal Agreement shall be amended to read as follows:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any amendment or supplement to a Finance Document, or any proposal for such an amendment or supplement to be made, including, but not limited to, an amendment pursuant to or contemplated by Clause 24.7&#8221;;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a new clause 24.7<b> </b>shall be inserted in Clause 24 <i>(Increased Costs) </i>of the Principal Agreement to read as follows:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;24.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to Reference Rates</b></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to paragraph (b) of Clause 27.2, any amendment or waiver which relates to:</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">providing for the use of a Replacement Reference Rate; and</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement;</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">implementing market conventions applicable to that Replacement Reference Rate;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 Reference Rate (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,</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower.</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If any Lender fails to respond to a request for an amendment or waiver described in<i>, </i>or for any other vote of Lenders in relation to, paragraph (a) above within 5 Business Days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being made:</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In this Clause 24.7:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;"><b>&#8220;Published Rate</b>&#8221;<b> </b>means:</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">SOFR; or</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Term SOFR for any Quoted Tenor.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;"><b>&#8220;Quoted Tenor</b>&#8221;<b> </b>means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;"><b>&#8220;Relevant Nominating Body</b>&#8221;<b> </b>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.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;"><b>&#8220;Replacement Reference Rate</b>&#8221;<b> </b>means a reference rate which is:</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">formally designated, nominated or recommended as the replacement for a Published Rate by:</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="width: 100%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; margin-right: 0pt;">

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			<td style="width: 147px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="width: 51px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: 1554px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</p>
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		<tr style="vertical-align: top;">
			<td style="width: 147px;">&nbsp;</td>
			<td style="width: 53px;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: 1553px;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">any Relevant Nominating Body,&nbsp;and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &#8220;<b>Replacement Reference Rate</b>&#8221; will be the replacement under paragraph (ii) above;</p>
			</td>
		</tr>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to a Published Rate; or</p>
			</td>
		</tr>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to a Published Rate.&#8221;;</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">paragraph (a) of Clause 27.2 of the Principal Agreement shall be amended to read as follows:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a reduction in the Margin or in the calculation of interest;&#8221;;</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the definition of &#8220;Mortgage Amendment&#8221; in clause 1.2 of this Supplemental Agreement shall be inserted into clause 1.2 of the Principal Agreement;</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the definition of &#8220;Finance Documents&#8221; in clause 1.2 of the Principal Agreement shall be construed to include this Supplemental Agreement and the Mortgage Amendment.</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a new Schedule 6 <i>(Timetables) </i>will be inserted in the Principal Agreement to read as follows:</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>&#8220;SCHEDULE 6</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>TIMETABLES</b></p>

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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>&nbsp;Delivery of a duly completed </b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>drawdown notice or Selection </b></p>

			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Notice</b></p>
			</td>
			<td style="vertical-align: top; width: 895px; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Two Business Days before the </b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>intended Drawdown Date (Clause 4.1) </b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>or Selection Notice (Clause 6.1) </b></p>
			</td>
			<td style="vertical-align: top; width: 895px;">&nbsp;</td>
		</tr>
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			<td style="vertical-align: top; width: 507px; border-bottom: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">&nbsp;</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Reference Rate is fixed</b></p>
			</td>
			<td style="vertical-align: bottom; width: 895px; border: 1px solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>on the Quotation Day </b></p>
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			<td style="vertical-align: bottom; width: 895px;">&nbsp;</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>5.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">a new Schedule 7 <i>(Selection Notice) </i>will be inserted in the Principal Agreement to read as follows:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 36pt;text-indent:-8pt;"><b>&#8220;SCHEDULE 7</b><br>
<b>SELECTION NOTICE</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">From:&nbsp; &nbsp; &nbsp;<b>MARCOS SHIPPING LTD</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>EUROBANK S.A.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: [<font style="color:#0000ff;">&#9679;</font>]</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Dear Sirs</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>MARCOS SHIPPING LTD </b>&#8211;<b> [</b><font style="color:#0000ff;">&#9679;</font><b>] Loan Agreement dated 14 December 2021 (as amended by a supplemental agreement dated [</b><font style="color:#0000ff;">&#9679;</font><b>] June 2023 (the </b>&#8220;<b>Loan Agreement</b>&#8221;<b>)</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We refer to the Loan Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We request [that the next Interest Period for the Loan be [<font style="color:#0000ff;">&#9679;</font>]] OR [an Interest Period for a part of the Loan in an amount equal to [<font style="color:#0000ff;">&#9679;</font>] (which is the amount of the Repayment Instalment next due) ending on [&#9679;] (which is the Repayment Date relating to that Repayment Instalment) and that the Interest Period for the remaining part of the Loan shall be [<font style="color:#0000ff">&#9679;</font>].</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Selection Notice is irrevocable.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Yours faithfully</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">_____________________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">[<font style="color:#0000ff;">&#9679;</font>]</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">authorised signatory for</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>MARCOS SHIPPING LTD </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>5.15</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a new Schedule 8 <i>(Security Party Confirmation Letter-Acknowledgement) </i>will be inserted in the Principal Agreement to read as follows:</p>

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 36pt;text-indent:-8pt;"><b>&#8220;SCHEDULE 8</b><br>
<b>CONFIRMATION LETTER - ACKNOWLEDGEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">We hereby confirm and acknowledge that we have read and understood the terms and conditions of the supplemental agreement dated [<font style="color:#0000ff">&#9679;</font>] 2023 (the &#8220;<b>Supplemental Agreement</b>&#8221;) to the loan agreement dated 14 December 2021 (together, the &#8220;<b>Loan Agreement</b>&#8221;) made by and between (i) MARCOS SHIPPING LTD as Borrower, (ii) the banks and financial institutions listed in Schedule 1 thereto as Lenders and (iii) Eurobank S.A. as Arranger, Account Bank, Agent and Security Trustee, and agree in all respects to the same and hereby confirm that the [Guarantee dated 14 December 2021 and the Letter of Undertaking-Assignment dated 16 December 2021] / [Approved Manager&#8217;s Undertaking-Assignment dated 16 December 2021] and executed by us in favour of the Security Trustee shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Principal Agreement (as amended by the Supplemental Agreement).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Capitalised terms shall have the same meanings ascribed to them in the Principal Agreement and in the Supplemental Agreement, unless otherwise defined herein.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:9pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">______________________________</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">[Director/Officer] [Attorney-in-fact]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">[For and on behalf of]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">[Euroseas Ltd.) /[Eurobulk Ltd.]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;">Dated: 2023&#8221;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>6.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>AMENDMENTS TO FINANCE DOCUMENTS</b></p>
			</td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Borrower hereby agrees with the Creditor Parties that the provisions of the Finance Documents shall, with effect on and from the Rate Switch Date, be varied and/or amended and/or supplemented as follows:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the definition of, and references throughout each of the Finance Documents to, the Loan Agreement and any of the other Finance Documents shall be construed as if the same referred to the Principal Agreement and those Finance Documents as amended and supplemented by this Supplemental Agreement and the Mortgage Amendment; and</p>
			</td>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">by construing references throughout each of the Finance Documents to &#8220;<b>this Agreement</b>&#8221;, &#8220;<b>this Deed</b>&#8221;, &#8220;<b>hereunder</b>&#8221; and other like expressions as if the same referred to such Finance Documents as amended and supplemented by this Supplemental Agreement and the Mortgage Amendment.</p>
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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>7.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>CONTINUANCE OF LOAN AGREEMENT AND FINANCE DOCUMENTS</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>7.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>The Borrower and the other Security Parties confirm, acknowledge and agree that, save for the alterations to the Loan Agreement made or to be made pursuant to this Supplemental Agreement and such further modifications (if any) thereto as may be necessary to make the same consistent with the terms of this Agreement, and the Loan Agreement shall remain in full force and effect, and the security constituted by the Finance Documents shall continue and remain valid and enforceable in the name of Eurobank S.A.</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">7.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Nothing in this Supplemental Agreement shall constitute a novation.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">7.3</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Agreement shall constitute notice to the Borrower, the Security Parties and the Creditor Parties for the purposes of clause 5.2 of the Agency and Trust Deed.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>8.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>EXPENSES</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">For the avoidance of doubt, the Borrower undertakes to pay to the Creditor Parties upon demand and from time to time, all costs, charges and expenses (including legal fees) incurred by the Creditor Parties in connection with the preparation, negotiation, execution and (if required) registration or preservation of rights under the enforcement or attempted enforcement of the Loan Agreement, the Finance Documents and this Supplemental Agreement or otherwise in connection with the Loan or any part thereof.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>9.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>NOTICES</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The provisions of clause 28 of the Principal Agreement shall apply to this Supplemental Agreement as if the same were set out herein in full<b>.</b></p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>10.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SUPPLEMENTAL</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.1</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Supplemental Agreement may be executed in any number of counterparts.</p>
			</td>
		</tr>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">A person who is not a party to this Supplemental Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Supplemental Agreement.</p>
			</td>
		</tr>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>11.</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>LAW AND JURISDICTION</b></p>
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		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">This Supplemental Agreement shall be governed by and construed in accordance with English Law and the provisions of clause 30 (<i>LAW AND JURISDICTION</i>) of the Principal Agreement shall apply <i>mutatis mutandis.</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>IN WITNESS</b> whereof the parties hereto have caused this Supplemental Agreement to be duly executed the day and year first before written.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">.</p>

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<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>EXECUTION PAGES</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<table cellpadding="0pt" cellspacing="0pt" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;">

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			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE BORROWER</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>MARCOS SHIPPING LTD</b>&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">__/s/ Aikaterini Maria Avramidou____</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Aikaterini Maria Avramidou</p>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Piraeus, Greece</p>
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		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Attorney-at-law</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>THE LENDERS</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Stavros Giagkos</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stavros Giagkos</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">And</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>EUROBANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">__/s/ Aikaterini Maria Avramidou ____</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Aikaterini Maria Avramidou</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: bottom; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Piraeus, Greece</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: middle; width: 208px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Attorney-at-law</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>THE ARRANGER</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Stavros Giagkos</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Stavros Giagkos</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">and</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROBANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">___/s/ Aikaterini Maria Avramidou _____</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aikaterini Maria Avramidou</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Piraeus, Greece</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-at-law</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THE ACCOUNT BANK</b>&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Stavros Giagkos</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Stavros Giagkos</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">and</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROBANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">__/s/ Aikaterini Maria Avramidou ____</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aikaterini Maria Avramidou</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Piraeus, Greece</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-at-law</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THE AGENT</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Stavros Yagos</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Stavros Giagkos</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">and</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROBANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1304px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">___/s/ Aikaterini Maria Avramidou ____</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aikaterini Maria Avramidou</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 211px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Piraeus, Greece</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 211px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1304px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-at-law</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>THE SECURITY TRUSTEE</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signed by</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Stavros Giagkos</p>
			</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Stavros Giagkos</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">and</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROBANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the presence of</p>
			</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1307px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Witness:</p>
			</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">___/s/ Aikaterini Maria Avramidou ____</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Name:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Aikaterini Maria Avramidou</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Address:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13, Defteras Merarchias Street</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 208px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Piraeus, Greece</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 208px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Occupation:&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1307px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-at-law</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.35
<SEQUENCE>4
<FILENAME>ex_660779.htm
<DESCRIPTION>EXHIBIT 4.35
<TEXT>
<html><head>
	<title>HTML Editor</title>
	<meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding: 0in 0.1in; cursor: auto;">
<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;"><b>Exhibit 4.35</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><u>&#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;: </u><u>&#8230;</u><u>29 </u><u>&#921;</u><u>&#959;</u><u>&#965;</u><u>&#957;</u><u>&#943;</u><u>&#959;</u><u>&#965;</u><u>&#8230;</u><u>. 2023</u></p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>TERATAKI SHIPPING LTD</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><i>&#969;&#962; </i></b>&#948;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">&nbsp;&#954;&#945;&#953;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>EUROSEAS</b><b> </b><b>LTD.</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><i>&#969;&#962; </i></b>&#949;&#947;&#947;&#965;&#951;&#964;&#942;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;">&nbsp;&#954;&#945;&#953;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; </b>&#932;&#929;&#913;&#928;&#917;&#918;&#913;<b> </b>&#932;&#919;&#931;<b> </b>&#917;&#923;&#923;&#913;&#916;&#927;&#931;<b> </b>&#913;<b>.</b>&#917;<b>.</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>&#969;&#962; </b>&#948;&#945;&#957;&#949;&#943;&#963;&#964;&#961;&#953;&#945;</p>

<p style="font-family:Times New Roman;font-size:18pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><u>&#931;&#933;&#924;&#914;&#913;&#931;&#919; </u></b><u>&#916;</u><u>&#913;</u><u>&#925;</u><u>&#917;</u><u>&#921;</u><u>&#927;</u><u>&#933;</u><b><u> </u></b><u>&#954;</u><u>&#945;</u><u>&#953;</u><b><u> </u></b><u>&#917;</u><u>&#915;</u><u>&#915;</u><u>&#933;</u><u>&#919;</u><u>&#931;</u><u>&#917;</u><u>&#937;</u><u>&#931;</u></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>&#904;&#969;&#962; </b>&#960;&#959;&#963;&#959;&#973;<b> </b>&#916;&#959;&#955;&#955;<b>. </b>&#919;&#928;&#913;<b> 26.000.000</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><u><b>&#928;&#917;&#929;&#921;&#917;&#935;&#927;&#924;&#917;&#925;&#913;</b></u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><u>&#913;&#929;&#921;&#920;&#924;&#927;&#931; &#913;</u><u>&#929;</u><u>&#920;</u><u>&#929;</u><u>&#927;</u><u>&#933;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u> </u></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#927;&#929;&#927;&#921;&nbsp;&#922;&#913;&#921;&nbsp;&#927;&#929;&#921;&#931;&#924;&#927;&#921;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#928;&#927;&#931;&#927;&nbsp;&#922;&#913;&#921;&nbsp;&#931;&#922;&#927;&#928;&#927;&#931;&nbsp;&#916;&#913;&#925;&#917;&#921;&#927;&#933;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">3.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#917;&#922;&#932;&#913;&#924;&#921;&#917;&#933;&#931;&#919;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">4.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#932;&#927;&#922;&#927;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">5.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#928;&#917;&#929;&#921;&#927;&#916;&#927;&#921;&nbsp;&#917;&#922;&#932;&#927;&#922;&#921;&#931;&#924;&#927;&#933;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">6.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#932;&#927;&#922;&#927;&#931;&nbsp;&#933;&#928;&#917;&#929;&#919;&#924;&#917;&#929;&#921;&#913;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">7.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#928;&#927;&#928;&#923;&#919;&#929;&#937;&#924;&#919;&nbsp;&#922;&#913;&#921;&nbsp;&#928;&#929;&#927;&#928;&#923;&#919;&#929;&#937;&#924;&#919;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">8.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#927;&#929;&#927;&#921;&nbsp;&#922;&#913;&#921;&nbsp;&#928;&#929;&#927;&#939;&#928;&#927;&#920;&#917;&#931;&#917;&#921;&#931;&nbsp;&#935;&#927;&#929;&#919;&#915;&#919;&#931;&#919;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">9.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#916;&#919;&#923;&#937;&#931;&#917;&#921;&#931;&nbsp;&#922;&#913;&#921;&nbsp;&#933;&#928;&#927;&#931;&#935;&#917;&#931;&#917;&#921;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">10.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#915;&#917;&#925;&#921;&#922;&#917;&#931;&nbsp;&#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931;&nbsp;&#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">11.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#917;&#932;&#913;&#921;&#929;&#921;&#922;&#917;&#931;&nbsp;&#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931;&nbsp;&#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">12.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#931;&#934;&#913;&#923;&#921;&#931;&#919;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">13.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#916;&#919;&#923;&#937;&#931;&#917;&#921;&#931;&nbsp;&#922;&#913;&#921;&nbsp;&#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931;&nbsp;&#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925;&nbsp;&#931;&#917;&nbsp;&#931;&#935;&#917;&#931;&#919;&nbsp;&#924;&#917;&nbsp;&#932;&#927;&nbsp;&#928;&#923;&#927;&#921;&#927;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">14.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#928;&#929;&#927;&#931;&#920;&#917;&#932;&#917;&#931;&nbsp;&#917;&#926;&#913;&#931;&#934;&#913;&#923;&#921;&#931;&#917;&#921;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">15.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#922;&#913;&#932;&#913;&#914;&#927;&#923;&#917;&#931;&nbsp;&#922;&#913;&#921;&nbsp;&#933;&#928;&#927;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">16.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#922;&#913;&#932;&#913;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931;&nbsp;&#922;&#913;&#932;&#913;&#914;&#927;&#923;&#937;&#925;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">17.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#922;&#913;&#932;&#913;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931;&nbsp;&#917;&#931;&#927;&#916;&#937;&#925;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">18.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#915;&#917;&#915;&#927;&#925;&#927;&#932;&#913;&nbsp;&#933;&#928;&#917;&#929;&#919;&#924;&#917;&#929;&#921;&#913;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">19.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#924;&#927;&#921;&#914;&#917;&#931;&nbsp;&#922;&#913;&#921;&nbsp;&#917;&#926;&#927;&#916;&#913;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">20.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#928;&#927;&#918;&#919;&#924;&#921;&#937;&#931;&#919;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">21.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#928;&#917;&#929;&#921;&nbsp;&#924;&#919;&nbsp;&#931;&#933;&#924;&#936;&#919;&#934;&#921;&#931;&#924;&#927;&#933;&nbsp;&#905;&nbsp;&#917;&#922;&#928;&#932;&#937;&#931;&#919;&#931;&nbsp;&#934;&#927;&#929;&#927;&#933;&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">22.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#928;&#913;&#929;&#913;&#925;&#927;&#924;&#917;&#931;&nbsp;&#917;&#925;&#917;&#929;&#915;&#917;&#921;&#917;&#931;&nbsp;&#922;&#923;&#928;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">22&#913;.</td>
			<td style="vertical-align: top; width: 1318px;">&#917;&#915;&#915;&#933;&#919;&#931;&#919;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">23.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#933;&#926;&#919;&#924;&#917;&#925;&#927;&nbsp;&#922;&#927;&#931;&#932;&#927;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">24.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#931;&#933;&#924;&#936;&#919;&#934;&#921;&#931;&#924;&#927;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">25.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#917;&#922;&#935;&#937;&#929;&#919;&#931;&#919;&nbsp;&#931;&#933;&#924;&#914;&#913;&#931;&#919;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">26.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#932;&#929;&#927;&#928;&#927;&#928;&#927;&#921;&#919;&#931;&#917;&#921;&#931;&nbsp;&#922;&#913;&#921;&nbsp;&#928;&#913;&#929;&#913;&#921;&#932;&#919;&#931;&#917;&#921;&#931;&nbsp;&#913;&#928;&#927;&nbsp;&#913;&#931;&#922;&#919;&#931;&#919;&nbsp;&#916;&#921;&#922;&#913;&#921;&#937;&#924;&#913;&#932;&#937;&#925;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">27.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#922;&#927;&#921;&#925;&#927;&#928;&#927;&#921;&#919;&#931;&#917;&#921;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">28.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#932;&#917;&#923;&#921;&#922;&#917;&#931;&nbsp;&#916;&#921;&#913;&#932;&#913;&#926;&#917;&#921;&#931;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">29.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#917;&#934;&#913;&#929;&#924;&#927;&#931;&#932;&#917;&#927;&nbsp;&#916;&#921;&#922;&#913;&#921;&#927;&nbsp;&#922;&#913;&#921;&nbsp;&#916;&#921;&#922;&#913;&#921;&#927;&#916;&#927;&#931;&#921;&#913;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 46px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">30.</p>
			</td>
			<td style="vertical-align: top; width: 1318px;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#913;&#925;&#932;&#921;&#922;&#923;&#919;&#932;&#927;&#931;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:24pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; &#932;&#929;&#913;&#928;&#917;&#918;&#913; &#932;&#919;&#931; &#917;&#923;&#923;&#913;&#916;&#927;&#931; &#913;.&#917;.</b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><u>&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;</u><u>&#945;</u><u>&#957;</u><u>&#949;</u><u>&#943;</u><u>&#959;</u><u>&#965; &#954;</u><u>&#945;</u><u>&#953; &#917;</u><u>&#947;</u><u>&#947;</u><u>&#965;</u><u>&#942;</u><u>&#963;</u><u>&#949;</u><u>&#969;</u><u>&#962;</u></b></p>

<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>&#924;&#949;&#964;&#945;&#958;&#973;:</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#932;&#951;&#962; &#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945;&#962; &#963;&#964;&#951;&#957; &#913;&#952;&#942;&#957;&#945; (&#959;&#948;&#972;&#962; &#913;&#953;&#972;&#955;&#959;&#965; &#945;&#961;&#953;&#952;&#956;. 86) &#945;&#957;&#974;&#957;&#965;&#956;&#951;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; &#171;&#917;&#920;&#925;&#921;&#922;&#919;<b> </b>&#932;&#929;&#913;&#928;&#917;&#918;&#913;<b> </b>&#932;&#919;&#931;<b> </b>&#917;&#923;&#923;&#913;&#916;&#927;&#931;<b> </b>&#913;<b>.</b>&#917;<b>.</b>&#187;, &#960;&#959;&#965; &#949;&#954;&#960;&#961;&#959;&#963;&#969;&#960;&#949;&#943;&#964;&#945;&#953; &#957;&#959;&#956;&#943;&#956;&#969;&#962; &#949;&#957; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#969; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#913;&#953;&#954;&#945;&#964;&#949;&#961;&#943;&#957;&#951; &#931;&#945;&#961;&#961;&#942; &#954;&#945;&#953; &#913;&#957;&#948;&#961;&#941;&#945; &#924;&#951;&#964;&#963;&#953;&#972;&#960;&#959;&#965;&#955;&#959;, &#931;&#964;&#949;&#955;&#941;&#967;&#951; &#964;&#959;&#965; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#959;&#973; &#922;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#959;&#948;&#972;&#962; &#924;&#960;&#959;&#965;&#956;&#960;&#959;&#965;&#955;&#943;&#957;&#945;&#962; &#945;&#961;. 2 &#954;&#945;&#953; &#913;&#954;&#964;&#942; &#924;&#953;&#945;&#959;&#973;&#955;&#951;, &#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;), &#954;&#945;&#964;&#959;&#943;&#954;&#959;&#965;&#962; &#928;&#949;&#953;&#961;&#945;&#953;&#940; &#913;&#964;&#964;&#953;&#954;&#942;&#962;, (&#945;&#960;&#959;&#954;&#945;&#955;&#959;&#965;&#956;&#941;&#957;&#951;&#962; &#949;&#966;&#949;&#958;&#942;&#962;, &#967;&#940;&#961;&#953;&#957; &#963;&#965;&#957;&#964;&#959;&#956;&#943;&#945;&#962;,&nbsp; &#951; &#171;&#932;&#961;&#940;&#960;&#949;&#950;&#945;&#187;),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">2.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&#932;&#951;&#962;&nbsp;&#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945;&#962;&nbsp;&#963;&#973;&#956;&#966;&#969;&#957;&#945;&nbsp;&#956;&#949;&nbsp;&#964;&#959;&nbsp;&#954;&#945;&#964;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#972;&nbsp;&#964;&#951;&#962;&nbsp;&#963;&#964;&#953;&#962;&nbsp;&#925;&#942;&#963;&#959;&#965;&#962;&nbsp;&#924;&#940;&#961;&#963;&#945;&#955;&nbsp;(Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands) &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962;&nbsp;&#956;&#949;&nbsp;&#964;&#951;&#957;&nbsp;&#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945;&nbsp;&#8220;<b>TERATAKI SHIPPING LTD</b>&#8221;<b>, </b>&#960;&#959;&#965;&nbsp;&#949;&#954;&#960;&#961;&#959;&#963;&#969;&#960;&#949;&#943;&#964;&#945;&#953;&nbsp;&#957;&#959;&#956;&#943;&#956;&#969;&#962;&nbsp;&#949;&#957;&nbsp;&#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#969;&nbsp;&#945;&#960;&#972;&nbsp;&#964;&#951;&nbsp;&#931;&#964;&#949;&#966;&#945;&#957;&#943;&#945;&nbsp;&#922;&#945;&#961;&#956;&#943;&#961;&#951;, &#954;&#940;&#964;&#959;&#953;&#954;&#959;&nbsp;&#913;&#956;&#945;&#961;&#959;&#965;&#963;&#943;&#959;&#965;, &#959;&#948;&#972;&#962;&nbsp;&#924;&#949;&#963;&#959;&#947;&#949;&#943;&#959;&#965;&nbsp;&#920;&#945;&#955;&#940;&#963;&#963;&#951;&#962;&nbsp;&#945;&#961;. 4 (&#945;&#960;&#959;&#954;&#945;&#955;&#959;&#965;&#956;&#941;&#957;&#951;&#962;&nbsp;&#949;&#966;&#949;&#958;&#942;&#962;, &#967;&#940;&#961;&#953;&#957;&nbsp;&#963;&#965;&#957;&#964;&#959;&#956;&#943;&#945;&#962;,&nbsp;&nbsp;&#951;&nbsp;&#171;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#187;),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#932;&#951;&#962; &#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#954;&#945;&#964;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#972; &#964;&#951;&#962; &#963;&#964;&#953;&#962; &#925;&#942;&#963;&#959;&#965;&#962; &#924;&#940;&#961;&#963;&#945;&#955; ( Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands ) &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; &#8220;<b>EUROSEAS LTD.</b>&#8221;<b> </b>&#960;&#959;&#965; &#949;&#954;&#960;&#961;&#959;&#963;&#969;&#960;&#949;&#943;&#964;&#945;&#953; &#957;&#959;&#956;&#943;&#956;&#969;&#962; &#949;&#957; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#969; &#945;&#960;&#972; &#964; &#931;&#964;&#949;&#966;&#945;&#957;&#943;&#945; &#922;&#945;&#961;&#956;&#943;&#961;&#951;, &#954;&#940;&#964;&#959;&#953;&#954;&#959; &#913;&#956;&#945;&#961;&#959;&#965;&#963;&#943;&#959;&#965;, &#959;&#948;&#972;&#962; &#924;&#949;&#963;&#959;&#947;&#949;&#943;&#959;&#965; &#920;&#945;&#955;&#940;&#963;&#963;&#951;&#962; &#945;&#961;. 4&nbsp; (&#949;&#965;&#952;&#965;&#957;&#972;&#956;&#949;&#957;&#951;&#962; &#945;&#955;&#955;&#951;&#955;&#949;&#947;&#947;&#973;&#969;&#962; &#954;&#945;&#953; &#949;&#953;&#962; &#959;&#955;&#972;&#954;&#955;&#951;&#961;&#959;&#957; &#956;&#949;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#969;&#962; &#945;&#965;&#964;&#959;&#966;&#949;&#953;&#955;&#941;&#964;&#961;&#953;&#945;&#963; &#945;&#960;&#959;&#954;&#945;&#955;&#959;&#965;&#956;&#941;&#957;&#951;&#962; &#949;&#966;&#949;&#958;&#942;&#962;, &#967;&#940;&#961;&#953;&#957; &#963;&#965;&#957;&#964;&#959;&#956;&#943;&#945;&#962;, o &#171;&#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962;&#187;),&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 100%; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>&#928;&#929;&#927;&#927;&#921;&#924;&#921;&#927;:</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#919; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#945;&#966;&#959;&#961;&#940; &#964;&#951;&#957; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#941;&#967;&#961;&#953; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; &#949;&#943;&#954;&#959;&#963;&#953; &#941;&#958;&#953; &#949;&#954;&#945;&#964;&#959;&#956;&#956;&#965;&#961;&#943;&#969;&#957; (USD 26.000.000) &#949;&#954; &#964;&#969;&#957; &#953;&#948;&#943;&#969;&#957; &#948;&#953;&#945;&#952;&#949;&#963;&#943;&#956;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#949; &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#959; &#963;&#965;&#957;&#940;&#955;&#955;&#945;&#947;&#956;&#945;, &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 2, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>&#927;&#929;&#927;&#921;&nbsp;&#922;&#913;&#921;&nbsp;&#927;&#929;&#921;&#931;&#924;&#927;&#921;</b></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>&#927;&#961;&#953;&#963;&#956;&#959;&#943;.</b>&nbsp;&#933;&#960;&#972;&nbsp;&#964;&#951;&#957;&nbsp;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951;&nbsp;&#964;&#969;&#957;&nbsp;&#948;&#953;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;&nbsp;&#963;&#964;&#959;&#957;&nbsp;&#972;&#961;&#959;&nbsp;1.5 &#964;&#951;&#962;&nbsp;&#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#913;&#957;&#949;&#958;&#972;&#966;&#955;&#951;&#964;&#959; </b>&#928;&#959;&#963;&#972;&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#941;&#967;&#949;&#953; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#945;&#955;&#955;&#940; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#964;&#965;&#967;&#972;&#957; &#945;&#966;&#945;&#943;&#961;&#949;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#945;&#960;&#972; &#956;&#943;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#960;&#959;&#965; &#947;&#943;&#957;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#954;&#945;&#964;&#8217; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#964;&#951;&#962; FATCA.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#913;&#961;&#967;&#942; &#917;&#958;&#965;&#947;&#943;&#945;&#957;&#963;&#951;&#962;</b>&#187; &#949;&#943;&#957;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#961;&#967;&#942; &#941;&#967;&#949;&#953; &#949;&#958;&#959;&#965;&#963;&#943;&#945; &#957;&#945; &#945;&#963;&#954;&#949;&#943; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#945;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; &#954;&#945;&#953; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#954;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#917;&#955;&#955;&#940;&#948;&#945;, &#951; &#945;&#961;&#967;&#942; &#960;&#959;&#965; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; 1 &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 3 &#964;&#959;&#965; &#925;.4335/2015 &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#957;&#940;&#954;&#945;&#956;&#968;&#951; &#954;&#945;&#953; &#949;&#958;&#965;&#947;&#943;&#945;&#957;&#963;&#951; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#974;&#957; &#953;&#948;&#961;&#965;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#969;&#957; &#949;&#960;&#949;&#957;&#948;&#973;&#963;&#949;&#969;&#957; (&#949;&#957;&#963;&#969;&#956;&#940;&#964;&#969;&#963;&#951; &#959;&#948;&#951;&#947;&#943;&#945;&#962; 2014/59/&#917;&#917;).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;</b>&#187; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#945;) &#972;&#955;&#945; &#964;&#945; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942;&#961;&#953;&#945; &#954;&#945;&#953; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#941;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#949;&#947;&#947;&#961;&#945;&#966;&#974;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#955;&#955;&#951;&#955;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#972; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#942; &#941;&#957;&#969;&#963;&#951; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#959;&#955;&#941;&#956;&#959;&#965; &#960;&#959;&#965; &#963;&#965;&#957;&#940;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#945;&#965;&#964;&#959;&#973; &#942; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#954;&#945;&#953;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#946;) &#972;&#955;&#945; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#964;&#945; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#942; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#959;&#965; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#969;&#957; &#945;&#958;&#953;&#974;&#963;&#949;&#969;&#957; &#945;&#957;&#949;&#958;&#945;&#961;&#964;&#942;&#964;&#969;&#962; &#945;&#957; &#951; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#942; &#949;&#947;&#947;&#961;&#945;&#966;&#942; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#955;&#955;&#951;&#955;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#972; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#942; &#941;&#957;&#969;&#963;&#951; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#959;&#955;&#941;&#956;&#959;&#965; &#941;&#967;&#949;&#953; &#955;&#942;&#958;&#949;&#953; &#963;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#961;&#959;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951; &#942; &#964;&#945;&#965;&#952;&#942;&#956;&#949;&#961;&#951; &#956;&#949; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945;</b> <b>&#921;&#921;&#921;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#945;) &#964;&#953;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#949;&#962; &#947;&#953;&#945; &#954;&#949;&#966;&#945;&#955;&#945;&#953;&#945;&#954;&#942; &#949;&#960;&#940;&#961;&#954;&#949;&#953;&#945;, &#945;&#957;&#945;&#955;&#959;&#947;&#943;&#945; &#956;&#972;&#967;&#955;&#949;&#965;&#963;&#951;&#962; &#954;&#945;&#953; &#960;&#961;&#959;&#948;&#953;&#945;&#947;&#961;&#945;&#966;&#941;&#962; &#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#949;&#954;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#917;&#960;&#953;&#964;&#961;&#959;&#960;&#942;&#962; &#964;&#951;&#962; &#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#943;&#945; &#956;&#949; &#964;&#943;&#964;&#955;&#959; &#171;&#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945; &#921;&#921;&#921;: &#928;&#945;&#947;&#954;&#972;&#963;&#956;&#953;&#959; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#972; &#928;&#955;&#945;&#943;&#963;&#953;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#957;&#948;&#965;&#957;&#940;&#956;&#969;&#963;&#951; &#964;&#969;&#957; &#964;&#961;&#945;&#960;&#949;&#950;&#974;&#957; &#954;&#945;&#953; &#964;&#969;&#957; &#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#974;&#957; &#963;&#965;&#963;&#964;&#951;&#956;&#940;&#964;&#969;&#957;&#187;, &#171;&#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945; &#921;&#921;&#921;: &#916;&#953;&#949;&#952;&#957;&#941;&#962; &#928;&#955;&#945;&#943;&#963;&#953;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951;, &#960;&#961;&#959;&#948;&#953;&#945;&#947;&#961;&#945;&#966;&#941;&#962; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#954;&#959;&#955;&#959;&#973;&#952;&#951;&#963;&#951; &#964;&#959;&#965; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945;&#962;&#187; &#954;&#945;&#953; &#171;&#927;&#948;&#951;&#947;&#943;&#949;&#962; &#960;&#961;&#959;&#962; &#949;&#952;&#957;&#953;&#954;&#941;&#962; &#945;&#961;&#967;&#941;&#962; &#960;&#959;&#965; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#959;&#973;&#957; &#964;&#959; &#945;&#957;&#964;&#953;&#954;&#965;&#954;&#955;&#953;&#954;&#972; &#954;&#949;&#966;&#945;&#955;&#945;&#953;&#945;&#954;&#972; &#960;&#955;&#949;&#972;&#957;&#945;&#963;&#956;&#945;&#187; &#959;&#953; &#959;&#960;&#959;&#943;&#949;&#962; &#949;&#954;&#948;&#972;&#952;&#951;&#954;&#945;&#957; &#964;&#959;&#957; &#916;&#949;&#954;&#941;&#956;&#946;&#961;&#953;&#959; 2010, &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#959;&#965;&#957;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#946;) &#964;&#959;&#965;&#962; &#954;&#945;&#957;&#972;&#957;&#949;&#962; &#947;&#953;&#945; &#964;&#953;&#962; &#960;&#945;&#947;&#954;&#959;&#963;&#956;&#943;&#969;&#962; &#963;&#965;&#963;&#964;&#951;&#956;&#953;&#954;&#940; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#941;&#962; &#964;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#941;&#954;&#952;&#949;&#963;&#951; &#171;&#928;&#945;&#947;&#954;&#959;&#963;&#956;&#943;&#969;&#962; &#963;&#965;&#963;&#964;&#951;&#956;&#953;&#954;&#940; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#941;&#962; &#964;&#961;&#940;&#960;&#949;&#950;&#949;&#962;: &#945;&#958;&#953;&#959;&#955;&#972;&#947;&#951;&#963;&#951;, &#956;&#949;&#952;&#959;&#948;&#959;&#955;&#959;&#947;&#943;&#945; &#954;&#945;&#953; &#951; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951; &#945;&#960;&#959;&#961;&#961;&#972;&#966;&#951;&#963;&#951; &#945;&#960;&#969;&#955;&#949;&#953;&#974;&#957; &#8211; &#954;&#949;&#943;&#956;&#949;&#957;&#959; &#922;&#945;&#957;&#972;&#957;&#969;&#957;&#187; &#960;&#959;&#965; &#948;&#951;&#956;&#959;&#963;&#953;&#949;&#973;&#952;&#951;&#954;&#949; &#945;&#960;&#972; &#964;&#951;&#957; &#917;&#960;&#953;&#964;&#961;&#959;&#960;&#942; &#964;&#951;&#962; &#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#943;&#945; &#964;&#959;&#957; &#925;&#959;&#941;&#956;&#946;&#961;&#953;&#959; 2011, &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#954;&#945;&#964;&#949;&#965;&#952;&#965;&#957;&#964;&#942;&#961;&#953;&#945; &#959;&#948;&#951;&#947;&#943;&#945; &#942; &#960;&#961;&#959;&#948;&#953;&#945;&#947;&#961;&#945;&#966;&#941;&#962; &#964;&#965;&#967;&#972;&#957; &#949;&#954;&#948;&#959;&#952;&#959;&#973;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#917;&#960;&#953;&#964;&#961;&#959;&#960;&#942; &#964;&#951;&#962; &#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#943;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957; &#171;&#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945; &#921;&#921;&#921;&#187;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#915;&#949;&#947;&#959;&#957;&#972;&#962; &#913;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962;&#187; (Reference Rate Replacement Event) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#945;) &#972;&#964;&#953; &#951; &#956;&#949;&#952;&#959;&#948;&#959;&#955;&#959;&#947;&#943;&#945; &#942; &#959; &#964;&#961;&#972;&#960;&#959;&#962; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; &#941;&#967;&#949;&#953; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#959;&#965;&#963;&#953;&#969;&#948;&#974;&#962; &#942;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td style="width: 44px;">(&#946;)</td>
			<td style="width: 55px;">(i)</td>
			<td style="width: 1229px;">(&#913;)&nbsp; &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; &#942; &#951; &#949;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#945;&#965;&#964;&#972;&#957; &#945;&#961;&#967;&#942; &#948;&#951;&#956;&#959;&#963;&#943;&#969;&#962; &#945;&#957;&#945;&#947;&#947;&#949;&#943;&#955;&#949;&#953; &#972;&#964;&#953; &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#945;&#966;&#949;&#961;&#941;&#947;&#947;&#965;&#959;&#962; &#942;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td style="width: 44px;">&nbsp;</td>
			<td style="width: 55px;">&nbsp;</td>
			<td style="width: 1229px;">(&#914;)&nbsp; &#948;&#951;&#956;&#959;&#963;&#953;&#949;&#973;&#949;&#964;&#945;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;, &#967;&#961;&#951;&#956;&#945;&#964;&#953;&#963;&#964;&#951;&#961;&#953;&#945;&#954;&#942; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#942; &#945;&#961;&#967;&#942; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#948;&#959;&#965;&#962; &#945;&#943;&#964;&#951;&#963;&#951;, &#948;&#953;&#940;&#964;&#945;&#947;&#956;&#945; &#942;&nbsp; &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#972;&#964;&#953; &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#945;&#966;&#949;&#961;&#941;&#947;&#947;&#965;&#959;&#962;&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" rowspan="1" style="width: 44px;"><b>&#965;&#960;&#972; </b>&#964;&#951;&#957;<b> </b>&#960;&#961;&#959;&#971;&#960;&#972;&#952;&#949;&#963;&#951;<b> </b>&#972;&#964;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#956;&#943;&#945; &#945;&#960;&#972; &#964;&#953;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; &#965;&#960;&#972; (&#913;) &#942; (&#914;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#948;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#948;&#953;&#940;&#948;&#959;&#967;&#959;&#962; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#960;&#959;&#965; &#952;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#963;&#949;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">(ii) &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; &#945;&#957;&#945;&#947;&#947;&#949;&#943;&#955;&#949;&#953; &#972;&#964;&#953; &#960;&#945;&#973;&#949;&#953; &#942; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#973;&#963;&#949;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#956;&#959;&#957;&#943;&#956;&#969;&#962; &#942; &#947;&#953;&#945; &#945;&#972;&#961;&#953;&#963;&#964;&#959; &#967;&#961;&#972;&#957;&#959; &#954;&#945;&#953; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#948;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#948;&#953;&#940;&#948;&#959;&#967;&#959;&#962; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#960;&#959;&#965; &#957;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#963;&#949;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">(iii) &#951; &#949;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#945;&#961;&#967;&#942; &#964;&#959;&#965; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; &#945;&#957;&#945;&#954;&#959;&#953;&#957;&#974;&#957;&#949;&#953; &#948;&#951;&#956;&#959;&#963;&#943;&#969;&#962; &#972;&#964;&#953; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#960;&#945;&#973;&#949;&#953; &#942; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#973;&#963;&#949;&#953; &#963;&#949; &#956;&#972;&#957;&#953;&#956;&#951; &#946;&#940;&#963;&#951; &#942; &#947;&#953;&#945; &#945;&#972;&#961;&#953;&#963;&#964;&#959; &#967;&#961;&#972;&#957;&#959; &#942;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">(iv) &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; &#942; &#951; &#949;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#945;&#965;&#964;&#959;&#973; &#945;&#961;&#967;&#942; &#945;&#957;&#945;&#954;&#959;&#953;&#957;&#974;&#957;&#949;&#953; &#972;&#964;&#953; &#948;&#949;&#957; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#964;&#945;&#953; &#960;&#955;&#941;&#959;&#957; &#951; &#967;&#961;&#942;&#963;&#951; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962;.</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">(&#947;) &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962; (&#942; &#959; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#949;&#957;&#972;&#962; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#960;&#959;&#965; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#945;&#957;&#945;&#960;&#972;&#963;&#960;&#945;&#963;&#964;&#959; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962;) &#954;&#961;&#943;&#957;&#949;&#953; &#972;&#964;&#953; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#960;&#961;&#941;&#960;&#949;&#953; &#949;&#966;&#949;&#958;&#942;&#962; &#957;&#945; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#956;&#949;&#953;&#969;&#956;&#941;&#957;&#949;&#962; &#960;&#945;&#961;&#945;&#948;&#959;&#967;&#941;&#962; &#942; &#956;&#949; &#949;&#957;&#945;&#955;&#955;&#945;&#954;&#964;&#953;&#954;&#941;&#962; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#941;&#962; &#954;&#945;&#953; &#949;&#943;&#964;&#949;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;(i) &#964;&#945; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#945; &#942; &#959;&#953; &#960;&#949;&#961;&#953;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#959;&#948;&#951;&#947;&#959;&#973;&#957; &#963;&#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#954;&#961;&#943;&#963;&#951; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#960;&#945;&#961;&#959;&#948;&#953;&#954;&#940;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#947;&#957;&#974;&#956;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942;</td>
		</tr>

</table>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;(ii) &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#945; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#969;&#962; &#171;&#917;&#957;&#945;&#955;&#955;&#945;&#954;&#964;&#953;&#954;&#942; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#924;&#922;&#187; &#963;&#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#931;&#973;&#957;&#952;&#949;&#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#913;&#957;&#945;&#948;&#961;&#959;&#956;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#942;</td>
		</tr>
		<tr>
			<td style="width: 33px;">&nbsp;</td>
			<td colspan="3" style="width: 44px;">(&#948;) &#954;&#945;&#964;&#940; &#964;&#951; &#947;&#957;&#974;&#956;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#964;&#940;&#955;&#955;&#951;&#955;&#959; &#960;&#955;&#941;&#959;&#957; &#947;&#953;&#945; &#964;&#959;&#957; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972; &#964;&#959;&#965; &#964;&#972;&#954;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#915;&#949;&#947;&#959;&#957;&#972;&#962; </b>&#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962;&#187; <b>(Disruption Event)</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#949;&#943;&#964;&#949;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#945;)&nbsp; &#956;&#943;&#945; &#959;&#965;&#963;&#953;&#974;&#948;&#951; &#948;&#953;&#945;&#964;&#945;&#961;&#945;&#967;&#942; &#963;&#964;&#945; &#963;&#965;&#963;&#964;&#942;&#956;&#945;&#964;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; &#942; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#953;&#974;&#957; &#942; &#963;&#964;&#953;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#945;&#947;&#959;&#961;&#941;&#962; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#957;&#945; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#959;&#973;&#957; &#959;&#973;&#964;&#969;&#962; &#974;&#963;&#964;&#949; &#957;&#945; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#959;&#973;&#957;&#964;&#945;&#953; &#959;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#941;&#962; &#960;&#959;&#965; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#949;&#943;&#964;&#949;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#946;)&nbsp; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#957; &#948;&#953;&#945;&#964;&#945;&#961;&#945;&#967;&#942; &#947;&#953;&#945; &#964;&#949;&#967;&#957;&#953;&#954;&#959;&#973;&#962; &#955;&#972;&#947;&#959;&#965;&#962; &#964;&#959;&#965; &#964;&#945;&#956;&#949;&#943;&#959;&#965; &#942; &#964;&#951;&#962; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; &#949;&#957;&#972;&#962; &#924;&#941;&#961;&#959;&#965;&#962; &#942; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965; &#960;&#959;&#965; &#949;&#956;&#960;&#959;&#948;&#943;&#950;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#924;&#941;&#961;&#959;&#962; &#942; &#933;&#960;&#972;&#967;&#961;&#949;&#959; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#953;&#948;&#943;&#959;&#965;) (i) &#957;&#945; &#949;&#954;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#953;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#964;&#959;&#965; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; (ii) &#957;&#945; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#949;&#943; &#956;&#949; &#940;&#955;&#955;&#945; &#924;&#941;&#961;&#951; &#942; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965;&#962; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&#933;&#928;&#927; &#932;&#927;&#925; &#908;&#929;&#927; &#972;&#964;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#969;&#962; &#940;&#957;&#969; [&#965;&#960;&#972; (&#945;) &#954;&#945;&#953; (&#946;)] &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#951; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#951; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#948;&#953;&#945;&#964;&#945;&#961;&#945;&#967;&#942; &#948;&#949;&#957; &#960;&#961;&#959;&#954;&#955;&#942;&#952;&#951;&#954;&#949; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#924;&#941;&#961;&#959;&#962; &#942; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#954;&#945;&#953; &#946;&#961;&#943;&#963;&#954;&#949;&#964;&#945;&#953; &#941;&#958;&#969; &#945;&#960;&#972; &#964;&#959;&#957; &#941;&#955;&#949;&#947;&#967;&#972; &#964;&#959;&#965;.&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#942; &#960;&#949;&#961;&#943;&#963;&#964;&#945;&#963;&#951; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 18.1.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#954;&#945;&#964;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#972; &#964;&#951;&#962; &#963;&#964;&#953;&#962; &#925;&#942;&#963;&#959;&#965;&#962; &#924;&#940;&#961;&#963;&#945;&#955; (Trust Company Complex, Ajeltake Rd., Ajeltake Island, Majuro, MH96960) &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; TERATAKI SHIPPING LTD.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#916;&#940;&#957;&#949;&#953;&#959;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#956;&#941;&#967;&#961;&#953; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#949;&#943;&#954;&#959;&#963;&#953; &#941;&#958;&#953; &#949;&#954;&#945;&#964;&#959;&#956;&#956;&#965;&#961;&#943;&#969;&#957; (USD 26.000.000) &#942; &#964;&#959; &#960;&#959;&#963;&#972; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#960;&#959;&#965; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#948;&#942;&#955;&#969;&#963;&#951; &#954;&#945;&#964;&#940; &#964;&#959; &#963;&#967;&#941;&#948;&#953;&#959; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#941;&#967;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#928;&#945;&#961;&#940;&#961;&#964;&#951;&#956;&#945; &#921; &#942; &#964;&#959; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#959; &#955;&#949;&#954;&#964;&#953;&#954;&#972; &#960;&#959;&#965; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#942; &#949;&#947;&#954;&#961;&#943;&#957;&#949;&#953;.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;</b>&#187;/ &#171;<b>&#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945; &#963;&#964;&#951; &#923;&#953;&#946;&#949;&#961;&#943;&#945; (80, Broad str., Monrovia, Liberia) &#954;&#945;&#953; &#941;&#967;&#959;&#965;&#963;&#945; &#949;&#947;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#947;&#961;&#945;&#966;&#949;&#943;&#959; &#963;&#964;&#951;&#957; &#917;&#955;&#955;&#940;&#948;&#945; (&#959;&#948;&#972;&#962; &#924;&#949;&#963;&#959;&#947;&#949;&#943;&#959;&#965; 4 &#954;&#945;&#953; &#917;&#965;&#961;&#974;&#960;&#951;&#962;, 115 24 &#924;&#945;&#961;&#959;&#973;&#963;&#953; &#913;&#964;&#964;&#953;&#954;&#942;&#962;) &#954;&#945;&#964;&#940; &#964;&#953;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#959;&#965; &#957;. 27/75 &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; &#8220;EUROBULK LTD.&#8221; &#942; &#964;&#951; &#963;&#965;&#947;&#947;&#949;&#957;&#942; &#964;&#951;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#8220;Eurobulk (Far East) Ltd Inc.&#8221; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#951; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#954;&#945;&#953; &#964;&#949;&#967;&#957;&#953;&#954;&#942; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;, &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; (operational manager) &#954;&#945;&#953; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#961;&#972;&#963;&#955;&#951;&#968;&#951; &#964;&#959;&#965; &#960;&#955;&#951;&#961;&#974;&#956;&#945;&#964;&#959;&#962; (crew manager) &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#949;&#947;&#954;&#961;&#943;&#957;&#949;&#953;, &#945;&#960;&#972; &#954;&#945;&#953;&#961;&#959;&#973; &#949;&#953;&#962; &#954;&#945;&#953;&#961;&#972;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#969;&#962; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#954;&#945;&#953; &#964;&#949;&#967;&#957;&#953;&#954;&#942; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#954;&#945;&#953; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#954;&#945;&#953; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#961;&#972;&#963;&#955;&#951;&#968;&#951; &#964;&#959;&#965; &#960;&#955;&#951;&#961;&#974;&#956;&#945;&#964;&#959;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#916;&#953;&#949;&#952;&#957;&#942; &#923;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#940; &#928;&#961;&#972;&#964;&#965;&#960;&#945; &#942; &#916;&#923;&#928;</b>&#187;<b> (GAAP) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#945; &#948;&#953;&#949;&#952;&#957;&#942; &#955;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#940; &#960;&#961;&#972;&#964;&#965;&#960;&#945; &#969;&#962; &#945;&#965;&#964;&#940; &#959;&#961;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#959;&#973; &#922;&#959;&#953;&#957;&#959;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; 19&#951;&#962; &#921;&#959;&#965;&#955;&#943;&#959;&#965; 2002 &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#969;&#957; &#916;&#953;&#949;&#952;&#957;&#974;&#957; &#923;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#928;&#961;&#959;&#964;&#973;&#960;&#969;&#957;&#187; &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#973;&#957;&#964;&#945;&#958;&#951; &#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#957; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#969;&#957;.</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#917;&#947;&#947;&#973;&#951;&#963;&#951;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#959;&#973;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#949;&#947;&#947;&#973;&#951;&#963;&#951;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#945;&#966;&#949;&#957;&#972;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#966;&#949;&#964;&#941;&#961;&#959;&#965;, &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#964;&#951;&#957; &#949;&#947;&#947;&#973;&#951;&#963;&#942; &#964;&#959;&#965; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#955;&#942;&#961;&#951; &#954;&#945;&#953; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#942; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#951;&#957; &#954;&#945;&#952;&#8217; &#959;&#955;&#959;&#954;&#955;&#951;&#961;&#943;&#945;&#957; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942; &#964;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#955;&#959;&#953;&#960;&#974;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#942; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953; &#922;&#940;&#964;&#959;&#967;&#959;&#953;</b>&#187; (<b>Approved Shareholders</b>) &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#964;&#945; &#959;&#957;&#972;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#955;&#959;&#953;&#960;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#964;&#951;&#962; &#964;&#945;&#965;&#964;&#972;&#964;&#951;&#964;&#945;&#962; &#941;&#967;&#959;&#965;&#957; &#947;&#943;&#957;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#947;&#957;&#969;&#963;&#964;&#940; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#969;&#962; &#959;&#953; &#964;&#949;&#955;&#953;&#954;&#959;&#943; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#959;&#943; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#967;&#959;&#953; (&#949;&#943;&#964;&#949; &#941;&#956;&#956;&#949;&#963;&#945; &#949;&#943;&#964;&#949; &#940;&#956;&#949;&#963;&#945;) &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; 33% &#964;&#969;&#957; &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#968;&#942;&#966;&#959;&#965; &#960;&#959;&#965; &#964;&#953;&#962; &#963;&#965;&#957;&#959;&#948;&#949;&#973;&#959;&#965;&#957;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953; &#924;&#949;&#963;&#943;&#964;&#949;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#945; &#956;&#949;&#963;&#953;&#964;&#953;&#954;&#940; &#947;&#961;&#945;&#966;&#949;&#943;&#945;, Clarksons, Arrow, Howe Robinson, Braemer ACM, SSY , Maersk, Seaborne Shipbrokers, Intermodal &#954;&#945;&#953; Allied.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#949;&#954; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#959; &#949;&#954;:</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#945;) &#964;&#959;&#965; 65% &#964;&#959;&#965;&nbsp; &#964;&#953;&#956;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#964;&#945;&#963;&#954;&#949;&#965;&#942;&#962;, &#957;&#945;&#965;&#960;&#942;&#947;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#945;&#947;&#959;&#961;&#940;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; (&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#953;&#963;&#952;&#949;&#943;&#963;&#945; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#972; 29 &#921;&#959;&#965;&#957;&#943;&#959;&#965; 2021 &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#957;&#945;&#965;&#960;&#942;&#947;&#951;&#963;&#951;&#962; &#945;&#957;&#941;&#961;&#967;&#949;&#964;&#945;&#953; &#963;&#949; &#960;&#959;&#963;&#972; &#916;&#959;&#955;&#955;. &#919;&#928;&#913; 38.071.320) &#960;&#955;&#941;&#959;&#957; &#964;&#965;&#967;&#972;&#957; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#969;&#957; &#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#947;&#953;&#945; &#960;&#961;&#959;&#963;&#952;&#942;&#954;&#949;&#962; &#954;&#945;&#953;/&#942; &#946;&#949;&#955;&#964;&#953;&#974;&#963;&#949;&#953;&#962;, &#942;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#946;) &#964;&#959;&#965; 65% &#964;&#951;&#962; &#949;&#954;&#964;&#953;&#956;&#974;&#956;&#949;&#957;&#951;&#962; &#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942;&#962; &#913;&#958;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;&nbsp; &#964;&#959; &#957;&#969;&#961;&#943;&#964;&#949;&#961;&#959; 15 &#951;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#945;&#957;&#940;&#955;&#951;&#968;&#951; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#942;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#947;) &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#969;&#957; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; 26.000.000.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#171;<b>&#917;&#954;&#967;&#969;&#961;&#942;&#963;&#949;&#953;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#945;&#960;&#972; &#954;&#959;&#953;&#957;&#959;&#973; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#917;&#963;&#972;&#948;&#969;&#957; &#954;&#945;&#953; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; </b>&#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#954;&#965;&#961;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#959; &#925;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; &#954;&#945;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#953;&#962; &#963;&#949; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#945;&#965;&#964;&#959;&#973;, &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#924;&#922;&#187; (RFR </b>&#8211;<b> Risk Free Rate) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#956;&#951;&#948;&#949;&#957;&#953;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;</b>&#187; (<b>Term SOFR)</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959;&#957; &#948;&#949;&#943;&#954;&#964;&#951; &#945;&#957;&#945;&#966;&#959;&#961;&#940;&#962; term SOFR &#965;&#960;&#972; &#964;&#951; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951; &#964;&#959;&#965; CME Group Benchmark Administration Limited (&#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#964;&#951;&#957; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#948;&#949;&#943;&#954;&#964;&#951;) &#960;&#959;&#965; &#948;&#951;&#956;&#959;&#963;&#953;&#949;&#973;&#949;&#964;&#945;&#953; &#964;&#951;&#957; &#945;&#956;&#941;&#963;&#969;&#962; &#949;&#960;&#959;&#956;&#941;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#963;&#964;&#953;&#962; 5:00 &#960;.&#956;. &#974;&#961;&#945; CET &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#960;&#949;&#961;&#943;&#959;&#948;&#959; (&#960;&#961;&#959; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#972;&#961;&#952;&#969;&#963;&#951;&#962;, &#949;&#960;&#945;&#957;&#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#942; &#949;&#960;&#945;&#957;&#945;&#948;&#951;&#956;&#959;&#963;&#943;&#949;&#965;&#963;&#951;&#962; &#945;&#960;&#972; &#964;&#959;&#957; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;) &#945;&#960;&#972; &#964;&#959; CME Group Benchmark Administration Limited (&#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#964;&#965;&#967;&#972;&#957; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#964;&#951;&#957; &#948;&#951;&#956;&#959;&#963;&#943;&#949;&#965;&#963;&#951; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#948;&#949;&#943;&#954;&#964;&#951;) &#954;&#945;&#953; &#945;&#957;&#945;&#961;&#964;&#940;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#949;&#960;&#943;&#963;&#951;&#956;&#951; &#953;&#963;&#964;&#959;&#963;&#949;&#955;&#943;&#948;&#945; &#964;&#959;&#965; &#969;&#962; &#940;&#957;&#969; CME Group Benchmark Administration Limited &#963;&#964;&#951;&#957; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951;: https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html &#942; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#964;&#951;&#957; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; <u> </u><u>&#954;</u><u>&#945;</u><u>&#953;</u><u> </u> <u>&#941;</u><u>&#967;</u><u>&#949;</u><u>&#953;</u><u> </u>&#953;&#963;&#967;&#973; - &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#949;&#952;&#957;&#942; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942; - &#947;&#953;&#945; &#964;&#953;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#960;&#959;&#965; &#952;&#945; &#947;&#943;&#957;&#959;&#965;&#957; &#948;&#973;&#959; (2) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#956;&#949;&#964;&#940; &#964;&#959;&#957; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#972; &#964;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#913;&#958;&#943;&#945;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#945;&#958;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#940;&#961;&#952;&#961;&#945; 14.2, 14.3 &#954;&#945;&#953; 14.4.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#940;&#963;&#954;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#958;&#959;&#965;&#963;&#943;&#945;&#962; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; &#954;&#945;&#953; &#924;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#956;&#943;&#945;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962;, &#972;&#960;&#969;&#962; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 55 &#925;. 4335/2015 (&#940;&#961;&#952;&#961;&#959; 55 &#964;&#951;&#962; &#927;&#948;&#951;&#947;&#943;&#945;&#962; 2014/59/&#917;&#917;) &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#958;&#965;&#947;&#943;&#945;&#957;&#963;&#951; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#974;&#957; &#953;&#948;&#961;&#965;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#969;&#957; &#949;&#960;&#949;&#957;&#948;&#973;&#963;&#949;&#969;&#957;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#957;&#941;&#967;&#965;&#961;&#959; &#949;&#960;&#943; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#963;&#973;&#963;&#964;&#945;&#963;&#951;&#962; &#949;&#957;&#949;&#967;&#973;&#961;&#959;&#965; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#949;&#960;&#943; &#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;, &#956;&#949; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;&#917;&#958;&#945;&#953;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#924;&#941;&#961;&#959;&#962;</b>&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#941;&#957;&#945; &#924;&#941;&#961;&#959;&#962; &#960;&#959;&#965; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#949;&#953;&#963;&#960;&#961;&#940;&#964;&#964;&#949;&#953; &#960;&#959;&#963;&#940; &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; FATCA.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#187; </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#945;) &#965;&#960;&#959;&#952;&#942;&#954;&#951;, &#949;&#957;&#941;&#967;&#965;&#961;&#959;, &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#959; &#957;&#945;&#965;&#964;&#953;&#954;&#972; &#942; &#940;&#955;&#955;&#959; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#949;&#943;&#948;&#959;&#965;&#962; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">(&#946;) &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#964;&#959;&#965; &#949;&#957;&#940;&#947;&#959;&#957;&#964;&#959;&#962; &#963;&#949; &#956;&#943;&#945; &#949;&#956;&#960;&#961;&#940;&#947;&#956;&#945;&#964;&#951; &#945;&#947;&#969;&#947;&#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#949;&#953; &#949;&#960;&#953;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#965;&#957;&#964;&#951;&#961;&#951;&#964;&#953;&#954;&#942; &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951; &#963;&#949; &#960;&#955;&#959;&#943;&#959; &#942; &#941;&#967;&#959;&#965;&#957; &#955;&#951;&#966;&#952;&#949;&#943; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#945; &#956;&#941;&#964;&#961;&#945; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#964;&#953;&#954;&#940; &#964;&#951;&#962; &#949;&#955;&#949;&#965;&#952;&#949;&#961;&#959;&#960;&#955;&#959;&#912;&#945;&#962; &#964;&#959;&#965;.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#927;&#966;&#949;&#953;&#955;&#941;&#962;</b>&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#953;&#962; &#959;&#966;&#949;&#953;&#955;&#941;&#962; &#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#945; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#945; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#951; &#941;&#967;&#959;&#965;&#957; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#963;&#949; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#959; &#967;&#961;&#972;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#942; &#948;&#965;&#957;&#940;&#956;&#949;&#953; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#960;&#972;&#966;&#945;&#963;&#951;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#948;&#949;&#957; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#965;&#960;&#8217; &#972;&#968;&#953;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#958; &#959;&#955;&#959;&#954;&#955;&#942;&#961;&#959;&#965; &#942; &#956;&#949;&#961;&#953;&#954;&#942; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#964;&#969;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#942; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#959;&#965;&#962; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#960;&#964;&#974;&#967;&#949;&#965;&#963;&#951;&#962;, &#949;&#954;&#954;&#945;&#952;&#940;&#961;&#953;&#963;&#951;&#962;, &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#963;&#965;&#957;&#948;&#953;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#960;&#964;&#969;&#967;&#949;&#965;&#964;&#953;&#954;&#972; &#948;&#943;&#954;&#945;&#953;&#959; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#940;&#964;&#959;&#965;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#931;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#959;&#956;&#941;&#957;&#969;&#957;</b>&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#953;&#962; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#941;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962;, &#949;&#954;&#967;&#969;&#961;&#942;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#954;&#945;&#953; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; &#948;&#965;&#957;&#940;&#956;&#949;&#953; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#959;&#953; &#963;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#972;&#956;&#949;&#957;&#959;&#953; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#972;&#964;&#953; &#959;&#953; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#959;&#965;&#962; &#954;&#945;&#964;&#940; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#941;&#960;&#959;&#957;&#964;&#945;&#953; &#964;&#951;&#962; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945;&#962; (subordination agreements), &#959;&#953; &#959;&#960;&#959;&#943;&#949;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#959;&#973;&#957; &#945;&#960;&#972; &#954;&#940;&#952;&#949; &#941;&#957;&#945;&#957; &#963;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#972;&#956;&#949;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#965;&#960;&#941;&#961; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; &#954;&#945;&#953; &#924;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#949;&#957;&#943;&#959;&#964;&#949; &#963;&#964;&#959;&#957; &#928;&#943;&#957;&#945;&#954;&#945; &#917;&#957;&#969;&#963;&#953;&#945;&#954;&#942;&#962; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#948;&#953;&#940;&#963;&#969;&#963;&#951; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;, &#959;&#953; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#969;&#962; &#964;&#959;&#953;&#945;&#973;&#964;&#949;&#962; &#963;&#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#945; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;:</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(1) &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#954;&#973;&#961;&#969;&#963;&#951;, &#956;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#942;&nbsp; &#945;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; (dilution) &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#953;&#963;&#974;&#957;&nbsp; &#945;&#960;&#972; &#964;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#949;&#960;&#953;&#967;&#949;&#943;&#961;&#951;&#963;&#951; &#949;&#960;&#949;&#957;&#948;&#973;&#963;&#949;&#969;&#957; &#942; &#940;&#955;&#955;&#959; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#972; &#943;&#948;&#961;&#965;&#956;&#945; &#942; &#963;&#965;&#947;&#947;&#949;&#957;&#942; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#956;&#943;&#945;&#962; &#964;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#956;&#943;&#945;&#962; &#949;&#960;&#953;&#967;&#949;&#943;&#961;&#951;&#963;&#951;&#962; &#949;&#960;&#949;&#957;&#948;&#973;&#963;&#949;&#969;&#957; &#942; &#940;&#955;&#955;&#959;&#965; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#953;&#948;&#961;&#973;&#956;&#945;&#964;&#959;&#962;, &#964;&#951;&#957; &#945;&#954;&#973;&#961;&#969;&#963;&#951;, &#945;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#951;&#962; &#956;&#959;&#961;&#966;&#942;&#962; &#964;&#951;&#962; &#959;&#966;&#949;&#953;&#955;&#942;&#962; &#945;&#965;&#964;&#959;&#973; &#964;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#942; &#956;&#943;&#945;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#942; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#945;&#960;&#972; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#959;&#966;&#949;&#953;&#955;&#942;, &#964;&#951;&#957; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942; &#972;&#955;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#959;&#966;&#949;&#953;&#955;&#942;&#962; &#963;&#949; &#956;&#949;&#964;&#959;&#967;&#941;&#962;, &#967;&#961;&#949;&#972;&#947;&#961;&#945;&#966;&#945; &#942; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#945;&#965;&#964;&#959;&#973; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965;, &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#942; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#969;&#962; &#940;&#957;&#969; &#949;&#943;&#957;&#945;&#953; &#953;&#963;&#967;&#965;&#961;&#972; &#963;&#945;&#957; &#957;&#945; &#949;&#943;&#967;&#949; &#945;&#963;&#954;&#951;&#952;&#949;&#943; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#945;&#965;&#964;&#972; &#942; &#964;&#951;&#957; &#949;&#958;&#959;&#965;&#963;&#943;&#945; &#957;&#945; &#945;&#957;&#945;&#963;&#964;&#949;&#943;&#955;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#958;&#959;&#965;&#963;&#943;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#942; &#949;&#943;&#957;&#945;&#953; &#949;&#960;&#953;&#954;&#959;&#965;&#961;&#953;&#954;&#942; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#969;&#962; &#940;&#957;&#969; &#949;&#958;&#959;&#965;&#963;&#953;&#974;&#957; &#954;&#945;&#953;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(2) &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#966;&#949;&#943;&#962; &#942; &#945;&#957;&#940;&#955;&#959;&#947;&#949;&#962; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#925;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953;&#962;&#187; (Confirmations) </b>&#954;&#945;&#953; &#171;<b>&#928;&#961;&#972;&#969;&#961;&#951; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#922;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962;</b>&#187;<b> (Early Termination Date) </b>&#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#957;&#949;&#961;&#947;&#942; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#951; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;, &#941;&#967;&#959;&#965;&#957; &#964;&#959; &#957;&#972;&#951;&#956;&#945; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; ISDA.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#913;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962;</b>&#187; <b>(Manager</b>&#8217;<b>s Undertaking) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;, &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#956;&#943;&#945; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#965;&#963;&#945; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#949;&#947;&#954;&#961;&#943;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#965;&#960;&#959;&#947;&#949;&#947;&#961;&#945;&#956;&#956;&#941;&#957;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;, &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#948;&#941;&#963;&#956;&#949;&#965;&#963;&#951;&#962; &#972;&#964;&#953; &#951; &#940;&#963;&#954;&#951;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#951; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#951; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#941;&#960;&#949;&#964;&#945;&#953; &#964;&#951;&#962; &#940;&#963;&#954;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#964;&#951;&#962; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#965;&#967;&#972;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#965;&#957; &#964;&#951;&#957; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#969;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#963;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962;</b>&#187;<b> (Reference Rate) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;: (&#945;) &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#949;&#957;&#972;&#962; (1) &#956;&#951;&#957;&#972;&#962; &#942; &#964;&#961;&#953;&#974;&#957; (3) &#956;&#951;&#957;&#974;&#957; &#942; &#941;&#958;&#953; (6) &#956;&#951;&#957;&#974;&#957; &#954;&#945;&#953; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#943;&#963;&#951;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#942;</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#972;&#964;&#945;&#957; &#964;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959;, &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3. (&#946;) &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;,</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#948;&#973;&#959; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957;, &#945;&#957; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#959; &#964;&#959;&#965; &#956;&#951;&#948;&#949;&#957;&#972;&#962;, &#969;&#962; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#964;&#959; &#956;&#951;&#948;&#941;&#957;.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962;</b>&#187;<b> (Replacement Reference Rate) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#941;&#957;&#945; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#946;&#940;&#963;&#951;&#962; &#964;&#959; &#959;&#960;&#959;&#943;&#959;:</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#949;&#960;&#953;&#963;&#942;&#956;&#969;&#962; &#954;&#945;&#952;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953;, &#954;&#945;&#964;&#959;&#957;&#959;&#956;&#940;&#950;&#949;&#964;&#945;&#953; &#942; &#960;&#961;&#959;&#964;&#949;&#943;&#957;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942; &#942; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#931;&#967;&#949;&#964;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#913;&#961;&#967;&#942; &#969;&#962; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#945;&#957;&#964;&#953;&#954;&#945;&#952;&#953;&#963;&#964;&#940; &#964;&#959; &#917;&#924;&#922;&nbsp; &#954;&#945;&#953; &#945;&#957; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#954;&#961;&#943;&#963;&#953;&#956;&#959; &#967;&#961;&#972;&#957;&#959; &#941;&#967;&#959;&#965;&#957; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#964;&#949;&#943;, &#954;&#945;&#964;&#959;&#957;&#959;&#956;&#945;&#963;&#964;&#949;&#943; &#942; &#960;&#961;&#959;&#964;&#945;&#952;&#949;&#943; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#945; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#945; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962;, &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#945;&#965;&#964;&#972; &#947;&#953;&#945; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#941;&#967;&#949;&#953; &#949;&#954;&#966;&#961;&#945;&#963;&#964;&#949;&#943; &#951; &#931;&#967;&#949;&#964;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#913;&#961;&#967;&#942;, &#942;</td>
		</tr>

</table>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#940;&#960;&#959;&#968;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#949;&#943;&#957;&#945;&#953; &#947;&#949;&#957;&#953;&#954;&#974;&#962; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#963;&#964;&#951;&#957; &#948;&#953;&#949;&#952;&#957;&#942; &#954;&#945;&#953; &#949;&#947;&#967;&#974;&#961;&#953;&#945; &#945;&#947;&#959;&#961;&#940; &#954;&#959;&#953;&#957;&#959;&#960;&#961;&#945;&#954;&#964;&#953;&#954;&#974;&#957; &#948;&#945;&#957;&#949;&#943;&#969;&#957; &#969;&#962; &#951; &#945;&#961;&#956;&#972;&#950;&#959;&#965;&#963;&#945; &#948;&#953;&#940;&#948;&#959;&#967;&#951; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#959;&#965; &#917;&#924;&#922;, &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#940;&#960;&#959;&#968;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#964;&#951;&#957; &#945;&#961;&#956;&#972;&#950;&#959;&#965;&#963;&#945; &#948;&#953;&#940;&#948;&#959;&#967;&#951; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#959;&#965; &#917;&#924;&#922;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962; &#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962;</b>&#187; <b>(Interpolated Term SOFR)</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; (&#963;&#964;&#961;&#959;&#947;&#947;&#965;&#955;&#959;&#960;&#959;&#953;&#959;&#973;&#956;&#949;&#957;&#959; &#963;&#964;&#959; &#943;&#948;&#953;&#959; &#948;&#949;&#954;&#945;&#948;&#953;&#954;&#972; &#968;&#951;&#966;&#943;&#959; &#972;&#960;&#969;&#962; &#964;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;) &#960;&#959;&#965; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942; &#963;&#949; &#947;&#961;&#945;&#956;&#956;&#953;&#954;&#942; &#946;&#940;&#963;&#951; &#956;&#949;&#964;&#945;&#958;&#973;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#949;&#943;&#964;&#949;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(i) &#964;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965; EMK &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#956;&#941;&#947;&#953;&#963;&#964;&#951; &#960;&#949;&#961;&#943;&#959;&#948;&#959; (&#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959;, &#945;&#955;&#955;&#940; &#972;&#967;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#959;&#965; &#956;&#951;&#957;&#972;&#962;) &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#956;&#941;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#973;, &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(ii) &#949;&#940;&#957; &#948;&#949;&#957; &#948;&#953;&#945;&#964;&#943;&#952;&#949;&#964;&#945;&#953; EMK &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#956;&#941;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#973; (&#954;&#945;&#953; &#960;&#940;&#957;&#964;&#969;&#962; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#940;&#957;&#969; &#964;&#959;&#965; &#956;&#951;&#957;&#972;&#962;), &#964;&#959; EMK &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#964;&#951;&#962; &#951;&#956;&#941;&#961;&#945;&#962; &#960;&#959;&#965; &#960;&#941;&#966;&#964;&#949;&#953; &#964;&#961;&#949;&#953;&#962; (3) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#917;&#924;&#922; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#919;&#956;&#941;&#961;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973;, &#954;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#955;&#940;&#967;&#953;&#963;&#964;&#951; &#960;&#949;&#961;&#943;&#959;&#948;&#959; (&#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959;, &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#949;&#957; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#959;&#965; &#956;&#951;&#957;&#972;&#962;) &#960;&#959;&#965; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#956;&#941;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#973;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962; &#964;&#951;&#962; &#913;&#947;&#959;&#961;&#940;&#962;</b>&#187;<b> (Market Disruption Rate) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;</b>&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#949;&#958;&#945;&#964;&#959;&#956;&#953;&#954;&#949;&#965;&#956;&#941;&#957;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#945;&#957;&#945;&#954;&#959;&#953;&#957;&#974;&#957;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#941;&#957;&#945;&#957; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#945;&#965;&#964;&#959;&#957;&#959;&#942;&#964;&#969;&#962; &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#949;&#962; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#946;&#940;&#963;&#949;&#953; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#945; &#947;&#953;&#945; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#941;&#957;&#964;&#949;&#962; &#956;&#953;&#963;&#952;&#959;&#973;&#962; &#960;&#955;&#951;&#961;&#974;&#956;&#945;&#964;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#963;&#965;&#957;&#942;&#952;&#951; &#957;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#942; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#959; &#948;&#953;&#940;&#963;&#969;&#963;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#945; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#957;&#959;&#956;&#959;&#952;&#949;&#964;&#953;&#954;&#940; &#947;&#953;&#945; &#960;&#961;&#959;&#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#956;&#953;&#963;&#952;&#969;&#956;&#940;&#964;&#969;&#957; &#947;&#953;&#945; &#967;&#961;&#959;&#957;&#953;&#954;&#972; &#948;&#953;&#940;&#963;&#964;&#951;&#956;&#945; &#972;&#967;&#953; &#956;&#949;&#947;&#945;&#955;&#973;&#964;&#949;&#961;&#959; &#964;&#969;&#957; 2 &#956;&#951;&#957;&#974;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#957;&#945;&#973;&#955;&#969;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#949;&#957; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 44pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#959; &#925;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#945;&#960;&#972; 3.6.2022 &#957;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#949;&#948;&#961;&#949;&#973;&#959;&#965;&#963;&#945;&#962; &#963;&#964;&#959; &#927;&#956;&#940;&#957; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; &#8220;ASYAD LINE LLC&#8221;, &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#972; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#952;&#951;&#954;&#949; &#964;&#951;&#957; 15.2.2023, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#957;&#945;&#973;&#955;&#969;&#963;&#951;&#962; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#940; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#947;&#953;&#945; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#967;&#961;&#959;&#957;&#953;&#954;&#972; &#948;&#953;&#940;&#963;&#964;&#951;&#956;&#945; &#942; &#964;&#945;&#958;&#943;&#948;&#953; &#942; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#956;&#943;&#963;&#952;&#969;&#963;&#951;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#951;&#962; &#954;&#965;&#961;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#949;&#957;&#972;&#962; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#959; &#171;&#925;&#945;&#965;&#955;&#969;&#964;&#942;&#962;&#187;) &#956;&#949; &#972;&#961;&#959;&#965;&#962; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; 12 &#956;&#951;&#957;&#974;&#957; &#954;&#945;&#953; &#940;&#957;&#969; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#947;&#953;&#945; &#960;&#945;&#961;&#940;&#964;&#945;&#963;&#951; &#964;&#951;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#964;&#959;&#965; &#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; -options).</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#954;&#940;&#952;&#949; &#951;&#956;&#941;&#961;&#945; (&#949;&#954;&#964;&#972;&#962; &#931;&#945;&#946;&#946;&#940;&#964;&#959;&#965; &#954;&#945;&#953; &#922;&#965;&#961;&#953;&#945;&#954;&#942;&#962;) &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#959;&#953; &#964;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#954;&#945;&#953; &#959;&#953; &#945;&#947;&#959;&#961;&#941;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#959;&#953;&#954;&#964;&#941;&#962; &#947;&#953;&#945; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#964;&#959;&#965; &#964;&#973;&#960;&#959;&#965; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951;, &#963;&#949; &#954;&#940;&#952;&#949; &#967;&#974;&#961;&#945; &#942; &#964;&#972;&#960;&#959; (&#954;&#945;&#953; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#954;&#945;&#953; &#972;&#967;&#953; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#964;&#953;&#954;&#940; &#963;&#964;&#959; &#923;&#959;&#957;&#948;&#943;&#957;&#959;, &#963;&#964;&#959;&#957; &#928;&#949;&#953;&#961;&#945;&#953;&#940;, &#963;&#964;&#951; &#925;. &#933;&#972;&#961;&#954;&#951; &#954;&#945;&#953; &#963;&#964;&#959; &#931;&#953;&#954;&#940;&#947;&#959; &#919;&#928;&#913;) &#963;&#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#957;&#945; &#947;&#943;&#957;&#949;&#953; &#954;&#940;&#960;&#959;&#953;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#942; &#960;&#940;&#963;&#951;&#962; &#956;&#959;&#961;&#966;&#942;&#962; &#948;&#959;&#963;&#959;&#955;&#951;&#968;&#943;&#945; &#942; &#957;&#945; &#947;&#943;&#957;&#949;&#953; &#954;&#940;&#960;&#959;&#953;&#945; &#960;&#961;&#940;&#958;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;, &#954;&#945;&#964;&#940; &#964;&#951; &#963;&#965;&#957;&#951;&#952;&#953;&#963;&#956;&#941;&#957;&#951; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951;</b> <b>&#919;&#956;&#941;&#961;&#945; &#917;&#924;&#922;&#187; (RFR Banking Day) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#954;&#940;&#952;&#949; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#942; &#951;&#956;&#941;&#961;&#945; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972;: (i) &#932;&#945; &#931;&#940;&#946;&#946;&#945;&#964;&#945; &#954;&#945;&#953; &#964;&#953;&#962; &#922;&#965;&#961;&#953;&#945;&#954;&#941;&#962;, (ii) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#951;&#956;&#941;&#961;&#945; &#951; SIFMA (Securities Industry and Financial Markets Association) &#963;&#965;&#963;&#964;&#942;&#957;&#949;&#953; &#963;&#964;&#945; &#956;&#941;&#955;&#951; &#964;&#951;&#962; &#957;&#945; &#956;&#951;&#957; &#948;&#953;&#949;&#957;&#949;&#961;&#947;&#942;&#963;&#959;&#965;&#957; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#963;&#949; &#967;&#961;&#949;&#974;&#947;&#961;&#945;&#966;&#945; &#964;&#959;&#965; &#913;&#956;&#949;&#961;&#953;&#954;&#945;&#957;&#953;&#954;&#959;&#973; &#916;&#951;&#956;&#959;&#963;&#943;&#959;&#965;, &#942; (iii) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#951;&#956;&#941;&#961;&#945; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#969;&#962; &#956;&#951; &#949;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#951;&#956;&#941;&#961;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#904;&#963;&#959;&#948;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;, &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#972;&#955;&#945; &#964;&#945; &#967;&#961;&#951;&#956;&#945;&#964;&#953;&#954;&#940; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#964;&#974;&#961;&#945; &#942; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945; (&#956;&#949; &#942; &#967;&#969;&#961;&#943;&#962; &#972;&#961;&#959;&#965;&#962;) &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#972; &#964;&#951;&#957; &#953;&#948;&#953;&#972;&#964;&#951;&#964;&#940; &#964;&#951;&#962; &#969;&#962; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#967;&#961;&#942;&#963;&#951; &#942; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945;&#973;&#955;&#959;&#965;, &#956;&#953;&#963;&#952;&#974;&#956;&#945;&#964;&#959;&#962; &#942; &#949;&#953;&#963;&#953;&#964;&#951;&#961;&#943;&#959;&#965;, &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945;&#962; &#963;&#964;&#951;&#957; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#949;&#960;&#943;&#964;&#945;&#958;&#951;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#956;&#953;&#963;&#952;&#974;&#956;&#945;&#964;&#959;&#962;, &#945;&#956;&#959;&#953;&#946;&#942;&#962; &#948;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#942; &#961;&#965;&#956;&#959;&#973;&#955;&#954;&#951;&#963;&#951;&#962;, &#965;&#960;&#949;&#961;&#945;&#957;&#945;&#956;&#959;&#957;&#942;&#962; &#954;&#945;&#953; &#961;&#942;&#964;&#961;&#945;&#962; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; (detention) &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#955;&#972;&#947;&#969; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951;&#962;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#942; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; &#942; &#940;&#955;&#955;&#951;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#959;&#965; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#945;&#960;&#974;&#955;&#949;&#953;&#945; &#956;&#953;&#963;&#952;&#974;&#956;&#945;&#964;&#959;&#962; (loss of hire),</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#963;&#965;&#957;&#949;&#953;&#963;&#966;&#959;&#961;&#974;&#957; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#966;&#973;&#963;&#949;&#969;&#962; &#963;&#949; &#954;&#959;&#953;&#957;&#942; &#945;&#946;&#945;&#961;&#943;&#945; &#954;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#945;&#957; &#954;&#945;&#953; &#972;&#960;&#959;&#964;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#945;&#960;&#945;&#963;&#967;&#959;&#955;&#949;&#943;&#964;&#945;&#953; &#956;&#949; &#972;&#961;&#959;&#965;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#959;&#960;&#959;&#943;&#959;&#965;&#962; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#949;&#956;&#960;&#943;&#960;&#964;&#959;&#965;&#963;&#945; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (&#945;) &#942; (&#946;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#965;&#947;&#954;&#949;&#957;&#964;&#961;&#974;&#957;&#949;&#964;&#945;&#953; (pooled) &#942; &#948;&#953;&#945;&#956;&#959;&#953;&#961;&#940;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959;, &#945;&#965;&#964;&#942; &#964;&#951;&#957; &#945;&#957;&#945;&#955;&#959;&#947;&#943;&#945; &#964;&#969;&#957; &#954;&#945;&#952;&#945;&#961;&#974;&#957; &#949;&#953;&#963;&#960;&#961;&#945;&#964;&#964;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945;&#962; &#963;&#965;&#947;&#954;&#941;&#957;&#964;&#961;&#969;&#963;&#951;&#962; &#942; &#948;&#953;&#945;&#956;&#959;&#953;&#961;&#945;&#963;&#956;&#959;&#973; (pooling or sharing arrangement) &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#945;&#960;&#959;&#948;&#959;&#964;&#941;&#945; &#963;&#964;&#959;&#957; &#928;&#955;&#959;&#943;&#959;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#919;&#956;&#941;&#961;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973;&#187;</b> <b>(Quotation Day)</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#972;&#963;&#959;&#957; &#945;&#966;&#959;&#961;&#940; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#941;&#957;&#945; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;, &#948;&#973;&#959; (2) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#917;&#924;&#922; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#951;&#956;&#941;&#961;&#945; &#964;&#951;&#962; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#945;&#965;&#964;&#942;&#962;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#951; &#963;&#965;&#957;&#942;&#952;&#951;&#962; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942; &#948;&#953;&#945;&#966;&#941;&#961;&#949;&#953; &#963;&#964;&#951;&#957; &#931;&#967;&#949;&#964;&#953;&#954;&#942; &#913;&#947;&#959;&#961;&#940;, &#959;&#960;&#972;&#964;&#949; &#963;&#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#965;&#964;&#942; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;, &#951; &#919;&#956;&#941;&#961;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#949; &#946;&#940;&#963;&#951; &#964;&#951;&#957; &#963;&#965;&#957;&#942;&#952;&#951; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942; (&#954;&#945;&#953; &#945;&#957; &#964;&#953;&#956;&#941;&#962; &#948;&#943;&#948;&#959;&#957;&#964;&#945;&#953; &#963;&#965;&#957;&#942;&#952;&#969;&#962; &#945;&#960;&#972; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#964;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#963;&#949; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#949;&#962; &#964;&#951;&#962; &#956;&#943;&#945;&#962; (1) &#951;&#956;&#941;&#961;&#949;&#962;, &#951; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#960;&#972; &#945;&#965;&#964;&#941;&#962; &#964;&#953;&#962; &#951;&#956;&#941;&#961;&#949;&#962;).</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 7.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;&#187; </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#950;&#951;&#964;&#940; &#957;&#945; &#949;&#954;&#964;&#945;&#956;&#953;&#949;&#965;&#952;&#949;&#943; &#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#942; (&#945;&#957; &#964;&#959; &#954;&#949;&#943;&#956;&#949;&#957;&#959; &#945;&#960;&#945;&#953;&#964;&#949;&#943;) &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#960;&#961;&#940;&#947;&#956;&#945;&#964;&#953; &#965;&#955;&#959;&#960;&#959;&#953;&#942;&#952;&#951;&#954;&#949;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; FATCA</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#171;&#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#948;&#949;&#954;&#964;&#953;&#954;&#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;&#187; (withholdable payment) &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959; 1473(l)(A)(i) &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; &#919;&#928;&#913; (&#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#941;&#962; &#964;&#972;&#954;&#969;&#957; &#954;&#945;&#953; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#940;&#955;&#955;&#949;&#962; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#941;&#962; &#945;&#960;&#972; &#960;&#951;&#947;&#941;&#962; &#949;&#957;&#964;&#972;&#962; &#964;&#969;&#957; &#919;&#928;&#913;), &#964;&#951;&#957; 1&#951; &#921;&#959;&#965;&#955;&#943;&#959;&#965; 2014,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#171;&#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#948;&#949;&#954;&#964;&#953;&#954;&#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;&#187; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959; 1473(l)(A)(ii) &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; &#919;&#928;&#913; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#171;&#945;&#954;&#945;&#952;&#940;&#961;&#953;&#963;&#964;&#945; &#941;&#963;&#959;&#948;&#945;&#187; &#945;&#960;&#972; &#964;&#951;&#957; &#948;&#953;&#940;&#952;&#949;&#963;&#951; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#943;&#945;&#962; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#947;&#949;&#957;&#957;&#940; &#964;&#972;&#954;&#959; &#945;&#960;&#972; &#960;&#951;&#947;&#941;&#962; &#949;&#957;&#964;&#972;&#962; &#964;&#969;&#957; &#919;&#928;&#913;, &#964;&#951;&#957; 1&#951; &#921;&#945;&#957;&#959;&#965;&#945;&#961;&#943;&#959;&#965; 2019 &#942;</td>
		</tr>

</table>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#171;&#949;&#957;&#948;&#953;&#940;&#956;&#949;&#963;&#951; (passthru) &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#187; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959; 1471(d)(7) &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; &#919;&#928;&#913; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#949;&#957; &#949;&#956;&#960;&#943;&#960;&#964;&#949;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#974;&#957; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (&#945;) &#954;&#945;&#953; (&#946;), &#964;&#951;&#957; 1&#951; &#921;&#945;&#957;&#959;&#965;&#945;&#961;&#943;&#959;&#965; 2019</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#942; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;, &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#954;&#945;&#953; &#949;&#966;&#949;&#958;&#942;&#962; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#965;&#960;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#963;&#949; &#945;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#951; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#951;&#962; FATCA &#963;&#949; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#927;&#955;&#953;&#954;&#942;&#962; &#913;&#960;&#974;&#955;&#949;&#953;&#945;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#942;&#962; &#945;&#960;&#974;&#955;&#949;&#953;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#959;&#965; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#963;&#965;&#956;&#946;&#940;&#957;&#964;&#959;&#962; &#942; &#945;&#957; &#945;&#965;&#964;&#942; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#947;&#957;&#969;&#963;&#964;&#942;, &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#965;&#960;&#942;&#961;&#958;&#949; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#949;&#954;&#956;&#945;&#961;&#964;&#942;&#962;, &#963;&#965;&#956;&#946;&#953;&#946;&#945;&#963;&#952;&#949;&#943;&#963;&#945;&#962;, &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943;&#963;&#945;&#962; &#942; &#948;&#953;&#949;&#965;&#952;&#949;&#964;&#951;&#952;&#949;&#943;&#963;&#945;&#962; &#959;&#955;&#953;&#954;&#942;&#962; &#945;&#960;&#974;&#955;&#949;&#953;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#959; &#957;&#969;&#961;&#943;&#964;&#949;&#961;&#959; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#942;&#964;&#959;&#953;:</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">1. &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#948;&#972;&#952;&#951;&#954;&#949; &#948;&#942;&#955;&#969;&#963;&#951; &#949;&#947;&#954;&#945;&#964;&#940;&#955;&#949;&#953;&#968;&#951;&#962; &#963;&#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962;,&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">2.&nbsp; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;) &#964;&#959;&#965; &#963;&#965;&#956;&#946;&#953;&#946;&#945;&#963;&#956;&#959;&#973;, &#964;&#951;&#962; &#948;&#953;&#949;&#965;&#952;&#941;&#964;&#951;&#963;&#951;&#962; &#942; &#964;&#951;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945;&#962; &#960;&#959;&#965; &#941;&#947;&#953;&#957;&#949; &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#965;&#961;&#943;&#945; &#964;&#959;&#965; &#960;&#955;&#959;&#943;&#959;&#965; &#942; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#945;&#965;&#964;&#942;&#962; &#956;&#949; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#948;&#941;&#967;&#952;&#951;&#954;&#945;&#957; &#957;&#945; &#952;&#949;&#969;&#961;&#942;&#963;&#959;&#965;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#969;&#962; &#959;&#955;&#953;&#954;&#942; &#945;&#960;&#974;&#955;&#949;&#953;&#945;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#959;&#955;&#953;&#954;&#942;&#962; &#945;&#960;&#974;&#955;&#949;&#953;&#945;&#962; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; (&#942; &#964;&#951;&#957; &#960;&#953;&#952;&#945;&#957;&#972;&#964;&#949;&#961;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;) &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#965;&#955;&#972;&#947;&#969;&#962; &#949;&#954;&#964;&#953;&#956;&#940; &#972;&#964;&#953; &#963;&#965;&#957;&#941;&#946;&#951; &#951; &#959;&#955;&#953;&#954;&#942; &#945;&#960;&#974;&#955;&#949;&#953;&#945;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;&#187;</b>, <b>(Historic Term SOFR)</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#955;&#941;&#959;&#957; &#960;&#961;&#972;&#963;&#966;&#945;&#964;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#943;&#963;&#951;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#960;&#959;&#965; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#963;&#949; &#951;&#956;&#941;&#961;&#945; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#949;&#957; &#945;&#960;&#941;&#967;&#949;&#953; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#959; &#945;&#960;&#972; 3 &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#917;&#924;&#922; &#945;&#960;&#972; &#964;&#951;&#957; &#919;&#956;&#941;&#961;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#951; </b>&#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#956;&#943;&#945; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#960;&#959;&#965; &#960;&#955;&#951;&#961;&#959;&#943; &#963;&#969;&#961;&#949;&#965;&#964;&#953;&#954;&#940; &#964;&#953;&#962; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#949;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#913;) &#963;&#965;&#957;&#940;&#960;&#964;&#949;&#964;&#945;&#953; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#949;&#960;&#943; &#964;&#951; &#946;&#940;&#963;&#949;&#953; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; ISDA</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(B) &#959; &#963;&#954;&#959;&#960;&#972;&#962; &#964;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#951; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#953;&#945;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#960;&#959;&#965; &#948;&#953;&#945;&#964;&#961;&#941;&#967;&#949;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#945;&#960;&#972; &#964;&#953;&#962; &#948;&#953;&#945;&#954;&#965;&#956;&#940;&#957;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#955;&#942;&#947;&#949;&#953; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#964;&#951;&#957; &#932;&#949;&#955;&#953;&#954;&#942; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; (&#972;&#960;&#969;&#962; &#951; &#966;&#961;&#940;&#963;&#951; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 7.3 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;), &#954;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#915;) &#954;&#945;&#952;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#956;&#941;&#963;&#969; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#960;&#959;&#965; &#960;&#945;&#961;&#945;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#956;&#959;&#961;&#966;&#942; &#964;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; 3 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;, &#969;&#962; &#956;&#943;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#951; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#945;&#964;&#940;&#955;&#959;&#947;&#959;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959;&#957; &#954;&#945;&#964;&#940;&#955;&#959;&#947;&#959; &#964;&#969;&#957; &#171;&#917;&#953;&#948;&#953;&#954;&#940; &#922;&#945;&#964;&#959;&#957;&#959;&#956;&#945;&#950;&#972;&#956;&#949;&#957;&#969;&#957; &#933;&#960;&#951;&#954;&#972;&#969;&#957; &#954;&#945;&#953; &#917;&#956;&#960;&#959;&#948;&#953;&#950;&#972;&#956;&#949;&#957;&#969;&#957; &#928;&#961;&#959;&#963;&#974;&#960;&#969;&#957; (Specially Designated Nationals and Blocked Persons) &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#959; OFAC, &#964;&#959;&#957; &#949;&#957;&#959;&#960;&#959;&#953;&#951;&#956;&#941;&#957;&#959; &#954;&#945;&#964;&#940;&#955;&#959;&#947;&#959; &#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957;, &#959;&#956;&#943;&#955;&#969;&#957; &#954;&#945;&#953; &#959;&#957;&#964;&#959;&#964;&#942;&#964;&#969;&#957; &#960;&#959;&#965; &#965;&#960;&#972;&#954;&#949;&#953;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#917;&#917; &#954;&#945;&#953; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#942; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#954;&#945;&#964;&#940;&#955;&#959;&#947;&#959; &#960;&#959;&#965; &#949;&#954;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#942; &#948;&#953;&#945;&#964;&#951;&#961;&#949;&#943;&#964;&#945;&#953; &#942; &#948;&#951;&#956;&#959;&#963;&#953;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#953;&#962; &#917;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#965;&#963;&#949;&#962; &#913;&#961;&#967;&#941;&#962;, &#972;&#960;&#969;&#962; &#953;&#963;&#967;&#973;&#949;&#953;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#972;&#963;&#964;&#959;&#962; &#917;&#960;&#945;&#957;&#949;&#960;&#941;&#957;&#948;&#965;&#963;&#951;&#962;&#187; (Breakage Costs) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#964;&#965;&#967;&#972;&#957; &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#954;&#945;&#964;&#940; &#964;&#951;&#957; &#949;&#973;&#955;&#959;&#947;&#951; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962;) &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; (&#945;) &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#963;&#949; &#940;&#955;&#955;&#951; &#951;&#956;&#941;&#961;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#942; (&#946;) &#956;&#951; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#949;&#954; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#916;&#942;&#955;&#969;&#963;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#961;&#940;&#964;&#959;&#962; &#924;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#959;&#973; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#959;&#973; &#935;&#974;&#961;&#959;&#965;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#940;&#964;&#959;&#962; &#956;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962;, &#964;&#951;&#957; &#921;&#963;&#955;&#945;&#957;&#948;&#943;&#945;, &#964;&#959; &#923;&#953;&#967;&#964;&#949;&#957;&#963;&#964;&#940;&#953;&#957; &#954;&#945;&#953; &#964;&#951;&#957; &#925;&#959;&#961;&#946;&#951;&#947;&#943;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#961;&#940;&#964;&#959;&#962; &#931;&#951;&#956;&#945;&#943;&#945;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#953;&#962; &#925;&#942;&#963;&#959;&#965;&#962; &#924;&#940;&#961;&#963;&#945;&#955; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#949;&#973;&#955;&#959;&#947;&#951; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945; &#949;&#947;&#954;&#961;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#957;&#951;&#959;&#955;&#972;&#947;&#951;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#949; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#954;&#965;&#961;&#974;&#963;&#949;&#953;&#962;, &#949;&#956;&#960;&#940;&#961;&#947;&#954;&#959;, &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951;&#962; &#967;&#961;&#942;&#963;&#951;&#962; &#942; &#948;&#953;&#940;&#952;&#949;&#963;&#951;&#962; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957;, &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#963;&#949;&#953;&#962; &#942; &#940;&#955;&#955;&#959;&#953; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#943; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#959; &#949;&#956;&#960;&#972;&#961;&#953;&#959;, &#964;&#959; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#949;&#943;&#957;, &#964;&#951;&#957; &#949;&#960;&#941;&#957;&#948;&#965;&#963;&#951;, &#949;&#958;&#945;&#947;&#969;&#947;&#942;, &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#942; &#948;&#953;&#945;&#952;&#949;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; (&#942; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#949;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#942; &#963;&#965;&#957;&#948;&#949;&#972;&#956;&#949;&#957;&#949;&#962; &#956;&#949; &#964;&#953;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969;)</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#960;&#959;&#965; &#949;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#957;&#972;&#956;&#959; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#942; &#960;&#961;&#940;&#958;&#951; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#945;&#962;, &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962;, &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#942; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#913;&#963;&#966;&#945;&#955;&#949;&#943;&#945;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#942; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; &#913;&#956;&#949;&#961;&#953;&#954;&#942;&#962; &#945;&#957;&#949;&#958;&#945;&#961;&#964;&#942;&#964;&#969;&#962; &#945;&#957; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#942; &#940;&#955;&#955;&#959; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#931;&#965;&#947;&#947;&#949;&#957;&#942;&#962; &#917;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#948;&#949;&#963;&#956;&#949;&#973;&#949;&#964;&#945;&#953; &#957;&#959;&#956;&#953;&#954;&#940; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#957;&#972;&#956;&#959;&#965;&#962; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#941;&#962; &#960;&#961;&#940;&#958;&#949;&#953;&#962;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#960;&#959;&#965; &#949;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#940;&#955;&#955;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; &#945;&#960;&#972; &#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959;&#957; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962;&nbsp; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#931;&#965;&#947;&#947;&#949;&#957;&#942;&#962; &#917;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#948;&#949;&#963;&#956;&#949;&#973;&#949;&#964;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#960;&#959;&#965; &#949;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#940;&#955;&#955;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#945;&#960;&#972; &#964;&#953;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#954;&#961;&#945;&#964;&#953;&#954;&#941;&#962; &#945;&#961;&#967;&#941;&#962; &#942; &#965;&#960;&#951;&#961;&#949;&#963;&#943;&#949;&#962; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#964;&#959;&#965; &#915;&#961;&#945;&#966;&#949;&#943;&#959;&#965; &#917;&#955;&#941;&#947;&#967;&#959;&#965; &#913;&#955;&#955;&#959;&#948;&#945;&#960;&#974;&#957; &#928;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#931;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; &#964;&#959;&#965; &#933;&#960;&#959;&#965;&#961;&#947;&#949;&#943;&#959;&#965; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#964;&#969;&#957; &#919;&#928;&#913; (Office of Foreign Assets Control of the US Department of Treasury (&#8220;<b>OFAC</b>&#8221;), &#964;&#951;&#962; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#942;&#962; &#916;&#951;&#956;&#959;&#954;&#961;&#945;&#964;&#943;&#945;&#962;, &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962;, &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#942; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#913;&#963;&#966;&#945;&#955;&#949;&#943;&#945;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; (&#945;&#960;&#972; &#954;&#959;&#953;&#957;&#959;&#973; &#959;&#953; &#171;&#917;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#965;&#963;&#949;&#962;<b> </b>&#913;&#961;&#967;&#941;&#962;&#187;).</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
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</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#922;&#974;&#948;&#953;&#954;&#945;&#962; ISPS</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959;&#957; &#916;&#953;&#949;&#952;&#957;&#942; &#922;&#974;&#948;&#953;&#954;&#945; &#913;&#963;&#966;&#940;&#955;&#949;&#953;&#945;&#962; &#928;&#955;&#959;&#943;&#969;&#957; &#954;&#945;&#953; &#923;&#953;&#956;&#949;&#957;&#953;&#954;&#974;&#957; &#917;&#947;&#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#965;&#953;&#959;&#952;&#949;&#964;&#942;&#952;&#951;&#954;&#949; &#945;&#960;&#972; &#964;&#959;&#957; &#916;&#953;&#949;&#952;&#957;&#942; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#972; &#927;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972;, &#969;&#962; &#945;&#965;&#964;&#972;&#962; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#942; &#963;&#965;&#956;&#960;&#955;&#951;&#961;&#969;&#952;&#949;&#943; &#942; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#945;&#963;&#964;&#945;&#952;&#949;&#943; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957;.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#959;, &#959;&#957;&#964;&#972;&#964;&#951;&#964;&#945;, &#960;&#961;&#940;&#947;&#956;&#945; &#942; &#956;&#941;&#961;&#959;&#962;</p>
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		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953;, &#942; &#951; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#945;&#957;&#942;&#954;&#949;&#953; &#942; &#949;&#955;&#941;&#947;&#967;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#960;&#961;&#972;&#963;&#969;&#960;&#959;, &#959;&#957;&#964;&#972;&#964;&#951;&#964;&#945; &#942; &#956;&#941;&#961;&#959;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#922;&#945;&#964;&#940;&#955;&#959;&#947;&#959; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#960;&#959;&#965; &#946;&#961;&#943;&#963;&#954;&#949;&#964;&#945;&#953; &#942; &#941;&#967;&#949;&#953; &#963;&#965;&#963;&#964;&#945;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#961;&#940;&#964;&#959;&#965;&#962; &#942; &#951; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#940; &#964;&#959;&#965; &#945;&#957;&#942;&#954;&#949;&#953; &#942; &#949;&#955;&#941;&#947;&#967;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#942; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965;, &#959;&#957;&#964;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#960;&#959;&#965; &#946;&#961;&#943;&#963;&#954;&#949;&#964;&#945;&#953; &#942; &#941;&#967;&#949;&#953; &#963;&#965;&#963;&#964;&#945;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#961;&#940;&#964;&#959;&#965;&#962; &#942; &#960;&#949;&#961;&#953;&#959;&#967;&#942;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#964;&#959;&#957; &#963;&#964;&#972;&#967;&#959; &#954;&#945;&#952;&#959;&#955;&#953;&#954;&#974;&#957; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957; &#972;&#960;&#969;&#962; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#942;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#960;&#959;&#965; &#946;&#961;&#943;&#963;&#954;&#949;&#964;&#945;&#953; &#942; &#949;&#943;&#957;&#945;&#953; &#949;&#955;&#955;&#953;&#956;&#949;&#957;&#953;&#963;&#956;&#941;&#957;&#959; &#942; &#945;&#947;&#954;&#965;&#961;&#959;&#946;&#959;&#955;&#951;&#956;&#941;&#957;&#959; &#963;&#949; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#965;&#956;&#941;&#957;&#959; &#955;&#953;&#956;&#940;&#957;&#953; &#942;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#949;) &#960;&#959;&#965; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#942; &#949;&#956;&#966;&#945;&#957;&#943;&#950;&#949;&#964;&#945;&#953; &#957;&#945; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; (&#945;) &#954;&#945;&#953; (&#946;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#942;</td>
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			<td style="width: auto; font-size: 10pt;">(&#963;&#964;) &#956;&#949; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#963;&#963;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#964;&#959;&#965; OFAC, &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957;, &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962; &#942; &#964;&#951;&#962; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#942;&#962; &#916;&#951;&#956;&#959;&#954;&#961;&#945;&#964;&#943;&#945;&#962;.</td>
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		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
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</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: justify; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><b>&#171;&#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#972; &#904;&#964;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#949;&#957;&#972;&#962; &#941;&#964;&#959;&#965;&#962; &#960;&#959;&#965; &#940;&#961;&#967;&#949;&#964;&#945;&#953; &#964;&#951;&#957; 1&#951; &#921;&#945;&#957;&#959;&#965;&#945;&#961;&#943;&#959;&#965; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#963;&#965;&#957;&#964;&#945;&#967;&#952;&#959;&#973;&#957; &#959;&#953; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
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</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
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			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#927;&#955;&#953;&#954;&#942; &#913;&#960;&#974;&#955;&#949;&#953;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#951;&#957; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#942;, &#964;&#949;&#954;&#956;&#945;&#961;&#964;&#942;, &#963;&#965;&#956;&#946;&#953;&#946;&#945;&#963;&#952;&#949;&#943;&#963;&#945;, &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943;&#963;&#945; &#942; &#948;&#953;&#949;&#965;&#952;&#949;&#964;&#951;&#952;&#949;&#943;&#963;&#945; &#959;&#955;&#953;&#954;&#942; &#945;&#960;&#974;&#955;&#949;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
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		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#964;&#951;&#957; &#945;&#966;&#945;&#943;&#961;&#949;&#963;&#951; &#964;&#951;&#962; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#965;&#961;&#943;&#945; &#945;&#965;&#964;&#959;&#973; &#946;&#940;&#963;&#949;&#953; &#945;&#960;&#972;&#966;&#945;&#963;&#951;&#962; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#961;&#967;&#942;&#962; &#942; &#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957; &#960;&#959;&#965; &#953;&#963;&#967;&#965;&#961;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; &#949;&#943;&#957;&#945;&#953; &#956;&#941;&#955;&#951; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#961;&#967;&#942;&#962;,</td>
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		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#964;&#951;&#957; &#960;&#949;&#953;&#961;&#945;&#964;&#949;&#943;&#945;, &#954;&#945;&#964;&#940;&#955;&#951;&#968;&#951;, &#963;&#973;&#955;&#955;&#951;&#968;&#951;, &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951;, &#954;&#945;&#964;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#942; &#948;&#942;&#956;&#949;&#965;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#957;&#964;&#972;&#962; &#963;&#945;&#961;&#940;&#957;&#964;&#945; &#960;&#941;&#957;&#964;&#949; (45) &#917;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#954;&#945;&#953; &#959; &#960;&#955;&#942;&#961;&#951;&#962; &#941;&#955;&#949;&#947;&#967;&#959;&#962; &#945;&#965;&#964;&#959;&#973; &#949;&#960;&#945;&#957;&#945;&#960;&#959;&#948;&#959;&#952;&#959;&#973;&#957; &#963;&#964;&#951;&#957; &#954;&#965;&#961;&#943;&#945; &#945;&#965;&#964;&#959;&#973;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#8217;&#927;&#956;&#953;&#955;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#964;&#953;&#962; &#949;&#957;&#959;&#960;&#959;&#953;&#951;&#956;&#941;&#957;&#949;&#962; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#941;&#962; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#927;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#913;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#941;&#957;&#945; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#946;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#949;&#960;&#943;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#951;&#962; &#949;&#960;&#953;&#967;&#949;&#943;&#961;&#951;&#963;&#951;&#962;, &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962;, &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#943;&#945;&#962;, &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; (&#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942;&#962; &#942; &#940;&#955;&#955;&#951;&#962;) &#942; &#960;&#961;&#959;&#959;&#960;&#964;&#953;&#954;&#942;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#964;&#969;&#957; &#957;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#974;&#957; &#931;&#965;&#947;&#947;&#949;&#957;&#974;&#957; &#917;&#964;&#945;&#953;&#961;&#949;&#953;&#974;&#957; &#964;&#959;&#965;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#951;&#962; &#953;&#954;&#945;&#957;&#972;&#964;&#951;&#964;&#945;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#957;&#945; &#949;&#954;&#964;&#949;&#955;&#941;&#963;&#959;&#965;&#957; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#964;&#951;&#962; &#949;&#947;&#954;&#965;&#961;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#964;&#951;&#962; &#949;&#954;&#964;&#949;&#955;&#949;&#963;&#964;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#964;&#951;&#962; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#963;&#956;&#945;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#964;&#951;&#962; &#963;&#949;&#953;&#961;&#940;&#962; &#960;&#961;&#959;&#964;&#949;&#961;&#945;&#953;&#972;&#964;&#951;&#964;&#945;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#941;&#967;&#949;&#953; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#951;&#952;&#949;&#943; &#942; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#951;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949;&nbsp; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#927;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#942; &#924;&#949;&#964;&#945;&#946;&#959;&#955;&#942;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#942; &#963;&#949;&#953;&#961;&#940; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#969;&#957; &#960;&#959;&#965;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#941;&#967;&#949;&#953; &#942; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#941;&#967;&#949;&#953; &#927;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#913;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; (&#949;&#954;&#964;&#972;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;) &#960;&#959;&#965; &#969;&#962; &#949;&#957;&#949;&#967;&#965;&#961;&#940;&#950;&#969;&#957; &#942; &#949;&#957;&#965;&#960;&#972;&#952;&#951;&#954;&#959;&#962; &#959;&#966;&#949;&#953;&#955;&#941;&#964;&#951;&#962; &#942; &#969;&#962; &#963;&#965;&#956;&#946;&#945;&#955;&#955;&#972;&#956;&#949;&#957;&#959; &#956;&#941;&#961;&#959;&#962; &#960;&#959;&#965; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#942; &#964;&#945; &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#940; &#964;&#959;&#965; &#957;&#945; &#941;&#960;&#959;&#957;&#964;&#945;&#953; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#959;&#965; &#949;&#964;&#941;&#961;&#959;&#965; &#963;&#965;&#956;&#946;&#945;&#955;&#955;&#972;&#956;&#949;&#957;&#959;&#965; &#956;&#941;&#961;&#959;&#965;&#962; &#942; &#949;&#957;&#949;&#961;&#947;&#974;&#957; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#966;&#942; &#953;&#948;&#953;&#972;&#964;&#951;&#964;&#945; &#963;&#965;&#956;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#953;&#946;) &#964;&#959;&#965; &#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#927;&#965;&#963;&#943;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#949;&#964;&#961;&#941;&#955;&#945;&#953;&#959;, &#964;&#945; &#960;&#949;&#964;&#961;&#949;&#955;&#945;&#953;&#959;&#949;&#953;&#948;&#942; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#959;&#965;&#963;&#943;&#945; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#951;&#956;&#953;&#954;&#942;&#962; &#942; &#940;&#955;&#955;&#951;&#962; &#949;&#960;&#953;&#954;&#943;&#957;&#948;&#965;&#957;&#951;&#962; &#942; &#949;&#960;&#953;&#946;&#955;&#945;&#946;&#959;&#973;&#962; &#959;&#965;&#963;&#943;&#945;&#962;) &#960;&#959;&#965; &#960;&#961;&#959;&#954;&#945;&#955;&#949;&#943; (&#942; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#960;&#961;&#959;&#954;&#945;&#955;&#941;&#963;&#949;&#953;) &#961;&#973;&#960;&#945;&#957;&#963;&#951; &#942; &#949;&#943;&#957;&#945;&#953; &#964;&#959;&#958;&#953;&#954;&#942; &#942; &#949;&#960;&#953;&#954;&#943;&#957;&#948;&#965;&#957;&#951;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942; &#913;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#187; </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#945;&#964;&#953;&#954;&#942;&#962;, &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#961;&#967;&#942;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#941;&#957;&#945; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957; &#942; &#960;&#953;&#952;&#945;&#957;&#959;&#955;&#959;&#947;&#959;&#973;&#956;&#949;&#957;&#959; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957; &#942; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#925;&#972;&#956;&#959; &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957; &#942; &#960;&#953;&#952;&#945;&#957;&#959;&#955;&#959;&#947;&#959;&#973;&#956;&#949;&#957;&#959; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#954;&#945;&#953; &#171;&#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962;, &#960;&#961;&#972;&#963;&#964;&#953;&#956;&#945;, &#960;&#959;&#953;&#957;&#953;&#954;&#941;&#962; &#961;&#942;&#964;&#961;&#949;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#948;&#959;&#965;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#942; &#956;&#951; &#956;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#948;&#953;&#945;&#964;&#945;&#947;&#942; &#942; &#959;&#948;&#951;&#947;&#943;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#942; &#945;&#960;&#959;&#966;&#965;&#947;&#942; &#942; &#948;&#953;&#945;&#954;&#959;&#960;&#942; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#956;&#941;&#964;&#961;&#969;&#957; &#942; &#949;&#957;&#949;&#961;&#947;&#949;&#953;&#974;&#957; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#959;&#961;&#966;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#942; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#951;&#962; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951;&#962; &#945;&#960;&#972;&#960;&#955;&#959;&#965; &#942; &#964;&#951;&#962; &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#959;&#973; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#965;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#951;&#957; &#948;&#953;&#945;&#966;&#965;&#947;&#942; &#942; &#948;&#953;&#945;&#961;&#961;&#959;&#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942;&#962; &#927;&#965;&#963;&#943;&#945;&#962; &#945;&#960;&#972; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#956;&#946;&#940;&#957; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#927;&#965;&#963;&#943;&#945; &#948;&#953;&#945;&#966;&#949;&#973;&#947;&#949;&#953; &#942; &#948;&#953;&#945;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#941;&#957;&#945; &#940;&#955;&#955;&#959; &#960;&#955;&#959;&#943;&#959; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#963;&#973;&#947;&#954;&#961;&#959;&#965;&#963;&#951;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#969;&#962; &#940;&#957;&#969; &#940;&#955;&#955;&#959;&#965; &#960;&#955;&#959;&#943;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#963;&#965;&#956;&#946;&#940;&#957; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#959;&#965; &#960;&#955;&#959;&#965; &#942; &#964;&#951;&#962; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962;&nbsp; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959; &#959; &#945;&#960;&#972;&#960;&#955;&#959;&#965;&#962; &#942; &#945;&#965;&#964;&#972; &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#964;&#945;&#953;, &#954;&#945;&#964;&#945;&#954;&#961;&#945;&#964;&#949;&#943;&#964;&#945;&#953; &#942; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#949;&#957;&#945;&#957;&#964;&#943;&#959;&#957; &#964;&#959;&#965; &#940;&#955;&#955;&#945; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#940; &#956;&#941;&#964;&#961;&#945; &#942; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#949;&#960;&#953;&#946;&#955;&#951;&#952;&#949;&#943; &#954;&#940;&#960;&#959;&#953;&#959; &#945;&#960;&#972; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#956;&#941;&#964;&#961;&#945; &#942; &#945;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#942; &#951; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945; &#945;&#965;&#964;&#959;&#973; &#954;&#945;&#953;/&#942; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#974;&#957; &#945;&#965;&#964;&#972; &#942; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#945;&#965;&#964;&#959;&#973; &#966;&#941;&#961;&#949;&#953; &#942; &#960;&#953;&#952;&#945;&#957;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#966;&#941;&#961;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#959;&#956;&#953;&#954;&#942; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942; &#942; &#940;&#955;&#955;&#951; &#949;&#965;&#952;&#973;&#957;&#951;, &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#963;&#965;&#956;&#946;&#940;&#957; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#927;&#965;&#963;&#943;&#945; &#948;&#953;&#945;&#966;&#949;&#973;&#947;&#949;&#953; &#942; &#948;&#953;&#945;&#961;&#961;&#941;&#949;&#953; &#972;&#967;&#953; &#945;&#960;&#972; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#945;&#955;&#955;&#940; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#948;&#953;&#945;&#966;&#965;&#947;&#942; &#942; &#948;&#953;&#945;&#961;&#961;&#959;&#942; &#945;&#965;&#964;&#942; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#959; &#945;&#960;&#972;&#960;&#955;&#959;&#965;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#960;&#953;&#952;&#945;&#957;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#964;&#941;&#964;&#959;&#953;&#945; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951; &#954;&#945;&#953;/&#942; &#972;&#964;&#945;&#957; &#951; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953;/&#942;&nbsp; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#974;&#957; &#945;&#965;&#964;&#972; &#942; &#951; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#966;&#941;&#961;&#949;&#953; &#942; &#960;&#953;&#952;&#945;&#957;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#966;&#941;&#961;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#959;&#956;&#953;&#954;&#942; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942; &#942; &#940;&#955;&#955;&#951; &#949;&#965;&#952;&#973;&#957;&#951;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972;&#962; &#925;&#972;&#956;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959; &#960;&#949;&#961;&#943; &#964;&#951;&#957; &#961;&#973;&#960;&#945;&#957;&#963;&#951; &#942; &#964;&#951;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945; &#964;&#959;&#965; &#960;&#949;&#961;&#953;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#959;&#962;, &#964;&#951;&#957; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942;&#962; &#927;&#965;&#963;&#943;&#945;&#962; &#942; &#964;&#951;&#957; &#948;&#953;&#945;&#966;&#965;&#947;&#942; &#942; &#948;&#953;&#945;&#961;&#961;&#959;&#942; &#942; &#949;&#960;&#945;&#960;&#949;&#953;&#955;&#959;&#973;&#956;&#949;&#957;&#951; &#948;&#953;&#945;&#966;&#965;&#947;&#942; &#942; &#948;&#953;&#945;&#961;&#961;&#959;&#942; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#974;&#957; &#927;&#965;&#963;&#953;&#974;&#957;.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><b>&#171;&#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; 2,15%.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#916;&#953;&#945;&#952;&#949;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#955;&#942;&#947;&#949;&#953; &#949;&#943;&#964;&#949; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#949;&#943;&#964;&#949; &#964;&#951;&#957; 30&#951; &#913;&#965;&#947;&#959;&#973;&#963;&#964;&#959;&#965; 2023, &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#965;&#956;&#946;&#949;&#943; &#957;&#969;&#961;&#943;&#964;&#949;&#961;&#945; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#965;&#967;&#972;&#957; &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#956;&#949;&#961;&#974;&#957;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#956;&#949; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#940;&#961;&#967;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#955;&#942;&#947;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#972;&#955;&#945; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#972;&#966;&#949;&#953;&#955;&#949; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#941;&#967;&#959;&#965;&#957; &#960;&#955;&#942;&#961;&#969;&#962; &#954;&#945;&#953; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#974;&#962; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943;.</p>
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</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

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			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#973;&#956;&#946;&#945;&#963;&#951; ISDA</b>&#187;<b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#945;&#957;&#964;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#945;&#960;&#972; &#954;&#959;&#953;&#957;&#959;&#973; &#956;&#949; &#964;&#945; &#963;&#965;&#956;&#960;&#955;&#951;&#961;&#974;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#940; &#964;&#951;&#962;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#954;&#945;&#953; &#917;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#952;&#945; &#949;&#954;&#948;&#959;&#952;&#959;&#973;&#957; &#954;&#945;&#964;&#940; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#959;&#965; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#945;&#966;&#949;&#957;&#972;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#966;&#949;&#964;&#941;&#961;&#959;&#965;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#963;&#965;&#957;&#942;&#952;&#959;&#965;&#962; ISDA Master Agreement 2002, &#951; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#940; &#963;&#949; &#916;&#959;&#955;&#955;&#940;&#961;&#953;&#945; &#919;&#928;&#913;, &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#941;&#969;&#962; &#941;&#958;&#953; (6) &#949;&#964;&#974;&#957;, &#956;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942; &#955;&#942;&#958;&#951; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#964;&#949;&#955;&#953;&#954;&#942; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#963;&#954;&#959;&#960;&#972; &#964;&#951;&#962; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951;&#962; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#953;&#945;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#954;&#945;&#953; &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#972;&#960;&#969;&#962; &#952;&#945; &#945;&#960;&#959;&#956;&#949;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#959; &#960;&#961;&#972;&#947;&#961;&#945;&#956;&#956;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#965;&#956;&#956;&#949;&#964;&#941;&#967;&#959;&#957; &#922;&#961;&#940;&#964;&#959;&#962; &#924;&#941;&#955;&#959;&#962;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#940;&#964;&#959;&#962; &#956;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#964;&#959; &#957;&#972;&#956;&#953;&#956;&#959; &#957;&#972;&#956;&#953;&#963;&#956;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#949;&#965;&#961;&#974; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#957;&#969;&#963;&#953;&#945;&#954;&#942; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#954;&#945;&#953; &#925;&#959;&#956;&#953;&#963;&#956;&#945;&#964;&#953;&#954;&#942; &#904;&#957;&#969;&#963;&#951;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;&#187; </b>&#941;&#967;&#949;&#953; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; ISDA.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#941;&#963;&#951; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;/&#927;&#966;&#949;&#953;&#955;&#974;&#957;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#963;&#967;&#941;&#963;&#951; &#956;&#949;&#964;&#945;&#958;&#973; (&#945;) &#964;&#951;&#962; &#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942;&#962; &#913;&#958;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#955;&#949;&#965;&#952;&#941;&#961;&#959;&#965; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#957; &#954;&#945;&#953; &#946;&#945;&#961;&#974;&#957; &#945;&#956;&#941;&#963;&#969;&#962; &#948;&#953;&#945;&#964;&#953;&#952;&#949;&#956;&#941;&#957;&#959;&#965; &#960;&#961;&#959;&#962; &#960;&#974;&#955;&#951;&#963;&#951; &#954;&#945;&#953; &#960;&#945;&#961;&#940;&#948;&#959;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#953;&#962; &#956;&#949;&#964;&#961;&#951;&#964;&#959;&#943;&#962; &#960;&#961;&#959;&#962; (&#946;) &#964;&#951;&#957; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951; &#927;&#966;&#949;&#953;&#955;&#942; &#960;&#955;&#941;&#959;&#957; &#964;&#959; &#928;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#972; &#921;&#963;&#959;&#948;&#973;&#957;&#945;&#956;&#959;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#942; &#913;&#947;&#959;&#961;&#940;&#187; (Relevant Market) </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#945;&#947;&#959;&#961;&#940; &#948;&#945;&#957;&#949;&#953;&#963;&#956;&#959;&#973; &#956;&#949;&#964;&#961;&#951;&#964;&#974;&#957; &#947;&#953;&#945; &#956;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#956;&#949; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#967;&#961;&#949;&#974;&#947;&#961;&#945;&#966;&#945; &#964;&#959;&#965; &#913;&#956;&#949;&#961;&#953;&#954;&#945;&#957;&#953;&#954;&#959;&#973; &#916;&#951;&#956;&#959;&#963;&#943;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#942; &#916;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#959;&#957; &#928;&#949;&#953;&#961;&#945;&#953;&#940;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#973;&#963;&#964;&#945;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#964;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#954;&#949;&#957;&#964;&#961;&#953;&#954;&#942; &#964;&#959;&#965; &#948;&#953;&#959;&#943;&#954;&#951;&#963;&#951; &#954;&#945;&#953; &#945;&#960;&#8217; &#972;&#960;&#959;&#965; &#945;&#963;&#954;&#949;&#943;&#964;&#945;&#953; &#942; &#945;&#963;&#954;&#949;&#943;&#964;&#959; &#956;&#941;&#967;&#961;&#953; &#960;&#961;&#972;&#964;&#953;&#957;&#959;&#962; &#959; &#941;&#955;&#949;&#947;&#967;&#959;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#964;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#964;&#959; &#947;&#949;&#957;&#953;&#954;&#972; &#954;&#945;&#952;&#945;&#961;&#972; &#949;&#953;&#963;&#972;&#948;&#951;&#956;&#945; &#964;&#959;&#965; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965; &#965;&#960;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#963;&#949; &#949;&#964;&#945;&#953;&#961;&#953;&#954;&#972; &#966;&#972;&#961;&#959;, &#966;&#972;&#961;&#959; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#966;&#972;&#961;&#959;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#949;) &#964;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#946;&#961;&#943;&#963;&#954;&#959;&#957;&#964;&#945;&#953; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942;&#962; &#945;&#958;&#943;&#945;&#962; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#964;&#959;&#965; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965; (&#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#967;&#961;&#949;&#969;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#942; &#948;&#945;&#957;&#949;&#943;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#955;&#951;&#966;&#952;&#949;&#943; &#945;&#960;&#972; &#963;&#967;&#949;&#964;&#953;&#950;&#972;&#956;&#949;&#957;&#949;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#949;&#962;) &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#959; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#964;&#951;&#961;&#949;&#943; &#956;&#972;&#957;&#953;&#956;&#951; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#951;&#956;&#945;&#964;&#953;&#954;&#942; &#949;&#947;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#942; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#941;&#957;&#945; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#959; &#931;&#965;&#956;&#966;&#941;&#961;&#959;&#957; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#959; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#967;&#969;&#961;&#953;&#963;&#952;&#949;&#943; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#945;&#960;&#959;&#954;&#964;&#942;&#963;&#949;&#953; &#949;&#947;&#954;&#965;&#961;&#972;&#964;&#951;&#964;&#945; &#942; &#960;&#961;&#959;&#964;&#949;&#961;&#945;&#953;&#972;&#964;&#951;&#964;&#945; &#954;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#963;&#964;) &#964;&#959; &#954;&#961;&#940;&#964;&#959;&#962; &#964;&#945; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#945; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#957;&#945; &#955;&#973;&#963;&#959;&#965;&#957;, &#952;&#941;&#963;&#959;&#965;&#957; &#965;&#960;&#972; &#949;&#953;&#948;&#953;&#954;&#942; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951; &#942; &#957;&#945; &#960;&#961;&#959;&#946;&#959;&#973;&#957; &#963;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#960;&#961;&#940;&#958;&#949;&#953;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959;&#957; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#942; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#949;&#943;&#967;&#945;&#957; &#964;&#941;&#964;&#959;&#953;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#945;&#957; &#949;&#943;&#967;&#949; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#951; &#963;&#965;&#957;&#948;&#961;&#959;&#956;&#942; &#964;&#959;&#965;&#962; &#945;&#960;&#972; &#964;&#945; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#945; &#954;&#961;&#940;&#964;&#959;&#965;&#962; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959;&#965; &#963;&#964;&#953;&#962; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; (&#946;) &#954;&#945;&#953; (&#947;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 44pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#942; &#917;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#913;&#961;&#967;&#942;&#187;</b><b> </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#954;&#949;&#957;&#964;&#961;&#953;&#954;&#942; &#964;&#961;&#940;&#960;&#949;&#950;&#945;, &#961;&#965;&#952;&#956;&#953;&#963;&#964;&#953;&#954;&#942; &#942; &#940;&#955;&#955;&#951; &#949;&#960;&#959;&#960;&#964;&#949;&#973;&#959;&#965;&#963;&#945; &#945;&#961;&#967;&#942; &#942; &#959;&#956;&#940;&#948;&#945; &#945;&#965;&#964;&#974;&#957; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#959;&#956;&#940;&#948;&#945; &#949;&#961;&#947;&#945;&#963;&#943;&#945;&#962; &#942; &#949;&#960;&#953;&#964;&#961;&#959;&#960;&#942; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#963;&#965;&#963;&#964;&#945;&#952;&#949;&#943; &#942; &#964;&#949;&#955;&#949;&#943; &#965;&#960;&#972; &#964;&#951;&#957; &#945;&#953;&#947;&#943;&#948;&#945; &#942; &#960;&#961;&#959;&#949;&#948;&#961;&#943;&#945; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#942; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#942;&#962; &#931;&#964;&#945;&#952;&#949;&#961;&#972;&#964;&#951;&#964;&#945;&#962;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#972; &#904;&#947;&#947;&#961;&#945;&#966;&#959;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942;&#961;&#953;&#959; &#963;&#965;&#956;&#946;&#972;&#955;&#945;&#953;&#959; &#942; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#942; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 12 &#942; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#940;&#961;&#952;&#961;&#959; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#942; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#941;&#967;&#949;&#953; &#942;&#948;&#951; &#963;&#964;&#945;&#955;&#949;&#943; &#942; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#949;&#964;&#945;&#953; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942;&#961;&#953;&#959;, &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#942; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#949;&#956;&#960;&#943;&#960;&#964;&#959;&#957; &#963;&#964;&#953;&#962; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; (&#946;) &#942; (&#947;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#972; &#918;&#942;&#964;&#951;&#956;&#945;&#187; </b>&#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#942; &#950;&#942;&#964;&#951;&#956;&#945; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#949; &#942; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#941;&#957;&#945; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#904;&#947;&#947;&#961;&#945;&#966;&#959;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#942;&#955;&#969;&#963;&#951; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#941;&#957;&#945; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#956;&#949; &#956;&#943;&#945; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#942; &#956;&#949; &#950;&#942;&#964;&#951;&#956;&#945; &#960;&#959;&#965; &#949;&#956;&#960;&#943;&#960;&#964;&#949;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; (&#945;),</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#954;&#945;&#953; &#954;&#945;&#955;&#973;&#960;&#964;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#945; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;, &#950;&#942;&#964;&#951;&#956;&#945; &#942; &#948;&#942;&#955;&#969;&#963;&#951; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#963;&#965;&#957;&#945;&#966;&#952;&#949;&#943;, &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#942; &#941;&#967;&#949;&#953; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#960;&#961;&#953;&#957; &#942; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#931;&#967;&#949;&#964;&#953;&#954;&#972; </b>&#928;&#961;&#972;&#963;&#969;&#960;&#959;&#187; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#959;&#965; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 18.7.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#932;&#961;&#940;&#960;&#949;&#950;&#945;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#951;&#957; &#917;&#952;&#957;&#953;&#954;&#942; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962; &#913;.&#917;., &#960;&#959;&#965; &#949;&#948;&#961;&#949;&#973;&#949;&#953; &#963;&#964;&#951;&#957; &#913;&#952;&#942;&#957;&#945; (&#959;&#948;&#972;&#962; &#913;&#953;&#972;&#955;&#959;&#965;, &#945;&#961;&#953;&#952;&#956;. 86) &#949;&#957;&#949;&#961;&#947;&#959;&#973;&#963;&#945; &#949;&#957; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#969; &#956;&#941;&#963;&#969; &#964;&#959;&#965; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#959;&#973; &#922;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#972;&#962; &#964;&#951;&#962; &#963;&#964;&#959;&#957; &#928;&#949;&#953;&#961;&#945;&#953;&#940; (&#959;&#948;&#972;&#962; &#924;&#960;&#959;&#965;&#956;&#960;&#959;&#965;&#955;&#943;&#957;&#945;&#962;, &#945;&#961;&#953;&#952;&#956;. 2) &#942; &#956;&#941;&#963;&#969; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#972;&#962; &#964;&#951;&#962; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#945;&#943;&#964;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#945;&#965;&#964;&#942;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;), &#954;&#945;&#953; &#964;&#959;&#965;&#962; &#954;&#945;&#952;&#959;&#955;&#953;&#954;&#959;&#973;&#962; &#942; &#949;&#953;&#948;&#953;&#954;&#959;&#973;&#962; &#948;&#953;&#945;&#948;&#972;&#967;&#959;&#965;&#962; &#964;&#951;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#956;&#949;&#963;&#959; &#942; &#941;&#956;&#956;&#949;&#963;&#959; &#949;&#954;&#948;&#959;&#967;&#941;&#945; &#964;&#951;&#962; &#969;&#962; &#940;&#957;&#969; &#964;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#942; &#948;&#953;&#945;&#948;&#972;&#967;&#959;&#965; &#945;&#965;&#964;&#942;&#962;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#956;&#949;&#963;&#959; &#942; &#941;&#956;&#956;&#949;&#963;&#959; &#948;&#953;&#940;&#948;&#959;&#967;&#959; &#964;&#959;&#965; &#949;&#954;&#948;&#959;&#967;&#941;&#945; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#965;&#960;&#972; (&#946;).</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#932;&#961;&#953;&#956;&#949;&#961;&#942;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; (&#956;&#949;&#964;&#945;&#958;&#973; &#940;&#955;&#955;&#969;&#957;) &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#972;&#964;&#945;&#957; &#945;&#965;&#964;&#972; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#957;&#945;&#965;&#955;&#969;&#956;&#941;&#957;&#959; &#948;&#965;&#957;&#940;&#956;&#949;&#953; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#962; &#947;&#965;&#956;&#957;&#959;&#973; &#963;&#954;&#940;&#966;&#959;&#965;&#962; (Bareboat Charter) &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#943;&#959;&#948;&#959; (&#954;&#945;&#953; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#964;&#965;&#967;&#972;&#957; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#948;&#959;&#952;&#949;&#943; &#960;&#961;&#959;&#962; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#962;) &#960;&#959;&#965; &#965;&#960;&#959;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#954;&#965;&#961;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#947;&#965;&#956;&#957;&#959;&#973; &#963;&#954;&#940;&#966;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#933;&#960;&#959;&#952;&#942;&#954;&#951; &#928;&#955;&#959;&#943;&#959;&#965;/&#933;&#960;&#959;&#952;&#942;&#954;&#951;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#960;&#961;&#959;&#964;&#953;&#956;&#974;&#956;&#949;&#957;&#951; &#965;&#960;&#959;&#952;&#942;&#954;&#951; &#949;&#960;&#943; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#963;&#949; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#948;&#945;&#957;&#949;&#943;&#959;&#965; &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#955;&#941;&#959;&#957; &#964;&#972;&#954;&#969;&#957; &#954;&#945;&#953; &#949;&#958;&#972;&#948;&#969;&#957; &#960;&#955;&#941;&#959;&#957; &#964;&#959;&#965; &#928;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#921;&#963;&#959;&#948;&#965;&#957;&#940;&#956;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#933;&#960;&#972;&#967;&#961;&#949;&#959;&#953;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#945; &#956;&#941;&#961;&#951; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#171;&#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#945;&#965;&#964;&#940; &#964;&#945; &#956;&#941;&#961;&#951;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#916;&#945;&#960;&#940;&#957;&#949;&#962;&#187;</b> &#941;&#967;&#949;&#953; &#964;&#959; &#957;&#972;&#951;&#956;&#945; &#960;&#959;&#965; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#972;&#961;&#959; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 20.6 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;&#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#972;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#919;&#928;&#913;&#187;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#959;&#957; &#965;&#960;&#972;&#967;&#961;&#949;&#959; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#972;&#962; &#954;&#940;&#964;&#959;&#953;&#954;&#959;&#962; &#964;&#969;&#957; &#919;&#928;&#913; &#942;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#959;&#957; &#965;&#960;&#972;&#967;&#961;&#949;&#959; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#945;&#960;&#972; &#964;&#953;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#941;&#962; &#963;&#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#960;&#961;&#959;&#941;&#961;&#967;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#960;&#951;&#947;&#941;&#962; &#949;&#957;&#964;&#972;&#962; &#964;&#969;&#957; &#919;&#928;&#913; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#927;&#956;&#959;&#963;&#960;&#959;&#957;&#948;&#953;&#945;&#954;&#942; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#943;&#945; &#917;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#969;&#957; &#919;&#928;&#913;.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;CRD IV</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#959;&#957; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; (&#917;&#917;) 575/2013 &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#959;&#973; &#922;&#959;&#953;&#957;&#959;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; 26&#951;&#962; &#921;&#959;&#965;&#957;&#943;&#959;&#965; 2013 &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#960;&#961;&#959;&#955;&#951;&#960;&#964;&#953;&#954;&#942;&#962; &#949;&#960;&#959;&#960;&#964;&#949;&#943;&#945;&#962; &#947;&#953;&#945; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#940; &#953;&#948;&#961;&#973;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#953;&#962; &#949;&#960;&#949;&#957;&#948;&#973;&#963;&#949;&#969;&#957;, &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#959;&#957; &#925;. 4261/2014 &#956;&#949; &#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959;&#957; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#974;&#952;&#951;&#954;&#949; &#963;&#964;&#951;&#957; &#949;&#955;&#955;&#951;&#957;&#953;&#954;&#942; &#941;&#957;&#957;&#959;&#956;&#951; &#964;&#940;&#958;&#951; &#951; &#927;&#948;&#951;&#947;&#943;&#945; 2013/36/&#917;&#917; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#959;&#973; &#922;&#959;&#953;&#957;&#959;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; 26&#951;&#962; &#921;&#959;&#965;&#957;&#943;&#959;&#965; 2013 &#960;&#949;&#961;&#943; &#964;&#951;&#962; &#960;&#961;&#972;&#963;&#946;&#945;&#963;&#951;&#962; &#963;&#964;&#951;&#957; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#974;&#957; &#953;&#948;&#961;&#965;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#960;&#961;&#959;&#955;&#951;&#960;&#964;&#953;&#954;&#942; &#949;&#960;&#959;&#960;&#964;&#949;&#943;&#945; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#974;&#957; &#953;&#948;&#961;&#965;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#969;&#957;, &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#957;&#972;&#956;&#959; &#942; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#914;&#945;&#963;&#953;&#955;&#949;&#943;&#945;&#962; &#921;&#921;&#921; &#960;&#961;&#940;&#958;&#951;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#171;FATCA</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953;:</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#945;) &#964;&#945; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#945; (sections) 1471 &#941;&#969;&#962; 1474 &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; &#919;&#928;&#913; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973;&#962; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#942; &#940;&#955;&#955;&#951; &#949;&#960;&#943;&#963;&#951;&#956;&#951; &#954;&#945;&#964;&#949;&#965;&#952;&#965;&#957;&#964;&#942;&#961;&#953;&#945; &#947;&#961;&#945;&#956;&#956;&#942;,</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#946;) &#964;&#959;&#957; &#925;. 4493/2017 &#956;&#949; &#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959; &#954;&#965;&#961;&#974;&#952;&#951;&#954;&#949; &#964;&#959; &#945;&#960;&#972; 19/1/2017 &#924;&#957;&#951;&#956;&#972;&#957;&#953;&#959; &#931;&#965;&#957;&#949;&#957;&#957;&#972;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#951; &#931;&#965;&#956;&#966;&#969;&#957;&#943;&#945; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#922;&#965;&#946;&#941;&#961;&#957;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#942;&#962; &#916;&#951;&#956;&#959;&#954;&#961;&#945;&#964;&#943;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#922;&#965;&#946;&#941;&#961;&#957;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; &#964;&#951;&#962; &#913;&#956;&#949;&#961;&#953;&#954;&#942;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#946;&#949;&#955;&#964;&#943;&#969;&#963;&#951; &#964;&#951;&#962; &#948;&#953;&#949;&#952;&#957;&#959;&#973;&#962; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#960;&#949;&#961;&#943; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957; &#964;&#951;&#962; &#913;&#955;&#955;&#959;&#948;&#945;&#960;&#942;&#962; (&#957;&#972;&#956;&#959;&#962; FATCA) &#972;&#960;&#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#960;&#945;&#961;&#972;&#957; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#972;&#962; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#963;&#964;&#959;&#957; &#956;&#941;&#955;&#955;&#959;&#957; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#945;&#960;&#959;&#966;&#940;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#945;&#961;&#956;&#972;&#948;&#953;&#945;&#962; &#945;&#961;&#967;&#942;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#959;&#965; (&#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;: &#913;&#960;&#972;&#966;&#945;&#963;&#951; &#913;&#913;&#916;&#917; &#945;&#961;&#953;&#952;&#956; &#928;&#927;&#923; 1094/2018) &#972;&#960;&#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#972;&#960;&#969;&#962; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957;,</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#947;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#952;&#942;&#954;&#951;, &#957;&#972;&#956;&#959;, &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; &#942; &#940;&#955;&#955;&#951; &#949;&#960;&#943;&#963;&#951;&#956;&#951; &#954;&#945;&#964;&#949;&#965;&#952;&#965;&#957;&#964;&#942;&#961;&#953;&#945; &#947;&#961;&#945;&#956;&#956;&#942; &#960;&#959;&#965; &#953;&#963;&#967;&#973;&#949;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#942; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#945;&#954;&#965;&#946;&#949;&#961;&#957;&#951;&#964;&#953;&#954;&#942; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945; &#964;&#969;&#957; &#919;&#928;&#913; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945;&#962; &#951; &#959;&#960;&#959;&#943;&#945; (&#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#948;&#973;&#959; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#957;&#945;&#966;&#949;&#961;&#959;&#956;&#941;&#957;&#969;&#957; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957;) &#948;&#953;&#949;&#965;&#954;&#959;&#955;&#973;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; (&#945;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;,</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">(&#948;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945; &#954;&#945;&#964;&#8217; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#969;&#957; &#945;&#957;&#945;&#966;&#949;&#961;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962;&nbsp; (&#945;) &#954;&#945;&#953; (&#947;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#956;&#949; &#964;&#951;&#957; &#913;&#961;&#967;&#942; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#943;&#945;&#962; &#917;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; &#913;&#956;&#949;&#961;&#953;&#954;&#942;&#962;, &#964;&#951;&#957; &#954;&#965;&#946;&#941;&#961;&#957;&#951;&#963;&#951; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; &#913;&#956;&#949;&#961;&#953;&#954;&#942;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#954;&#961;&#945;&#964;&#953;&#954;&#942; &#942; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942; &#945;&#961;&#967;&#942; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945;.</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b>&#171;ISSC</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#941;&#957;&#945; &#941;&#947;&#954;&#965;&#961;&#959; &#954;&#945;&#953; &#949;&#957; &#953;&#963;&#967;&#973; &#916;&#953;&#949;&#952;&#957;&#941;&#962; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#913;&#963;&#966;&#940;&#955;&#949;&#953;&#945;&#962; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#949;&#954;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS.</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>1.2. &#917;&#961;&#956;&#951;&#957;&#949;&#943;&#945; &#972;&#961;&#969;&#957; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#959;&#973;&#956;&#949;&#957;&#969;&#957; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#931;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; :</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">(&#945;) &#927; &#972;&#961;&#959;&#962; &#171;&#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#931;&#964;&#959;&#957; &#972;&#961;&#959; &#171;&#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#948;&#959;&#965;&#962; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;, &#945;&#954;&#943;&#957;&#951;&#964;&#959;, &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945;, &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#942; &#941;&#957;&#957;&#959;&#956;&#959; &#963;&#965;&#956;&#966;&#941;&#961;&#959;&#957; &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#965;&#966;&#953;&#963;&#964;&#945;&#956;&#941;&#957;&#969;&#957; &#942; &#956;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#974;&#957; &#942; &#965;&#960;&#972; &#945;&#943;&#961;&#949;&#963;&#951; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#963;&#949; &#949;&#953;&#963;&#972;&#948;&#951;&#956;&#945; &#942; &#940;&#955;&#955;&#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#927; &#972;&#961;&#959;&#962; &#171;&#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#973;&#956;&#960;&#961;&#945;&#958;&#951;, &#954;&#959;&#953;&#957;&#959;&#960;&#961;&#945;&#958;&#943;&#945; &#942; &#941;&#957;&#969;&#963;&#951; &#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957; &#940;&#957;&#949;&#965; &#957;&#959;&#956;&#953;&#954;&#942;&#962; &#960;&#961;&#959;&#963;&#969;&#960;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#927; &#972;&#961;&#959;&#962; &#171;&#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#964;&#951;&#957; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#972;&#964;&#951;&#963;&#951;, &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;, &#941;&#947;&#954;&#961;&#953;&#963;&#951;, &#945;&#960;&#972;&#966;&#945;&#963;&#951;, &#940;&#948;&#949;&#953;&#945;, &#949;&#958;&#945;&#943;&#961;&#949;&#963;&#951;, &#954;&#945;&#964;&#945;&#967;&#974;&#961;&#953;&#963;&#951; &#954;&#945;&#953; &#949;&#947;&#947;&#961;&#945;&#966;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#927; &#972;&#961;&#959;&#962; &#171;&#960;&#953;&#952;&#945;&#957;&#942; &#959;&#966;&#949;&#953;&#955;&#942;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#956;&#943;&#945; &#959;&#966;&#949;&#953;&#955;&#942; &#960;&#959;&#965; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#946;&#941;&#946;&#945;&#953;&#959; &#972;&#964;&#953; &#952;&#945; &#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943; &#954;&#945;&#953;/&#942; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#956;&#941;&#957;&#949;&#953; &#940;&#947;&#957;&#969;&#963;&#964;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#927; &#972;&#961;&#959;&#962; &#171;&#941;&#947;&#947;&#961;&#945;&#966;&#959;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#964;&#945; &#963;&#965;&#956;&#946;&#959;&#955;&#945;&#953;&#959;&#947;&#961;&#945;&#966;&#953;&#954;&#940; &#941;&#947;&#947;&#961;&#945;&#966;&#945;, &#964;&#953;&#962; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#941;&#962;, &#964;&#945; &#966;&#945;&#958; &#954;&#945;&#953; &#964;&#945; &#956;&#951;&#957;&#973;&#956;&#945;&#964;&#945; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#950;) &#927; &#972;&#961;&#959;&#962; &#171;&#954;&#945;&#952;&#8217; &#965;&#960;&#941;&#961;&#946;&#945;&#963;&#953;&#957; &#954;&#943;&#957;&#948;&#965;&#957;&#959;&#953;&#187; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#945;&#957;&#945;&#955;&#959;&#947;&#943;&#945; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#947;&#953;&#945; &#947;&#949;&#957;&#953;&#954;&#942; &#945;&#946;&#945;&#961;&#943;&#945;, &#948;&#953;&#940;&#963;&#969;&#963;&#951; &#954;&#945;&#953; &#941;&#958;&#959;&#948;&#945; &#948;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#960;&#959;&#965; &#948;&#949;&#957; &#954;&#945;&#955;&#973;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#954;&#973;&#964;&#959;&#965;&#962; &#954;&#945;&#953; &#956;&#951;&#967;&#945;&#957;&#974;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#964;&#959;&#965; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#972;&#964;&#953; &#951; &#945;&#958;&#943;&#945; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#974;&#962; &#964;&#959;&#965; &#965;&#960;&#959;&#955;&#949;&#943;&#960;&#949;&#964;&#945;&#953; &#964;&#951;&#962; &#945;&#958;&#943;&#945;&#962; &#960;&#959;&#965; &#949;&#954;&#964;&#953;&#956;&#940;&#964;&#945;&#953; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#951;) &#927; &#972;&#961;&#959;&#962; &#171;&#941;&#958;&#959;&#948;&#945;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#954;&#940;&#952;&#949; &#949;&#943;&#948;&#959;&#965;&#962; &#941;&#958;&#959;&#948;&#959;, &#949;&#960;&#953;&#946;&#940;&#961;&#965;&#957;&#963;&#951; &#942; &#948;&#945;&#960;&#940;&#957;&#951; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#957;&#959;&#956;&#953;&#954;&#974;&#957; &#949;&#958;&#972;&#948;&#969;&#957;, &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#963;&#949;&#969;&#957; &#954;&#945;&#953; &#948;&#945;&#960;&#945;&#957;&#974;&#957;) &#956;&#949;&#964;&#940; &#934;&#928;&#913; &#942; &#940;&#955;&#955;&#959;&#965; &#966;&#972;&#961;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#952;) &#927; &#972;&#961;&#959;&#962; &#171;&#957;&#972;&#956;&#959;&#962;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#954;&#945;&#953; &#964;&#951;&#957; &#954;&#945;&#964;&#8217; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945;, &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#940;&#964;&#945;&#947;&#956;&#945; &#942; &#963;&#965;&#957;&#952;&#942;&#954;&#951; &#942; &#948;&#953;&#949;&#952;&#957;&#942; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; &#942; &#945;&#960;&#972;&#966;&#945;&#963;&#951; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#904;&#957;&#969;&#963;&#951;&#962;, &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#942; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#913;&#963;&#966;&#945;&#955;&#949;&#943;&#945;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#917;&#952;&#957;&#974;&#957; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#969;&#948;&#953;&#954;&#959;&#960;&#959;&#943;&#951;&#963;&#951;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;) &#927; &#972;&#961;&#959;&#962; &#171;&#957;&#959;&#956;&#953;&#954;&#942; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#959;&#956;&#953;&#954;&#942; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945; &#942; &#948;&#953;&#945;&#953;&#964;&#951;&#963;&#943;&#945; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#942; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#942; &#941;&#961;&#949;&#965;&#957;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#945;) &#927; &#972;&#961;&#959;&#962; &#171;&#959;&#966;&#949;&#953;&#955;&#942;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#941;&#959;&#962; &#942; &#959;&#966;&#949;&#953;&#955;&#942; (&#965;&#966;&#953;&#963;&#964;&#940;&#956;&#949;&#957;&#951; &#942; &#956;&#941;&#955;&#955;&#959;&#965;&#963;&#945;, &#946;&#949;&#946;&#945;&#943;&#945; &#942; &#965;&#960;&#972; &#945;&#943;&#961;&#949;&#963;&#951;) &#954;&#973;&#961;&#953;&#945; &#942; &#960;&#945;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#951;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#946;) &#927; &#972;&#961;&#959;&#962; &#171;&#956;&#942;&#957;&#949;&#962;&#187; &#952;&#945; &#949;&#961;&#956;&#951;&#957;&#949;&#973;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 1.3. &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#947;) &#927; &#972;&#961;&#959;&#962; &#171;&#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;&#187; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#940;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#942; &#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#951; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#942;&#964;&#961;&#953;&#945; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#963;&#965;&#957;&#940;&#968;&#949;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 12 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#940;&#961;&#952;&#961;&#959; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#948;) &#927; &#972;&#961;&#959;&#962; &#171;&#956;&#951;&#964;&#961;&#953;&#954;&#942; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#187; &#941;&#967;&#949;&#953; &#964;&#959; &#957;&#972;&#951;&#956;&#945; &#960;&#959;&#965; &#964;&#959;&#965; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 1.4 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#949;) &#927; &#972;&#961;&#959;&#962; &#171;&#960;&#961;&#972;&#963;&#969;&#960;&#959;&#187; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;, &#954;&#961;&#940;&#964;&#959;&#962; &#942; &#954;&#961;&#945;&#964;&#953;&#954;&#942; &#945;&#961;&#967;&#942;, &#964;&#959;&#960;&#953;&#954;&#942; &#942; &#948;&#951;&#956;&#959;&#964;&#953;&#954;&#942; &#945;&#961;&#967;&#942; &#954;&#945;&#952;&#974;&#962; &#949;&#960;&#943;&#963;&#951;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#949;&#952;&#957;&#942; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#950;) &#927; &#972;&#961;&#959;&#962; &#171;&#954;&#943;&#957;&#948;&#965;&#957;&#959;&#953; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959;&#965;&#962; &#963;&#965;&#957;&#942;&#952;&#949;&#953;&#962; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965;&#962; &#960;&#959;&#965; &#954;&#945;&#955;&#973;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#956;&#943;&#945; &#941;&#957;&#969;&#963;&#951; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; (&#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; International Group of P&amp;I Associations) &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#961;&#973;&#960;&#945;&#957;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#964;&#965;&#967;&#972;&#957; &#945;&#957;&#945;&#955;&#959;&#947;&#943;&#945; &#964;&#969;&#957; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#963;&#973;&#947;&#954;&#961;&#959;&#965;&#963;&#951;&#962; &#960;&#959;&#965; &#948;&#949;&#957; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#954;&#973;&#964;&#959;&#965;&#962; &#954;&#945;&#953; &#956;&#951;&#967;&#945;&#957;&#951;&#956;&#940;&#964;&#969;&#957; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#964;&#951;&#962; &#949;&#957;&#963;&#969;&#956;&#940;&#964;&#969;&#963;&#951;&#962; &#963;&#964;&#953;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#949;&#962; &#964;&#959;&#965; &#972;&#961;&#959;&#965; 6 &#964;&#969;&#957; &#916;&#953;&#949;&#952;&#957;&#974;&#957; &#929;&#951;&#964;&#961;&#974;&#957; &#922;&#973;&#964;&#959;&#965;&#962; (International Hull Clauses (01/11/03) &#964;&#959;&#965; &#972;&#961;&#959;&#965; 1 &#964;&#969;&#957; &#961;&#951;&#964;&#961;&#974;&#957; Institute Time Clauses (Hulls) (1/10/83) &#942; &#964;&#959;&#965; &#972;&#961;&#959;&#965; 8 &#964;&#969;&#957; &#961;&#951;&#964;&#961;&#974;&#957; Institute Time Clauses (Hulls) (1/11/1995)&nbsp; &#942; &#964;&#951;&#962; &#929;&#942;&#964;&#961;&#945;&#962; Institute Amended Running Down Clause (1/10/71) &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951;&#962; &#961;&#942;&#964;&#961;&#945;&#962; &#964;&#959;&#965; &#925;&#959;&#961;&#946;&#951;&#947;&#953;&#954;&#959;&#973; &#931;&#967;&#949;&#948;&#943;&#959;&#965; &#920;&#945;&#955;&#940;&#963;&#963;&#953;&#945;&#962; &#913;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; (Norwegian Marine Insurance Plan) &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#945;&#957;&#940;&#955;&#959;&#947;&#951;&#962; &#948;&#953;&#940;&#964;&#945;&#958;&#951;&#962;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#953;&#952;) &#927; &#972;&#961;&#959;&#962; &#171;&#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#942;&#187; &#941;&#967;&#949;&#953; &#964;&#959; &#957;&#972;&#951;&#956;&#945; &#960;&#959;&#965; &#964;&#959;&#965; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 1.4 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1.3 &#904;&#957;&#957;&#959;&#953;&#945; &#171;&#956;&#951;&#957;&#972;&#962;&#187;: &#927; &#171;&#956;&#942;&#957;&#945;&#962;&#187; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#959;&#965; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 243&#913;&#922; &#954;&#945;&#953; &#959; &#972;&#961;&#959;&#962; &#171;&#956;&#951;&#957;&#953;&#945;&#943;&#969;&#962;&#187; &#952;&#945; &#949;&#961;&#956;&#951;&#957;&#949;&#973;&#949;&#964;&#945;&#953; &#945;&#957;&#964;&#953;&#963;&#964;&#959;&#943;&#967;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#931;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#972;&#964;&#953;: (&#945;) &#913;&#957; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#945;&#961;&#967;&#943;&#963;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#949;&#957;&#972;&#962; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; &#955;&#942;&#958;&#951;&#962; &#964;&#951;&#962; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1.4 &#904;&#957;&#957;&#959;&#953;&#945; &#171;&#922;&#945;&#957;&#972;&#957;&#969;&#957; &#928;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951;&#962; &#919;&#956;&#941;&#961;&#945;&#962;&#187;: (&#945;) &#913;&#957; &#956;&#943;&#945; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#969;&#962; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#171;&#956;&#951;&#957;&#972;&#962;&#187; &#942; &#949;&#957;&#972;&#962; &#945;&#961;&#953;&#952;&#956;&#959;&#973; &#171;&#956;&#951;&#957;&#974;&#957;&#187;, &#964;&#972;&#964;&#949; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#959; &#171;&#956;&#942;&#957;&#945; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#964;&#945; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#945;: (i) &#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#945;&#957;&#945;&#966;&#949;&#961;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#951;&#957; &#965;&#960;&#959;&#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (iii) &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#945;&#957; &#951; &#945;&#961;&#953;&#952;&#956;&#951;&#964;&#953;&#954;&#974;&#962; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951; &#951;&#956;&#941;&#961;&#945; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#943;&#948;&#953;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; (&#945;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#964;&#941;&#964;&#959;&#953;&#945; &#951;&#956;&#941;&#961;&#945;), &#940;&#955;&#955;&#969;&#962; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#945;&#956;&#941;&#963;&#969;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;, (ii) &#913;&#957; &#948;&#949;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#945;&#961;&#953;&#952;&#956;&#951;&#964;&#953;&#954;&#974;&#962; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951; &#951;&#956;&#941;&#961;&#945; &#963;&#964;&#959;&#957; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#972; &#956;&#942;&#957;&#945; &#955;&#942;&#958;&#951;&#962; &#964;&#951;&#962; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#956;&#942;&#957;&#945; &#955;&#942;&#958;&#951;&#962; (iii) &#913;&#957; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#945;&#961;&#967;&#943;&#963;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#949;&#957;&#972;&#962; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; &#955;&#942;&#958;&#951;&#962; &#945;&#965;&#964;&#942;&#962;. (&#946;) &#913;&#957; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#955;&#942;&#958;&#949;&#953; &#963;&#949; &#956;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;, &#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#945;&#965;&#964;&#942; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#943;&#948;&#953;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; (&#949;&#966;&#972;&#963;&#959;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953;) &#942; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; (&#945;&#957; &#949;&#957;&#964;&#972;&#962; &#964;&#959;&#965; &#943;&#948;&#953;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; &#948;&#949;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#940;&#955;&#955;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1.5. &#904;&#957;&#957;&#959;&#953;&#945; &#171;&#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#942;&#962;&#187;: &#924;&#943;&#945; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; (&#920;) &#949;&#943;&#957;&#945;&#953; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#942; &#956;&#943;&#945;&#962; &#956;&#951;&#964;&#961;&#953;&#954;&#942;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; (&#924;) &#945;&#957;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#951; &#960;&#955;&#949;&#953;&#959;&#968;&#951;&#966;&#943;&#945; &#964;&#969;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#953;&#963;&#974;&#957; &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#964;&#951;&#962; &#920; (&#942; &#951; &#960;&#955;&#949;&#953;&#959;&#968;&#951;&#966;&#943;&#945; &#964;&#969;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#953;&#963;&#974;&#957; &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#963;&#964;&#951;&#957; &#920; &#960;&#959;&#965; &#966;&#941;&#961;&#959;&#965;&#957; &#945;&#960;&#949;&#961;&#953;&#972;&#961;&#953;&#963;&#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#963;&#964;&#951;&#957; &#948;&#953;&#945;&#957;&#959;&#956;&#942; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#954;&#945;&#953; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962;) &#945;&#957;&#942;&#954;&#959;&#965;&#957; &#949;&#965;&#952;&#941;&#969;&#962; &#963;&#964;&#951;&#957; &#924; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#948;&#973;&#957;&#945;&#957;&#964;&#945;&#953; &#957;&#945; &#945;&#960;&#959;&#948;&#959;&#952;&#959;&#973;&#957; &#963;&#964;&#951;&#957; &#924;&nbsp; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#951; &#924; &#941;&#967;&#949;&#953; &#940;&#956;&#949;&#963;&#959; &#942; &#941;&#956;&#956;&#949;&#963;&#959; &#941;&#955;&#949;&#947;&#967;&#959; &#964;&#951;&#962; &#960;&#955;&#949;&#953;&#959;&#968;&#951;&#966;&#943;&#945;&#962; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#968;&#942;&#966;&#959;&#965; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#969;&#952;&#949;&#943; &#963;&#964;&#953;&#962; &#949;&#954;&#948;&#959;&#952;&#949;&#943;&#963;&#949;&#962; &#956;&#949;&#964;&#959;&#967;&#941;&#962; &#964;&#951;&#962; &#920; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#951; &#924; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#940;&#956;&#949;&#963;&#951; &#942; &#941;&#956;&#956;&#949;&#963;&#951; &#949;&#958;&#959;&#965;&#963;&#943;&#945; &#957;&#945; &#948;&#953;&#959;&#961;&#943;&#950;&#949;&#953; &#954;&#945;&#953; &#957;&#945; &#960;&#945;&#973;&#949;&#953; &#964;&#951;&#957; &#960;&#955;&#949;&#953;&#959;&#957;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#974;&#957; &#964;&#951;&#962; &#920; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#951; &#924; &#940;&#955;&#955;&#969;&#962; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#940;&#956;&#949;&#963;&#951; &#942; &#941;&#956;&#956;&#949;&#963;&#951; &#949;&#958;&#959;&#965;&#963;&#943;&#945; &#957;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#953; &#972;&#964;&#953; &#959;&#953; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#964;&#951;&#962; &#920; &#948;&#953;&#949;&#958;&#940;&#947;&#959;&#957;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#949;&#960;&#953;&#952;&#965;&#956;&#943;&#949;&#962; &#964;&#951;&#962; &#924;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#951; &#920; &#949;&#943;&#957;&#945;&#953; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#942;, &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#956;&#951;&#964;&#961;&#953;&#954;&#942; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#964;&#951;&#962; &#920;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>1.5. &#915;&#949;&#957;&#953;&#954;&#959;&#943; &#949;&#961;&#956;&#951;&#957;&#949;&#965;&#964;&#953;&#954;&#959;&#943; &#954;&#945;&#957;&#972;&#957;&#949;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#931;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1. &#945;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#963;&#949; &#941;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#963;&#949; &#940;&#961;&#952;&#961;&#959; &#945;&#965;&#964;&#974;&#957; &#957;&#959;&#959;&#973;&#957;&#964;&#945;&#953; &#969;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#963;&#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#940;&#961;&#952;&#961;&#959; &#972;&#960;&#969;&#962; &#941;&#967;&#949;&#953; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943;, &#963;&#965;&#956;&#960;&#955;&#951;&#961;&#969;&#952;&#949;&#943; &#949;&#943;&#964;&#949; &#960;&#961;&#959; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#949;&#943;&#964;&#949; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">2. &#945;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951;, &#960;&#945;&#961;&#940;&#964;&#945;&#963;&#951; &#942; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#945;&#965;&#964;&#959;&#973; &#949;&#943;&#964;&#949; &#960;&#961;&#959; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#949;&#943;&#964;&#949; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">3. &#955;&#941;&#958;&#949;&#953;&#962; &#963;&#964;&#959;&#957; &#949;&#957;&#953;&#954;&#972; &#945;&#961;&#953;&#952;&#956;&#972; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#954;&#945;&#953; &#964;&#959;&#957; &#960;&#955;&#951;&#952;&#965;&#957;&#964;&#953;&#954;&#972; &#945;&#961;&#953;&#952;&#956;&#972; &#954;&#945;&#953; &#945;&#957;&#964;&#953;&#963;&#964;&#961;&#972;&#966;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#932;&#945; &#940;&#961;&#952;&#961;&#945; 1.1 &#941;&#969;&#962; 1.4 &#954;&#945;&#953; &#951; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; (&#945;) &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965; 1.5 &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#959;&#957;&#964;&#945;&#953; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#945;&#957;&#964;&#943;&#952;&#949;&#964;&#951; &#946;&#959;&#973;&#955;&#951;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#913;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 1.1 &#963;&#949; &#941;&#957;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#954;&#945;&#964;&#940; &#964;&#959; &#963;&#967;&#941;&#948;&#953;&#959; &#949;&#957;&#972;&#962; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#954;&#945;&#953; &#945;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#963;&#949; &#964;&#965;&#967;&#972;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#963;&#967;&#949;&#948;&#943;&#959;&#965; &#963;&#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#942; &#941;&#967;&#949;&#953; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#927;&#953; &#964;&#943;&#964;&#955;&#959;&#953; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; &#948;&#949;&#957; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#959;&#965;&#957; &#964;&#951;&#957; &#949;&#961;&#956;&#951;&#957;&#949;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>1.6. &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;.</b><b> </b>&#904;&#957;&#945; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#941;&#957;&#945; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#171;&#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;&#187; &#945;&#957; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#951; &#948;&#941;&#959;&#965;&#963;&#945; &#949;&#960;&#945;&#957;&#972;&#961;&#952;&#969;&#963;&#951; &#942; &#952;&#949;&#961;&#945;&#960;&#949;&#943;&#945; &#964;&#959;&#965; &#942; &#945;&#957; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#951;&#957; &#963;&#965;&#957;&#941;&#967;&#953;&#963;&#942; &#964;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>2. &#916;&#913;&#925;&#917;&#921;&#927;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>2.1. &#928;&#959;&#963;&#972; &#916;&#945;&#957;&#949;&#943;&#959;&#965;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#931;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#951; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#941;&#967;&#961;&#953; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#969;&#957; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#949;&#943;&#954;&#959;&#963;&#953; &#941;&#958;&#953; &#949;&#954;&#945;&#964;&#959;&#956;&#956;&#965;&#961;&#943;&#969;&#957; (USD 26.000.000) (&#964;&#959; <b>&#171;&#916;&#940;&#957;&#949;&#953;&#959;&#187;</b>, &#956;&#949; &#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959; &#972;&#961;&#959; &#957;&#959;&#949;&#943;&#964;&#945;&#953; &#954;&#940;&#952;&#949; &#960;&#959;&#963;&#972; &#949;&#954; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965;, &#960;&#959;&#965; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;), &#949;&#954; &#964;&#969;&#957; &#953;&#948;&#943;&#969;&#957; &#948;&#953;&#945;&#952;&#949;&#963;&#943;&#956;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#949; &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#959; &#963;&#965;&#957;&#940;&#955;&#955;&#945;&#947;&#956;&#945;, &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#952;&#945; &#967;&#959;&#961;&#951;&#947;&#951;&#952;&#949;&#943; &#948;&#953;&#945; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#954;&#945;&#964;&#940; &#964;&#945; &#965;&#960;&#972; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 3 &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945;, &#954;&#945;&#953; &#952;&#945; &#949;&#958;&#959;&#966;&#955;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#945; &#965;&#960;&#972; &#940;&#961;&#952;&#961;&#959; 7 &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#932;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#967;&#959;&#961;&#951;&#947;&#949;&#943;&#964;&#945;&#953;, &#954;&#945;&#964;&#940; &#964;&#953;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#951;&#962; &#965;&#960;&#8217; &#945;&#961;&#953;&#952;&#956;&#972;&#957; 187/1/19.10.1978 &#945;&#960;&#959;&#966;&#940;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#933;&#960;&#959;&#949;&#960;&#953;&#964;&#961;&#959;&#960;&#942;&#962; &#928;&#953;&#963;&#964;&#974;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#925;&#959;&#956;&#953;&#963;&#956;&#945;&#964;&#953;&#954;&#942;&#962; &#917;&#960;&#953;&#964;&#961;&#959;&#960;&#942;&#962; &#171;&#960;&#949;&#961;&#943; &#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#974;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#963;&#949; &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#959; &#963;&#965;&#957;&#940;&#955;&#955;&#945;&#947;&#956;&#945; &#956;&#949;&#964;&#940; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#974;&#957; &#917;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#969;&#957;&#187;, &#960;&#959;&#965; &#954;&#965;&#961;&#974;&#952;&#951;&#954;&#949; &#956;&#949; &#964;&#951;&#957; &#965;&#960;&#8217; &#945;&#961;&#953;&#952;&#956;&#972;&#957; 142/13/20.11.1978 &#960;&#961;&#940;&#958;&#951; &#964;&#959;&#965; &#933;&#960;&#959;&#965;&#961;&#947;&#953;&#954;&#959;&#973; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#954;&#945;&#953; &#948;&#951;&#956;&#959;&#963;&#953;&#949;&#973;&#952;&#951;&#954;&#949; &#963;&#964;&#959; &#934;&#917;&#922; (&#964;&#949;&#973;&#967;&#959;&#962; &#913;) 195/20.11.1978.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>2.1 A</b>&nbsp;<b> </b><b>&#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; ISDA. </b>(i) &#922;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#949;&#957;&#964;&#972;&#962; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#953;&#964;&#951;&#952;&#949;&#943; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#957; &#948;&#953;&#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#974;&#957; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#963;&#954;&#959;&#960;&#972; &#964;&#951;&#962; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951;&#962; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#953;&#945;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#960;&#959;&#965; &#948;&#953;&#945;&#964;&#961;&#941;&#967;&#949;&#953; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#964;&#972;&#954;&#959; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#972;&#960;&#969;&#962; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.(ii) &#919; &#931;&#973;&#956;&#946;&#945;&#963;&#951; ISDA &#952;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#940; &#963;&#949; &#916;&#959;&#955;&#955;&#940;&#961;&#953;&#945; &#919;&#928;&#913;, &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#972;&#960;&#969;&#962; &#952;&#945; &#945;&#960;&#959;&#956;&#949;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#959; &#960;&#961;&#972;&#947;&#961;&#945;&#956;&#956;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;, &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951;&#962; &#956;&#949; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942; &#955;&#942;&#958;&#951; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#964;&#949;&#955;&#953;&#954;&#942; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#963;&#954;&#959;&#960;&#972; &#964;&#951;&#962; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951;&#962; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#953;&#945;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>2.2. &#931;&#954;&#959;&#960;&#972;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965;. </b>&#932;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#967;&#959;&#961;&#951;&#947;&#949;&#943;&#964;&#945;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#956;&#949; &#963;&#954;&#959;&#960;&#972; &#964;&#951;&#957; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#964;&#953;&#956;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#964;&#945;&#963;&#954;&#949;&#965;&#942;&#962;, &#957;&#945;&#965;&#960;&#942;&#947;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#945;&#947;&#959;&#961;&#940;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#960;&#945;&#961;&#940;&#948;&#959;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#948;&#953;&#945;&#952;&#941;&#963;&#949;&#953; &#945;&#960;&#972; &#943;&#948;&#953;&#945; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#945; &#954;&#940;&#952;&#949; &#960;&#959;&#963;&#972; &#960;&#941;&#961;&#945;&#957; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#959;&#965; &#969;&#962; &#940;&#957;&#969; &#963;&#954;&#959;&#960;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3. &#917;&#922;&#932;&#913;&#924;&#921;&#917;&#933;&#931;&#919;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3.1.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>&#913;&#943;&#964;&#951;&#956;&#945; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;. </b>&nbsp;&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#953;&#964;&#951;&#952;&#949;&#943; &#964;&#951;&#957; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#965;&#960;&#972; &#964;&#951;&#957; &#960;&#961;&#959;&#971;&#960;&#972;&#952;&#949;&#963;&#951; (&#945;) &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#956;&#943;&#945; &#960;&#955;&#942;&#961;&#969;&#962; &#963;&#965;&#956;&#960;&#955;&#951;&#961;&#969;&#956;&#941;&#957;&#951; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#953;&#962; 11.00 &#960;.&#956;. (&#974;&#961;&#945; &#917;&#955;&#955;&#940;&#948;&#959;&#962;) &#948;&#973;&#959; (2) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#949;&#960;&#953;&#952;&#965;&#956;&#951;&#964;&#942; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#951; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#949;&#960;&#943;&#963;&#951;&#962; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#949;&#957;&#964;&#972;&#962; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#916;&#953;&#945;&#952;&#949;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#954;&#945;&#953; (&#946;) &#972;&#964;&#953; &#952;&#945; &#960;&#955;&#951;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#959;&#953; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; 3.2.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3.2.</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b> </b><b>&#928;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) <b>&#922;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;</b>. &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#963;&#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#951; &#948;&#949; &#954;&#945;&#964;&#940;&#952;&#949;&#963;&#951; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#952;&#945; &#947;&#943;&#957;&#949;&#953; &#963;&#964;&#959;&#957; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#960;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#941;&#967;&#949;&#953; &#959;&#961;&#943;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#959;&#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#946;). &nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#972;&#957;&#959;&#957; &#949;&#966;&#972;&#963;&#959;&#957; &#963;&#965;&#957;&#964;&#961;&#941;&#967;&#959;&#965;&#957; &#959;&#953; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#949;&#962; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#952;&#949;&#964;&#953;&#954;&#941;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962;, &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#972;&#961;&#959;&#965; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#941;&#967;&#959;&#965;&#957; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#945;&#960;&#945;&#961;&#945;&#943;&#964;&#951;&#964;&#949;&#962; &#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953;&#962;, &#960;&#959;&#965; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#959;&#965;&#957; &#964;&#951; &#963;&#965;&#957;&#948;&#961;&#959;&#956;&#942; &#964;&#969;&#957; &#952;&#949;&#964;&#953;&#954;&#974;&#957; &#954;&#945;&#953;/&#942; &#964;&#951;&#957; &#945;&#957;&#965;&#960;&#945;&#961;&#958;&#943;&#945; &#964;&#969;&#957; &#945;&#961;&#957;&#951;&#964;&#953;&#954;&#974;&#957; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#969;&#957; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#951; &#957;&#972;&#956;&#953;&#956;&#951; &#960;&#945;&#961;&#959;&#967;&#942; &#954;&#945;&#953; &#954;&#945;&#964;&#945;&#967;&#974;&#961;&#953;&#963;&#951;, &#972;&#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953;, &#964;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) <b>&#928;&#961;&#959;-&#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</b> &#922;&#945;&#964;&#972;&#960;&#953;&#957; &#945;&#953;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#965;&#960;&#972; &#972;&#961;&#959;&#965;&#962; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#952;&#945; &#954;&#945;&#964;&#945;&#952;&#941;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#952;&#945; &#960;&#961;&#959;-&#945;&#960;&#959;&#963;&#964;&#949;&#943;&#955;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#963;&#964;&#959;&#957; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#959;&#965; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959;&#965;, &#965;&#960;&#972; &#964;&#959;&#965;&#962; &#954;&#940;&#964;&#969;&#952;&#953; &#972;&#961;&#959;&#965;&#962;: (1) &#972;&#964;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#952;&#945; &#964;&#951;&#961;&#951;&#952;&#949;&#943; &#949;&#953;&#962; &#948;&#953;&#945;&#964;&#945;&#947;&#942;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#956;&#941;&#967;&#961;&#953; &#964;&#951; &#963;&#964;&#953;&#947;&#956;&#942; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#963;&#964;&#951;&#957; &#964;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959;&#965; &#972;&#964;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#960;&#959;&#948;&#949;&#963;&#956;&#949;&#965;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#964;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959;&#965; &#954;&#945;&#953; (2) &#972;&#964;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#959;-&#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#959;-&#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942;&#962;&nbsp; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#949;&#954;&#956;&#945;&#943;&#961;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#954;&#945;&#953; &#949;&#965;&#952;&#973;&#957;&#949;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#959;&#965; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#964;&#972;&#954;&#969;&#962;, &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3.3. &#919; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#951;. </b>&#927;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#940;&#960;&#945;&#958; &#954;&#945;&#953; &#948;&#959;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#951; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#953; &#940;&#955;&#955;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3.4. &#904;&#957;&#964;&#945;&#955;&#956;&#945; &#913;&#957;&#940;&#955;&#951;&#968;&#951;&#962;.</b> &#915;&#953;&#945; &#964;&#951;&#957; &#945;&#957;&#940;&#955;&#951;&#968;&#951; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#952;&#945; &#963;&#965;&#957;&#964;&#940;&#963;&#963;&#959;&#957;&#964;&#945;&#953; &#960;&#961;&#940;&#958;&#949;&#953;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#942; &#949;&#957;&#964;&#940;&#955;&#956;&#945;&#964;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;, &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#954;&#945;&#953; &#956;&#972;&#957;&#959; &#952;&#945; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#949;&#964;&#945;&#953; &#951; &#964;&#959;&#953;&#945;&#973;&#964;&#951; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>3.5. &#922;&#949;&#966;&#945;&#955;&#945;&#953;&#945;&#954;&#959;&#943; &#928;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#943;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#945;&#965;&#964;&#942;&#962; &#945;&#957; &#951; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#942; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#946;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#959;&#957;&#964;&#945;, &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959;, &#957;&#972;&#956;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>4. &#932;&#927;&#922;&#927;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>4.1 &#933;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#964;&#972;&#954;&#959;&#965; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(1) &#932;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#954;&#945;&#964;&#8217; &#941;&#964;&#959;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#961;&#972;&#963;&#952;&#949;&#963;&#951; (&#945;) &#964;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#954;&#945;&#953; (&#946;) &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(2) &#913;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#951;&#956;&#941;&#961;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#917;&#924;&#922;, &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#951;&#956;&#941;&#961;&#945; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#949;&#943; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#964;&#951;&#962; &#945;&#956;&#941;&#963;&#969;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951;&#962; &#919;&#956;&#941;&#961;&#945;&#962; &#917;&#924;&#922;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>4.1&#913; &#924;&#949;&#943;&#969;&#963;&#951; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#955;&#972;&#947;&#969; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; (Sustainability).</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#932;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#951;&#956;&#941;&#961;&#945; &#954;&#940;&#952;&#949; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#924;&#949;&#953;&#969;&#956;&#941;&#957;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965;, &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; (&#960;&#959;&#965; &#945;&#961;&#967;&#953;&#954;&#940; &#945;&#957;&#941;&#961;&#967;&#949;&#964;&#945;&#953; &#963;&#949; 2,15% &#949;&#964;&#951;&#963;&#943;&#969;&#962;) &#960;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#952;&#945; &#956;&#949;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#941;&#969;&#962; 0,05% (&#956;&#951;&#948;&#941;&#957; &#954;&#972;&#956;&#956;&#945; &#956;&#951;&#948;&#941;&#957; &#960;&#941;&#957;&#964;&#949; &#964;&#959;&#953;&#962; &#949;&#954;&#945;&#964;&#972;) &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#949;&#966;&#972;&#963;&#959;&#957; (i) &#951; CII &#916;&#953;&#945;&#946;&#940;&#952;&#956;&#953;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#959; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#959; &#941;&#964;&#959;&#962; &#960;&#945;&#961;&#941;&#956;&#949;&#953;&#957;&#949; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#171;&#914;&#187; &#954;&#945;&#953; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#961;&#945;&#956;&#949;&#943;&#957;&#949;&#953; &#171;&#914;&#187; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#964;&#961;&#941;&#967;&#959;&#965;&#963;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#924;&#949;&#943;&#969;&#963;&#951;&#962; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#954;&#945;&#953; (ii) &#964;&#959; &#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; EEOI &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#947;&#953;&#945; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#949;&#943;&#957;&#945;&#953; &#943;&#963;&#959; &#942; &#967;&#945;&#956;&#951;&#955;&#972;&#964;&#949;&#961;&#959; &#945;&#960;&#972; 29gCO2 &#945;&#957;&#940; &#964;&#972;&#957;&#959; / &#957;&#945;&#965;&#964;&#953;&#954;&#972; &#956;&#943;&#955;&#953; &#956;&#949;&#964;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959;&#965; &#966;&#959;&#961;&#964;&#943;&#959;&#965; (&#951; &#171;<b>&#924;&#949;&#943;&#969;&#963;&#951; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#955;&#972;&#947;&#969; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962;</b>&#187;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#922;&#945;&#964;&#940; &#964;&#951; &#955;&#942;&#958;&#951; &#956;&#953;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#924;&#949;&#943;&#969;&#963;&#951;&#962; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965;, &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; &#960;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#952;&#945; &#949;&#960;&#953;&#963;&#964;&#961;&#941;&#966;&#949;&#953; &#963;&#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; 2,15% &#949;&#964;&#951;&#963;&#943;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#919; &#924;&#949;&#943;&#969;&#963;&#951; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#955;&#972;&#947;&#969; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#963;&#949; &#954;&#945;&#956;&#943;&#945; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#948;&#949;&#957; &#952;&#945; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; 0,05% &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#959;&#973;&#964;&#949; &#952;&#945; &#956;&#949;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#965;&#967;&#972;&#957; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#924;&#949;&#953;&#969;&#956;&#941;&#957;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#917;&#940;&#957; &#963;&#965;&#956;&#946;&#949;&#943; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#951; &#924;&#949;&#943;&#969;&#963;&#951; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#955;&#972;&#947;&#969; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#952;&#945; &#960;&#940;&#968;&#949;&#953; &#957;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; &#952;&#945; &#949;&#960;&#953;&#963;&#964;&#961;&#941;&#968;&#949;&#953; &#949;&#966;&#949;&#958;&#942;&#962; &#963;&#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; 2,15% &#949;&#964;&#951;&#963;&#943;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#915;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#972;&#961;&#959;&#965;, &#959;&#953; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#959;&#953; &#972;&#961;&#959;&#953; &#941;&#967;&#959;&#965;&#957; &#964;&#951;&#957; &#949;&#958;&#942;&#962; &#963;&#951;&#956;&#945;&#963;&#943;&#945;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#8220;CII</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#916;&#949;&#943;&#954;&#964;&#951; &#8216;&#917;&#957;&#964;&#945;&#963;&#951;&#962; &#8216;&#913;&#957;&#952;&#961;&#945;&#954;&#945; (Carbon Intensity Indicator), &#972;&#960;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#959;&#965;&#962; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#8216;&#917;&#957;&#964;&#945;&#963;&#951;&#962; &#8216;&#913;&#957;&#952;&#961;&#945;&#954;&#945; &#964;&#951;&#962; &#916;&#953;&#949;&#952;&#957;&#959;&#973;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#928;&#961;&#972;&#955;&#951;&#968;&#951; &#964;&#951;&#962; &#929;&#973;&#960;&#945;&#957;&#963;&#951;&#962; &#945;&#960;&#972; &#928;&#955;&#959;&#943;&#945; (MARPOL),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#8220;&#916;&#953;&#945;&#946;&#940;&#952;&#956;&#953;&#963;&#951; CII</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#953;&#954;&#942; &#948;&#953;&#945;&#946;&#940;&#952;&#956;&#953;&#963;&#951; &#941;&#957;&#964;&#945;&#963;&#951;&#962; &#940;&#957;&#952;&#961;&#945;&#954;&#945; &#960;&#959;&#965; &#949;&#960;&#953;&#964;&#949;&#973;&#967;&#952;&#951;&#954;&#949; &#945;&#960;&#972; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#960;&#959;&#965; &#949;&#954;&#966;&#961;&#940;&#950;&#949;&#964;&#945;&#953; &#963;&#949; &#954;&#955;&#943;&#956;&#945;&#954;&#945; &#913;-&#917; &#949;&#957;&#964;&#972;&#962; &#949;&#957;&#972;&#962; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#941;&#964;&#959;&#965;&#962;, &#954;&#945;&#953; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#8216;&#917;&#957;&#964;&#945;&#963;&#951;&#962; &#8216;&#913;&#957;&#952;&#961;&#945;&#954;&#945; &#964;&#951;&#962; MARPOL,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#8220;EEOI</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#923;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#953;&#954;&#972; &#916;&#949;&#943;&#954;&#964;&#951; &#917;&#957;&#949;&#961;&#947;&#949;&#953;&#945;&#954;&#942;&#962; &#913;&#960;&#972;&#948;&#959;&#963;&#951;&#962; (Energy Efficiency Operational Index) &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#960;&#961;&#969;&#964;&#972;&#954;&#959;&#955;&#955;&#959; IMO MERC.1/Circ.684, 2009.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#8220;&#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; EEOI</b>&#8221; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#953;&#954;&#942; &#949;&#957;&#949;&#961;&#947;&#949;&#953;&#945;&#954;&#942; &#945;&#960;&#972;&#948;&#959;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#945;&#960;&#972; &#964;&#951; &#956;&#941;&#964;&#961;&#951;&#963;&#951; &#964;&#959;&#965; &#949;&#964;&#942;&#963;&#953;&#959;&#965; &#956;&#941;&#963;&#959;&#965; &#972;&#961;&#959;&#965; &#964;&#951;&#962; &#941;&#957;&#964;&#945;&#963;&#951;&#962; &#940;&#957;&#952;&#961;&#945;&#954;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#945;&#957;&#940; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#966;&#959;&#961;&#964;&#943;&#959;&#965; &#960;&#959;&#965; &#945;&#957;&#945;&#954;&#959;&#953;&#957;&#974;&#957;&#949;&#964;&#945;&#953; &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#963;&#949; gCO2 &#945;&#957;&#940; &#964;&#972;&#957;&#959; / &#957;&#945;&#965;&#964;&#953;&#954;&#972; &#956;&#943;&#955;&#953; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940;&#962; &#954;&#945;&#953; &#946;&#949;&#946;&#945;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959; &#925;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#942; &#940;&#955;&#955;&#951; &#949;&#961;&#956;&#972;&#948;&#953;&#945; &#945;&#961;&#967;&#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#942;, &#949;&#966;&#972;&#963;&#959;&#957; &#945;&#965;&#964;&#940; &#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#957;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#964;&#941;&#964;&#959;&#953;&#945; &#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951;, &#945;&#960;&#972; &#964;&#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#171;&#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#924;&#949;&#953;&#969;&#956;&#941;&#957;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#956;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#951;&#956;&#941;&#961;&#945; &#956;&#953;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#945;&#966;&#972;&#964;&#959;&#965; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#953;&#963;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#917;&#960;&#953;&#948;&#972;&#963;&#949;&#969;&#957; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#955;&#942;&#947;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#949;&#960;&#941;&#964;&#949;&#953;&#959; &#945;&#965;&#964;&#942;&#962;, &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#964;&#959;&#953;&#945;&#973;&#964;&#951; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#949;&#957;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#957;&#945; &#948;&#953;&#945;&#961;&#954;&#941;&#963;&#949;&#953; &#955;&#953;&#947;&#972;&#964;&#949;&#961;&#959; &#964;&#959;&#965; &#949;&#957;&#972;&#962; &#941;&#964;&#959;&#965;&#962; &#949;&#966;&#972;&#963;&#959;&#957; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#951; &#932;&#949;&#955;&#953;&#954;&#942; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>&#171;&#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#917;&#960;&#953;&#948;&#972;&#963;&#949;&#969;&#957; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962;</b>&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#941;&#957;&#945; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#973;&#960;&#959; &#964;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; 4 &#960;&#959;&#965; &#965;&#960;&#959;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#941;&#957;&#945; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#942; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;, &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#953; &#964;&#951; &#916;&#953;&#945;&#946;&#940;&#952;&#956;&#953;&#963;&#951; CII &#954;&#945;&#953; &#964;&#959; &#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; &#917;&#917;&#927;&#921; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>4.2. &#922;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#959;&#973; &#964;&#972;&#954;&#959;&#965;. </b>&#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 4.1 &#954;&#945;&#953; &#964;&#969;&#957; &#965;&#960;&#959;&#955;&#959;&#943;&#960;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;, &#959; &#964;&#972;&#954;&#959;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#949;&#954;&#940;&#963;&#964;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#942; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#949;&#954;&#940;&#963;&#964;&#951;&#962; &#964;&#969;&#957; &#948;&#972;&#963;&#949;&#969;&#957; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#953;&#962; &#969;&#962; &#940;&#957;&#969; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#949;&#962; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#957;&#969;&#961;&#943;&#964;&#949;&#961;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5. &#928;&#917;&#929;&#921;&#927;&#916;&#927;&#921; &#917;&#922;&#932;&#927;&#922;&#921;&#931;&#924;&#927;&#933;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.1. &#904;&#957;&#945;&#961;&#958;&#951; &#928;&#949;&#961;&#953;&#972;&#948;&#969;&#957; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#919; &#941;&#957;&#945;&#961;&#958;&#951; &#964;&#951;&#962; &#960;&#961;&#974;&#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#955;&#942;&#958;&#951;&#962; &#964;&#951;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#922;&#940;&#952;&#949; &#948;&#942;&#955;&#969;&#963;&#951; &#949;&#960;&#953;&#955;&#959;&#947;&#942;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#964;&#951;&#962; &#949;&#960;&#972;&#956;&#949;&#957;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#948;&#973;&#959; (2) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#941;&#957;&#945;&#961;&#958;&#951; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#922;&#945;&#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#948;&#949;&#957; &#952;&#945; &#949;&#954;&#964;&#949;&#943;&#957;&#949;&#964;&#945;&#953; &#960;&#941;&#961;&#945;&#957; &#964;&#951;&#962; &#964;&#949;&#955;&#953;&#954;&#942;&#962; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.2. &#916;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#954;&#945;&#957;&#959;&#957;&#953;&#954;&#974;&#957; &#928;&#949;&#961;&#953;&#972;&#948;&#969;&#957; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#922;&#940;&#952;&#949; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; (Term SOFR) &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#949;&#957;&#972;&#962; (1), &#964;&#961;&#953;&#974;&#957; (3) &#942; &#941;&#958;&#953; (6) &#956;&#951;&#957;&#974;&#957;, &#954;&#945;&#964;&#8217; &#949;&#960;&#953;&#955;&#959;&#947;&#942;&#957; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#956;&#949;&#964;&#8217; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.3.</b> &#915;&#953;&#945; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#964;&#951; &#966;&#959;&#961;&#940;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.1 &#924;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(</b>&#945;<b>) </b>&#913;&#957; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#955;&#942;&#947;&#949;&#953; &#963;&#949; &#951;&#956;&#941;&#961;&#945; &#960;&#959;&#965; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951;, &#945;&#965;&#964;&#942; &#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#943;&#948;&#953;&#959;&#965; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#959;&#973; &#956;&#942;&#957;&#945; (&#945;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953;).&nbsp; &#913;&#957; &#948;&#949;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#963;&#964;&#959;&#957; &#943;&#948;&#953;&#959; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#972; &#956;&#942;&#957;&#945;, &#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#955;&#942;&#958;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#955;&#942;&#958;&#949;&#969;&#962; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(&#946;)</b> &#927;&#953;<b> </b>&#922;&#945;&#957;&#972;&#957;&#949;&#962; &#928;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951;&#962; &#919;&#956;&#941;&#961;&#945;&#962; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.2. &#917;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962;. </b>(&#945;) &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#953;&#963;&#956;&#972; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#908;&#964;&#945;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972;&#962; &#959; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#972;&#962; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#960;&#959;&#963;&#959;&#973; &#964;&#972;&#954;&#959;&#965; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; (1) &#964;&#959; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#960;&#959;&#963;&#972;, (2) &#954;&#940;&#952;&#949; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#949;&#943; &#954;&#945;&#953; (3) &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972;&#957; &#957;&#945; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962; &#964;&#951;&#962; &#913;&#947;&#959;&#961;&#940;&#962; (&#945;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953;) &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#929;&#951;&#964;&#974;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#972;&#956;&#969;&#962; &#972;&#964;&#953; &#951; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; (&#946;) &#948;&#949;&#957; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#963;&#949; &#960;&#959;&#963;&#972; &#964;&#972;&#954;&#959;&#965; &#960;&#959;&#965; &#954;&#945;&#952;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959;&#957; &#972;&#961;&#959; 5.4.&#913;.3. &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; (&#954;&#972;&#963;&#964;&#959;&#962;<i> </i>&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962;<i>)</i></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#947;&#953;&#945; &#954;&#940;&#952;&#949; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#945;&#965;&#964;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#959;&#957; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#972; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#972;&#964;&#945;&#957; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3. &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; (&#954;&#972;&#963;&#964;&#959;&#962;<i> </i>&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962;)</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#908;&#955;&#949;&#962; &#959;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#952;&#945; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913; &#913;&#923;&#923;&#913;&#915;&#917;&#931; &#931;&#932;&#927;&#925; &#933;&#928;&#927;&#923;&#927;&#915;&#921;&#931;&#924;&#927; &#932;&#927;&#933; &#932;&#927;&#922;&#927;&#933; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.1 &#933;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#964;&#972;&#954;&#959;&#965; &#945;&#957; &#948;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; (Unavailability of Term SOFR)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>(1) </i>&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959;<i> </i>&#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962;<i> </i>&#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962;<i> (Interpolated Term SOFR): </i>&#917;&#940;&#957; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#956;&#953;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962; &#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#943;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#963;&#951;&#956;&#949;&#953;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953; &#947;&#953;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#959;&#965; &#956;&#951;&#957;&#972;&#962; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#949;&#957;&#972;&#962; &#956;&#951;&#957;&#972;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>(2) </i>&#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972;<i> </i>&#917;&#924;&#922;<i> </i>&#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962;<i> </i>&#921;&#963;&#967;&#973;&#959;&#962;<i> (Historic Term SOFR): </i>&#913;&#957; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959; &#941;&#957;&#945; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#954;&#945;&#953; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972;&#962; &#959; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962; &#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962;, &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(3) &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972;<i> </i>&#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959;<i> </i>&#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962;<i> </i>&#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962;<i> (Interpolated Historic Term SOFR): </i>&#917;&#940;&#957; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#965;&#960;&#972; (2) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#955;&#955;&#940; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959; &#964;&#959; &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#913;&#957;&#945;&#966;&#959;&#961;&#940;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962; &#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#943;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#940;&#957;&#969; &#964;&#959;&#965; &#956;&#951;&#957;&#972;&#962;, &#940;&#955;&#955;&#969;&#962; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#972; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#949;&#957;&#972;&#962; &#956;&#951;&#957;&#972;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><i>(4) </i>&#922;&#972;&#963;&#964;&#959;&#962;<i> </i>&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962;<i> (Cost of Funds): </i>&#917;&#940;&#957; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#965;&#960;&#972; (3) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#955;&#955;&#940; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972;&#962; &#959; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#964;&#959;&#965; &#921;&#963;&#964;&#959;&#961;&#953;&#954;&#959;&#973; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#915;&#961;&#945;&#956;&#956;&#953;&#954;&#942;&#962; &#928;&#945;&#961;&#949;&#956;&#946;&#959;&#955;&#942;&#962;, &#964;&#972;&#964;&#949; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#949;&#943; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3 (&#954;&#972;&#963;&#964;&#959;&#962;<i> </i>&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.2. &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951; &#945;&#947;&#959;&#961;&#940;&#962; (Market Disruption)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#913;&#957; &#960;&#961;&#953;&#957; &#964;&#951; &#955;&#942;&#958;&#951; &#964;&#969;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#963;&#964;&#951; &#925;. &#933;&#972;&#961;&#954;&#951; &#942; &#964;&#959; &#931;&#953;&#954;&#940;&#947;&#959; &#964;&#951;&#962; &#919;&#956;&#941;&#961;&#945;&#962; &#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#972;&#964;&#953; &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#951;&#947;&#942; &#949;&#965;&#955;&#972;&#947;&#969;&#962; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#960;&#953;&#955;&#941;&#958;&#949;&#953; &#952;&#945; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962; &#964;&#951;&#962; &#913;&#947;&#959;&#961;&#940;&#962;, &#964;&#972;&#964;&#949; &#952;&#945; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3. (&#954;&#972;&#963;&#964;&#959;&#962;<i> </i>&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962;<i>) </i>&#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.3. &#922;&#972;&#963;&#964;&#959;&#962; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (Cost of Funds)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(</b>&#945;<b>) </b>&#913;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#959;&#953; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965; &#963;&#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#942; &#963;&#949; &#956;&#943;&#945; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#964;&#972;&#964;&#949; &#945;&#960;&#959;&#954;&#955;&#949;&#943;&#949;&#964;&#945;&#953; &#951; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#969;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 4.1 (&#933;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962;<i> </i>&#932;&#972;&#954;&#959;&#965;<i>)</i> &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#954;&#945;&#953; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#947;&#953;&#945; &#964;&#951; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#954;&#945;&#964;&#8217; &#941;&#964;&#959;&#962; &#960;&#959;&#965; &#945;&#952;&#961;&#959;&#943;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; (i) &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; &#954;&#945;&#953; (ii) &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#972;&#964;&#953; &#952;&#945; &#953;&#963;&#967;&#973;&#963;&#949;&#953;, &#963;&#951;&#956;&#949;&#953;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#957;&#951;&#956;&#941;&#961;&#969;&#963;&#951; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#941;&#955;&#952;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#964;&#972;&#962; &#949;&#965;&#955;&#972;&#947;&#959;&#965; &#967;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#948;&#953;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#964;&#972;&#954;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;. &#932;&#959; &#969;&#962; &#940;&#957;&#969; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#947;&#953;&#945; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#949;&#954;&#966;&#961;&#940;&#950;&#949;&#953; &#963;&#949; &#960;&#959;&#963;&#959;&#963;&#964;&#953;&#945;&#943;&#945; &#946;&#940;&#963;&#951; &#954;&#945;&#964;&#8217; &#941;&#964;&#959;&#962; &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(&#946;)</b> &#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962;, &#954;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#959; &#949;&#960;&#953;&#952;&#965;&#956;&#959;&#973;&#957;, &#952;&#945; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#945;&#964;&#949;&#965;&#952;&#959;&#973;&#957; &#956;&#949; &#954;&#945;&#955;&#942; &#960;&#943;&#963;&#964;&#951; &#947;&#953;&#945; &#967;&#961;&#959;&#957;&#953;&#954;&#972; &#948;&#953;&#940;&#963;&#964;&#951;&#956;&#945; &#960;&#959;&#965; &#948;&#949;&#957; &#952;&#945; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#953;&#962; 30 &#951;&#956;&#941;&#961;&#949;&#962;, &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#959;&#965;&#957; &#963;&#949; &#956;&#943;&#945; &#957;&#941;&#945; &#946;&#940;&#963;&#951; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#960;&#959;&#965; &#952;&#945; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#942; &#964;&#965;&#967;&#972;&#957; &#963;&#949; &#949;&#957;&#945;&#955;&#955;&#945;&#954;&#964;&#953;&#954;&#942; &#946;&#940;&#963;&#951; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(</b>&#947;<b>) </b>&#927;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#946;&#940;&#963;&#951; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; &#942; &#949;&#957;&#945;&#955;&#955;&#945;&#954;&#964;&#953;&#954;&#942; &#946;&#940;&#963;&#951; &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943;, &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#972;&#955;&#945; &#964;&#945; &#924;&#941;&#961;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;<b>)</b> &#913;&#957; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962; &#913;&#947;&#959;&#961;&#940;&#962; (&#972;&#960;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.2) &#954;&#945;&#953; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#959; &#964;&#959;&#965; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;, &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#952;&#945; &#949;&#943;&#957;&#945;&#953; (&#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 5.4.&#913;.3(&#945;)), &#964;&#959; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.4. &#916;&#942;&#955;&#969;&#963;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</b><b> </b>&#913;&#957; &#948;&#949;&#957; &#965;&#960;&#940;&#961;&#958;&#949;&#953; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#953;&#962; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#945;&#964;&#949;&#973;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#972;&#961;&#959; 5.4.&#913;.3 (&#946;), &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; 5 &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#949;&#962; &#919;&#956;&#941;&#961;&#949;&#962; &#972;&#964;&#953; &#952;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#963;&#964;&#959; &#964;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#964;&#961;&#941;&#967;&#959;&#965;&#963;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.5 &#928;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;.</b><b> </b>&#919; &#969;&#962; &#940;&#957;&#969; &#954;&#945;&#964;&#8217; &#940;&#961;&#952;&#961;&#959; <b>5.4.&#913;.4</b><b> </b>&#948;&#942;&#955;&#969;&#963;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#951; &#954;&#945;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#960;&#953;&#946;&#940;&#961;&#965;&#957;&#963;&#951;&#962; &#942; &#948;&#945;&#960;&#940;&#957;&#951;&#962; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#956;&#949; &#964;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#964;&#972;&#954;&#959;&#965;&#962; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#941;&#957;&#959;&#965;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#955;&#941;&#959;&#957; &#964;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#965;&#967;&#972;&#957; &#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#916;&#945;&#960;&#945;&#957;&#974;&#957; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#940;&#955;&#955;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>5.4.&#913;.6 &#922;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</b><b> </b>&#932;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 7 &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#946;&#940;&#963;&#949;&#953; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; <b>5.4.</b>&#913;<b>.5.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>6. &#932;&#927;&#922;&#927;&#931; &#933;&#928;&#917;&#929;&#919;&#924;&#917;&#929;&#921;&#913;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>6.1. &#922;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#972;&#954;&#959;&#965; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#949;&#960;&#943; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#969;&#957; &#960;&#959;&#963;&#974;&#957;.</b><b> </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#964;&#972;&#954;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; 6 &#949;&#960;&#943; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#967;&#959;&#962; &#948;&#949;&#957; &#949;&#953;&#963;&#960;&#961;&#940;&#958;&#949;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#965;&#964;&#972; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953;, &#942;&#964;&#959;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#945;&#957; &#941;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#953; &#972;&#964;&#953; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#949;&#943;&#957;&#945;&#953; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#959; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951;, &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#948;&#951;&#955;&#974;&#957;&#949;&#964;&#945;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#969;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#945;&#957; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#945;&#956;&#941;&#963;&#969;&#962; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 18.4., &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#965;&#964;&#972; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#949;&#954;&#964;&#972;&#962; &#945;&#957; &#951; &#945;&#948;&#965;&#957;&#945;&#956;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#949; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#972; &#942; &#964;&#949;&#967;&#957;&#953;&#954;&#972; &#963;&#966;&#940;&#955;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; .</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>6.2 &#933;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#954;&#945;&#953; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#972;&#954;&#959;&#965; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;. (&#945;)</b><b> </b>&#913;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 6.1.) &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#965;&#964;&#972; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#964;&#972;&#954;&#959; &#949;&#960;&#943; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#959;&#973; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;&#962;. &#919; &#969;&#962; &#940;&#957;&#969; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#952;&#945; &#948;&#953;&#945;&#953;&#961;&#949;&#943;&#964;&#945;&#953; &#963;&#949; &#963;&#965;&#957;&#949;&#967;&#942; &#948;&#953;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#945; &#972;&#967;&#953; &#956;&#949;&#947;&#945;&#955;&#973;&#964;&#949;&#961;&#945; &#964;&#969;&#957; 6 &#956;&#951;&#957;&#974;&#957; &#941;&#954;&#945;&#963;&#964;&#959;, &#954;&#945;&#964;&#8217; &#949;&#960;&#953;&#955;&#959;&#947;&#942;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#952;&#941;&#957;&#945; &#949;&#954; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; (&#956;&#949; &#949;&#958;&#945;&#943;&#961;&#949;&#963;&#951; &#964;&#959; &#960;&#961;&#974;&#964;&#959; &#960;&#959;&#965; &#952;&#945; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#964;&#959; &#960;&#959;&#963;&#972; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959;) &#952;&#945; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#964;&#959;&#965; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#959;&#965; &#948;&#953;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(&#946;)</b> &#932;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#952;&#945; &#945;&#957;&#941;&#961;&#967;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#952;&#961;&#959;&#953;&#963;&#956;&#945; &#964;&#969;&#957; (i) 2% &#954;&#945;&#964;&#8217; &#941;&#964;&#959;&#962; &#963;&#965;&#957; (ii) &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; &#963;&#965;&#957; (iii) &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#960;&#949;&#961;&#943;&#959;&#948;&#959;, &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953;, &#945;&#957; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#959; &#964;&#959;&#965; &#956;&#951;&#948;&#949;&#957;&#972;&#962;, &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#956;&#949; &#956;&#951;&#948;&#941;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(&#947;)</b> &#913;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#959;&#953; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 5.4.&#913;.2. (&#948;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;<i> </i>&#945;&#947;&#959;&#961;&#940;&#962;<i>), </i>&#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;&nbsp; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953;&nbsp; &#969;&#962; &#964;&#959; &#940;&#952;&#961;&#959;&#953;&#963;&#956;&#945; &#964;&#969;&#957; (i) 2% &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#963;&#965;&#957; (ii) &#964;&#959; &#928;&#949;&#961;&#953;&#952;&#974;&#961;&#953;&#959; &#963;&#965;&#957; (iii) &#964;&#959; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#959; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3(&#948;) &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(</b>&#948;<b>)</b> &#927; &#964;&#972;&#954;&#959;&#962; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959;&#962; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972;&#962; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#954;&#940;&#952;&#949; &#969;&#962; &#940;&#957;&#969; &#948;&#953;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#951;&#956;&#941;&#961;&#945; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#969;&#962; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#945;&#957; &#964;&#959; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#941;&#957; &#960;&#959;&#963;&#972; &#949;&#943;&#957;&#945;&#953; &#960;&#959;&#963;&#972; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#942; &#945;&#957; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#942; &#945;&#957; &#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#959;&#965; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#963;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#948;&#953;&#940;&#966;&#959;&#961;&#951; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#972;&#954;&#959;&#965; &#949;&#960;&#943; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#945;&#965;&#964;&#959;&#973;, &#951; &#960;&#961;&#974;&#964;&#951; &#969;&#962; &#940;&#957;&#969; &#960;&#949;&#961;&#943;&#959;&#948;&#959;&#962; &#952;&#945; &#941;&#967;&#949;&#953; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#943;&#963;&#951; &#956;&#949; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#952;&#945; &#945;&#961;&#967;&#943;&#950;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#952;&#945; &#955;&#942;&#947;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#972;&#954;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>(</b>&#949;<b>) </b>&#915;&#953;&#945; &#964;&#959;&#957; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#972; &#964;&#959;&#965; &#964;&#972;&#954;&#959;&#965; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#949;&#960;&#943; &#964;&#969;&#957; &#949;&#958;&#972;&#948;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#964;&#965;&#967;&#972;&#957; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#974; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953;, &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 19.5. &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>6.3. &#913;&#957;&#945;&#964;&#959;&#954;&#953;&#963;&#956;&#972;&#962; &#964;&#972;&#954;&#959;&#965; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;.</b> &#927;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#964;&#972;&#954;&#959;&#965; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#948;&#949;&#957; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#959; &#964;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#954;&#945;&#952;&#959;&#961;&#943;&#963;&#964;&#951;&#954;&#949;, &#949;&#966;&#949;&#958;&#942;&#962; &#952;&#945; &#945;&#957;&#945;&#964;&#959;&#954;&#943;&#950;&#949;&#964;&#945;&#953;. &#927;&#953; &#964;&#972;&#954;&#959;&#953; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#955;&#959;&#947;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#953; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#964;&#951;&#957; 30&#942; &#921;&#959;&#965;&#957;&#943;&#959;&#965; &#954;&#945;&#953; 31&#951; &#916;&#949;&#954;&#949;&#956;&#946;&#961;&#943;&#959;&#965; &#954;&#940;&#952;&#949; &#941;&#964;&#959;&#965;&#962; &#954;&#945;&#953;, &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#959;&#965;&#962;, &#945;&#957;&#945;&#964;&#959;&#954;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#945;&#965;&#964;&#972;, &#969;&#962; &#940;&#957;&#969;, &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#960;&#961;&#959;&#963;&#964;&#953;&#952;&#941;&#956;&#949;&#957;&#959;&#953; &#963;&#964;&#959; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959;, &#945;&#957;&#940; &#949;&#958;&#940;&#956;&#951;&#957;&#959;, &#949;&#960;&#949;&#961;&#967;&#959;&#956;&#941;&#957;&#959;&#965; &#959;&#973;&#964;&#969; &#945;&#957;&#945;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#956;&#949; &#949;&#958;&#940;&#956;&#951;&#957;&#951; &#960;&#949;&#961;&#953;&#959;&#948;&#953;&#954;&#972;&#964;&#951;&#964;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>6.4.</b> &#929;&#951;&#964;&#940; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#964;&#945; &#960;&#961;&#959;&#945;&#957;&#945;&#966;&#949;&#961;&#952;&#941;&#957;&#964;&#945;&nbsp; &#965;&#960;&#972; 6.2 &#954;&#945;&#953; 6.3 &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#952;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#964;&#972;&#963;&#959; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#948;&#945;&#957;&#949;&#943;&#959;&#965; &#972;&#963;&#959; &#954;&#945;&#953; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#941;&#954;&#948;&#959;&#963;&#951; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#960;&#972;&#966;&#945;&#963;&#951;&#962; &#942; &#948;&#953;&#945;&#964;&#945;&#947;&#942;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#949;&#960;&#953;&#948;&#953;&#954;&#945;&#950;&#959;&#965;&#963;&#974;&#957; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7. &#913;&#928;&#927;&#928;&#923;&#919;&#929;&#937;&#924;&#919; &#922;&#913;&#921; &#928;&#929;&#927;&#928;&#923;&#919;&#929;&#937;&#924;&#919;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.1. &#928;&#959;&#963;&#972; &#948;&#972;&#963;&#949;&#969;&#957; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#949;&#957;&#964;&#972;&#962; &#941;&#958;&#953; (6) &#949;&#964;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#948;&#953;&#945; &#949;&#943;&#954;&#959;&#963;&#953; &#964;&#949;&#963;&#963;&#940;&#961;&#969;&#957; (24) &#948;&#953;&#945;&#948;&#959;&#967;&#953;&#954;&#974;&#957; &#964;&#961;&#953;&#956;&#951;&#957;&#953;&#945;&#943;&#969;&#957; &#948;&#972;&#963;&#949;&#969;&#957;, &#949;&#954; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#959;&#953; &#948;&#974;&#948;&#949;&#954;&#945; &#960;&#961;&#974;&#964;&#949;&#962; (1&#951;-12&#951;) &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; &#959;&#954;&#964;&#945;&#954;&#959;&#963;&#943;&#969;&#957; &#967;&#953;&#955;&#953;&#940;&#948;&#969;&#957; (USD 800.000) &#949;&#954;&#940;&#963;&#964;&#951; &#954;&#945;&#953; &#959;&#953; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#949;&#962; &#948;&#974;&#948;&#949;&#954;&#945; (13&#951;-24&#951;) &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; &#948;&#953;&#945;&#954;&#959;&#963;&#943;&#969;&#957; &#967;&#953;&#955;&#953;&#940;&#948;&#969;&#957; (USD 200.000) &#949;&#954;&#940;&#963;&#964;&#951;, &#960;&#955;&#941;&#959;&#957; &#956;&#943;&#945;&#962; &#949;&#966;&#940;&#960;&#945;&#958; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#955;. &#919;&#928;&#913; &#948;&#949;&#954;&#945;&#964;&#949;&#963;&#963;&#940;&#961;&#969;&#957; &#949;&#954;&#945;&#964;&#959;&#956;&#956;&#965;&#961;&#943;&#969;&#957; (USD 14.000.000) &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945;&#962; &#956;&#945;&#950;&#943; &#956;&#949; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; (24&#951;) &#948;&#972;&#963;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.2. &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#949;&#962; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#919; &#960;&#961;&#974;&#964;&#951; &#948;&#972;&#963;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#964;&#961;&#949;&#953;&#962; (3) &#956;&#942;&#957;&#949;&#962; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#954;&#940;&#952;&#949; &#948;&#949; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#948;&#972;&#963;&#951; &#952;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#974;&#957;&#949;&#964;&#945;&#953; &#945;&#957;&#940; &#964;&#961;&#943;&#956;&#951;&#957;&#959; &#954;&#945;&#953; &#951; &#949;&#966;&#940;&#960;&#945;&#958; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#952;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#952;&#949;&#943; &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; (24&#951;) &#948;&#972;&#963;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#969;&#957; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; 26.000.000, &#959;&#953; &#948;&#972;&#963;&#949;&#953;&#962; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#945;&#953; &#951; &#949;&#966;&#940;&#960;&#945;&#958; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#952;&#945; &#956;&#949;&#953;&#969;&#952;&#959;&#973;&#957; &#945;&#957;&#945;&#955;&#959;&#947;&#953;&#954;&#940;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.3. &#932;&#949;&#955;&#953;&#954;&#942; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#917;&#960;&#953;&#960;&#955;&#941;&#959;&#957; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#964;&#949;&#955;&#953;&#954;&#942; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#955;&#945; &#964;&#945; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#952;&#945; &#941;&#967;&#959;&#965;&#957; &#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943; &#942; &#952;&#945; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.4. &#917;&#952;&#949;&#955;&#959;&#973;&#963;&#953;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;. </b>&#933;&#960;&#972; &#964;&#953;&#962; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#949;&#957; &#972;&#955;&#969; &#942; &#949;&#957; &#956;&#941;&#961;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#961;&#953;&#954;&#942; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#945;&#957;&#941;&#961;&#967;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#8217; &#949;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#963;&#964;&#959; &#960;&#959;&#963;&#972; &#964;&#969;&#957; &#916;&#959;&#955;&#955;. &#919;&#928;&#913; 100.000 &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#955;&#955;&#945;&#960;&#955;&#945;&#963;&#943;&#959;&#965; &#945;&#965;&#964;&#959;&#973; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#960;&#961;&#959; &#948;&#941;&#954;&#945; (10) &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#951;&#956;&#949;&#961;&#974;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#948;&#942;&#955;&#969;&#963;&#951; &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#952;&#949;&#943; &#954;&#945;&#953; &#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#965;&#964;&#942; &#952;&#945; &#947;&#943;&#957;&#949;&#953; (&#951; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#954;&#940;&#952;&#949; &#956;&#949;&#961;&#953;&#954;&#942; &#949;&#952;&#949;&#955;&#959;&#973;&#963;&#953;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#952;&#945; &#940;&#947;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#952;&#945; &#949;&#960;&#953;&#955;&#941;&#947;&#949;&#953; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.5. &#931;&#965;&#957;&#941;&#960;&#949;&#953;&#945; &#964;&#951;&#962; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</b><b> </b>&#924;&#943;&#945; &#948;&#942;&#955;&#969;&#963;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#948;&#949;&#957; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#945;&#957;&#945;&#954;&#955;&#951;&#952;&#949;&#943; &#942; &#957;&#945; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#952;&#945; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#948;&#951;&#955;&#974;&#957;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#948;&#942;&#955;&#969;&#963;&#951; &#972;&#964;&#953; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#952;&#949;&#943;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.6. &#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&#913;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#960;&#969;&#955;&#951;&#952;&#949;&#943; (&#956;&#949; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#960;&#945;&#961;&#940;&#963;&#967;&#949;&#953; &#956;&#949; &#949;&#973;&#955;&#959;&#947;&#945; &#954;&#961;&#953;&#964;&#942;&#961;&#953;&#945; &#949;&#966;&#972;&#963;&#959;&#957; &#963;&#965;&#957;&#949;&#960;&#940;&#947;&#949;&#964;&#945;&#953; &#960;&#955;&#942;&#961;&#951; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#964;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#927;&#966;&#949;&#953;&#955;&#974;&#957;) &#942; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#927;&#955;&#953;&#954;&#942; &#913;&#960;&#974;&#955;&#949;&#953;&#945;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#949;&#958;&#959;&#966;&#955;&#942;&#963;&#949;&#953; &#949;&#958; &#959;&#955;&#959;&#954;&#955;&#942;&#961;&#959;&#965; &#964;&#953;&#962; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#927;&#966;&#949;&#953;&#955;&#941;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#974;&#955;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#959;&#955;&#959;&#954;&#955;&#951;&#961;&#974;&#957;&#949;&#964;&#945;&#953; &#951; &#960;&#974;&#955;&#951;&#963;&#951; &#954;&#945;&#953; &#956;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#964;&#959;&#965; &#963;&#964;&#959;&#957; &#945;&#947;&#959;&#961;&#945;&#963;&#964;&#942;,&nbsp; &#942;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#931;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#945;&#964;&#949;&#965;&#952;&#959;&#973;&#957; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3(&#946;) &#954;&#945;&#953; &#948;&#949;&#957; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#959;&#965;&#957; &#963;&#949; &#957;&#941;&#945; &#946;&#940;&#963;&#951; &#954;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#960;&#959;&#965; &#952;&#945; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#942; &#964;&#965;&#967;&#972;&#957; &#963;&#949; &#949;&#957;&#945;&#955;&#955;&#945;&#954;&#964;&#953;&#954;&#942; &#946;&#940;&#963;&#951; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&#962; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#949;&#957;&#964;&#972;&#962; &#960;&#941;&#957;&#964;&#949; (5) &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#964;&#951;&#962; &#960;&#961;&#959;&#952;&#949;&#963;&#956;&#943;&#945;&#962; &#964;&#969;&#957; 30 &#951;&#956;&#949;&#961;&#974;&#957; &#960;&#959;&#965; &#964;&#943;&#952;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 5.4.&#913;.3(&#946;), &#957;&#945; &#949;&#958;&#959;&#966;&#955;&#942;&#963;&#949;&#953; &#960;&#955;&#942;&#961;&#969;&#962; &#954;&#945;&#953; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#974;&#962; &#964;o &#916;&#940;&#957;&#949;&#953;&#959; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#964;&#972;&#954;&#959;&#965;&#962; &#954;&#945;&#953; &#955;&#959;&#953;&#960;&#940; &#941;&#958;&#959;&#948;&#945; &#942; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 10.14(&#945;) &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#951;&#957; &#960;&#955;&#942;&#961;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953;, &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#945;&#965;&#964;&#942;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#949;&#957;&#964;&#972;&#962; &#960;&#941;&#957;&#964;&#949; (5) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#964;&#951;&#962; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#953;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#957;&#945; &#949;&#958;&#959;&#966;&#955;&#942;&#963;&#949;&#953; &#960;&#955;&#942;&#961;&#969;&#962; &#954;&#945;&#953; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#974;&#962; &#964;o &#916;&#940;&#957;&#949;&#953;&#959; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#964;&#972;&#954;&#959;&#965;&#962; &#954;&#945;&#953; &#955;&#959;&#953;&#960;&#940; &#941;&#958;&#959;&#948;&#945; &#942; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.7. &#902;&#955;&#955;&#945; &#960;&#959;&#963;&#940; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#924;&#943;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#954;&#945;&#953; &#964;&#959;&#965;&#962; &#947;&#949;&#947;&#949;&#957;&#951;&#956;&#941;&#957;&#959;&#965;&#962; &#964;&#972;&#954;&#959;&#965;&#962; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#940;&#955;&#955;&#959; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#959; &#960;&#959;&#963;&#972; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#964;&#951;&#957; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#965;&#964;&#942; &#954;&#945;&#953;, &#945;&#957; &#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#948;&#949;&#957; &#947;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;, &#956;&#945;&#950;&#943; &#956;&#949; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#951;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#959;&#973;&#957; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#972;&#961;&#959; 20.1(&#946;) &#942; 20.2 &#945;&#955;&#955;&#940; &#967;&#969;&#961;&#943;&#962; &#960;&#961;&#972;&#963;&#964;&#953;&#956;&#959; &#942; &#949;&#960;&#953;&#946;&#940;&#961;&#965;&#957;&#963;&#951;.&nbsp; &#932;&#965;&#967;&#972;&#957; &#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#916;&#945;&#960;&#940;&#957;&#949;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#949;&#960;&#943;&#963;&#951;&#962; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#959;&#973;&#957;. &#928;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#959;&#955;&#972;&#954;&#955;&#951;&#961;&#959;&#965; &#964;&#959;&#965; &#959;&#966;&#949;&#953;&#955;&#972;&#956;&#949;&#957;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#941;&#967;&#949;&#953; &#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943; &#942; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>7.8. &#913;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#956;&#972;&#962; &#949;&#960;&#945;&#957;&#945;&#948;&#945;&#957;&#949;&#953;&#963;&#956;&#959;&#973;. </b>&#927;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#957;&#949;&#964;&#945;&#953; &#942; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#974;&#957;&#949;&#964;&#945;&#953; &#948;&#949;&#957; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#949;&#954;&#964;&#945;&#956;&#953;&#949;&#965;&#952;&#949;&#943; &#949;&#954; &#957;&#941;&#959;&#965; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>8. &#927;&#929;&#927;&#921; &#922;&#913;&#921; &#928;&#929;&#927;&#939;&#928;&#927;&#920;&#917;&#931;&#917;&#921;&#931; &#935;&#927;&#929;&#919;&#915;&#919;&#931;&#919;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>8.1. &#904;&#947;&#947;&#961;&#945;&#966;&#945;, &#945;&#956;&#959;&#953;&#946;&#941;&#962; &#954;&#945;&#953; &#945;&#957;&#965;&#960;&#945;&#961;&#958;&#943;&#945; &#949;&#955;&#955;&#949;&#943;&#968;&#949;&#969;&#957;. </b>&#919; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;, &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#965;&#960;&#972; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 3.2 &#954;&#945;&#953; &#965;&#960;&#972; &#964;&#953;&#962; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#949;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#972;&#964;&#953;, &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;, &#952;&#945; &#941;&#967;&#959;&#965;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#955;&#945; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#954;&#945;&#953; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#960;&#945;&#961;&#945;&#964;&#943;&#952;&#949;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#924;&#941;&#961;&#959;&#962; &#913; &#964;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; 2 &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#972;&#964;&#953; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#952;&#945; &#941;&#967;&#959;&#965;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#955;&#945; &#964;&#945; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#954;&#945;&#953; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#960;&#945;&#961;&#945;&#964;&#943;&#952;&#949;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#924;&#941;&#961;&#959;&#962; &#914; &#964;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; 2, &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#972;&#964;&#953; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#941;&#967;&#949;&#953; &#949;&#953;&#963;&#960;&#961;&#940;&#958;&#949;&#953; &#964;&#953;&#962; &#945;&#956;&#959;&#953;&#946;&#941;&#962; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 19.1.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#972;&#964;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#916;&#942;&#955;&#969;&#963;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#951;&#956;&#941;&#961;&#945; &#949;&#954;&#940;&#963;&#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(1) &#948;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#954;&#945;&#957;&#941;&#957;&#945; &#948;&#949; &#945;&#960;&#972; &#945;&#965;&#964;&#940; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#954;&#955;&#951;&#952;&#949;&#943; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962;&nbsp; &#964;&#951;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(2) &#959;&#953; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 9 &#954;&#945;&#953; &#945;&#965;&#964;&#941;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#965;&#962; &#949;&#943;&#957;&#945;&#953; &#945;&#955;&#951;&#952;&#949;&#943;&#962; &#954;&#945;&#953; &#948;&#973;&#957;&#945;&#957;&#964;&#945;&#953; &#957;&#945; &#949;&#960;&#945;&#957;&#945;&#955;&#951;&#966;&#952;&#959;&#973;&#957; &#954;&#945;&#952;&#8217; &#959;&#953;&#945;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#953;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#949;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(3) &#972;&#964;&#953; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; (&#942; &#945;&#957; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; &#948;&#949;&#957; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;) &#954;&#945;&#957;&#941;&#957;&#945; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#916;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#972;&#964;&#953; &#945;&#957; &#951; &#931;&#967;&#941;&#963;&#951; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;/&#927;&#966;&#949;&#953;&#955;&#974;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 14.1 &#949;&#966;&#945;&#961;&#956;&#959;&#950;&#972;&#964;&#945;&#957; &#945;&#956;&#941;&#963;&#969;&#962; &#956;&#949;&#964;&#940; &#964;&#951; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953;/&#942; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#949;&#957; &#952;&#945; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#957;&#964;&#959; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#967;&#942; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951;&#962; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#942; &#964;&#951;&#957; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#940;&#961;&#952;&#961;&#959;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#963;&#964;) &#972;&#964;&#953; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#927;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#942; &#924;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#964;&#951;&#957; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#942; &#964;&#953;&#962; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#942;&#962; &#931;&#965;&#947;&#947;&#949;&#957;&#959;&#973;&#962; &#917;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#964;&#959;&#965;&#962;&nbsp; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#960;&#949;&#961;&#943; &#964;&#969;&#957; &#946;&#945;&#963;&#953;&#954;&#974;&#957; &#972;&#961;&#969;&#957; &#964;&#951;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953;, &#954;&#945;&#964;&#940; &#964;&#951;&#957;&nbsp; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#957;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#963;&#949;&#953; &#964;&#951;&#957; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&nbsp; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#955;&#959;&#953;&#960;&#974;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#945;&#965;&#964;&#940; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#959;&#965;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#950;) &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#954;&#945;&#953; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#959; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#959; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#947;&#957;&#969;&#956;&#959;&#948;&#959;&#964;&#942;&#963;&#949;&#969;&#957;, &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#957;, &#963;&#965;&#956;&#966;&#969;&#957;&#953;&#974;&#957; &#954;&#945;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953;/&#942; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#956;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#942; &#964;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>8.2. &#924;&#951; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#953;&#962; &#969;&#962; &#940;&#957;&#969; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962;. </b>&#913;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#949;&#957;&#949;&#961;&#947;&#974;&#957;&#964;&#945;&#962; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945;, &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#964;&#951;&#957; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#960;&#955;&#942;&#961;&#969;&#963;&#951; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#945;&#960;&#972; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 8.1., &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; &#959;&#953; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#952;&#945; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#949;&#957;&#964;&#972;&#962; 5 &#917;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#942; &#949;&#957;&#964;&#972;&#962; &#964;&#951;&#962; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#960;&#959;&#965; &#952;&#945; &#965;&#960;&#959;&#948;&#949;&#943;&#958;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#948;&#949; &#949;&#960;&#943;&#948;&#949;&#953;&#958;&#951; &#945;&#957;&#959;&#967;&#942;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#956;&#949; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#945;&#960;&#972; &#964;&#953;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#954;&#945;&#964;&#940; &#964;&#959; &#967;&#961;&#972;&#957;&#959; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#961;&#956;&#951;&#957;&#949;&#965;&#952;&#949;&#943; &#969;&#962; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#945;&#965;&#964;&#941;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>9. &#916;&#919;&#923;&#937;&#931;&#917;&#921;&#931; &#922;&#913;&#921; &#933;&#928;&#927;&#931;&#935;&#917;&#931;&#917;&#921;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>9.1. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#945; &#954;&#940;&#964;&#969;&#952;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#963;&#964;&#945;&#952;&#949;&#943; &#957;&#959;&#956;&#943;&#956;&#969;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#964;&#969;&#957; &#925;&#942;&#963;&#969;&#957; &#924;&#940;&#961;&#963;&#945;&#955; &#954;&#945;&#953; &#949;&#958;&#945;&#954;&#959;&#955;&#959;&#965;&#952;&#959;&#973;&#957; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#949;&#957; &#953;&#963;&#967;&#973;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#959;&#973;&#964;&#949; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#959;&#973;&#964;&#949; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#959;&#973;&#964;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#949;&#943;&#957;&#945;&#953; &#913;&#935;&#921; FATCA &#942; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#972;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#919;&#928;&#913; &#972;&#956;&#969;&#962; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#943;&#957;&#945;&#953; &#949;&#953;&#963;&#951;&#947;&#956;&#941;&#957;&#951; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#963;&#964;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#953;&#963;&#964;&#942;&#961;&#953;&#959; NASDAQ &#964;&#951;&#962; &#925;&#941;&#945;&#962; &#933;&#972;&#961;&#954;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#932;&#959; &#956;&#949;&#964;&#959;&#967;&#953;&#954;&#972; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#953;&#961;&#949;&#956;&#941;&#957;&#959; &#963;&#949; 500 &#959;&#957;&#959;&#956;&#945;&#963;&#964;&#953;&#954;&#941;&#962; &#956;&#949;&#964;&#959;&#967;&#941;&#962;, &#951; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#949;&#960;&#8217; &#945;&#965;&#964;&#974;&#957; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#949;&#960;&#953;&#946;&#945;&#961;&#965;&#956;&#941;&#957;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#954;&#945;&#953; &#959;&#953; &#954;&#945;&#964;&#945;&#967;&#969;&#961;&#951;&#956;&#941;&#957;&#959;&#953; &#956;&#941;&#964;&#959;&#967;&#959;&#953; &#954;&#945;&#953; &#959;&#953; &#964;&#949;&#955;&#953;&#954;&#959;&#943; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#959;&#943; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#967;&#959;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#947;&#943;&#957;&#949;&#953; &#947;&#957;&#969;&#963;&#964;&#940; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#945;&#965;&#964;&#942;, &#960;&#961;&#959; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#932;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#956;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953;/&#942; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#966;&#949;&#958;&#942;&#962; (&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#945;&#967;&#974;&#961;&#953;&#963;&#942;&#962; &#964;&#959;&#965;&#962;, &#945;&#957;&#945;&#955;&#972;&#947;&#969;&#962; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;):</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(1) &#945;&#960;&#959;&#964;&#949;&#955;&#959;&#973;&#957; &#957;&#972;&#956;&#953;&#956;&#949;&#962;, &#941;&#947;&#954;&#965;&#961;&#949;&#962; &#954;&#945;&#953; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#963;&#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953;/&#942; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; (&#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#959;&#973;&#957;) &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972; &#957;&#945; &#954;&#945;&#964;&#945;&#948;&#953;&#954;&#945;&#963;&#964;&#959;&#973;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(2) &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#959;&#973;&#957; &#957;&#972;&#956;&#953;&#956;&#951;, &#941;&#947;&#954;&#965;&#961;&#951; &#954;&#945;&#953; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#942; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#949;&#960;&#943; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#967;&#969;&#961;&#942;&#963;&#949;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#964;&#969;&#967;&#949;&#965;&#964;&#953;&#954;&#959;&#973; &#957;&#972;&#956;&#959;&#965; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#953; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#964;&#969;&#957; &#960;&#953;&#963;&#964;&#969;&#964;&#974;&#957; &#947;&#949;&#957;&#953;&#954;&#940;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#902;&#957;&#949;&#965; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#969;&#957; &#965;&#960;&#972; 9.1.(&#948;) &#945;&#957;&#945;&#966;&#949;&#961;&#959;&#956;&#941;&#957;&#969;&#957;, &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#965; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;: (1) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#941;&#967;&#959;&#965;&#957; &#964;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#957;&#945; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#942;&#963;&#959;&#965;&#957; &#964;&#951;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#960;&#959;&#965; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#949;&#943;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#957;&#945; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#951;&#952;&#949;&#943; &#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#954;&#945;&#952;&#941;&#957;&#945; &#945;&#960;&#972; &#945;&#965;&#964;&#959;&#973;&#962; &#954;&#945;&#953; (2) &#948;&#949;&#957; &#952;&#945; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#951;&#952;&#949;&#943; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#963;&#949; &#954;&#945;&#957;&#941;&#957;&#945; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; (&#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;) &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945;, &#942; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#949;&#960;&#943; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#959;&#973; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#965; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#945;&#966;&#959;&#961;&#940; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#960;&#940;&#957;&#964;&#945; &#972;&#964;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#963;&#949; &#940;&#955;&#955;&#949;&#962; &#964;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#954;&#945;&#953; &#940;&#955;&#955;&#945; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#940; &#953;&#948;&#961;&#973;&#956;&#945;&#964;&#945; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#964;&#953;&#962; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#941;&#962; &#945;&#965;&#964;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#963;&#964;) &#919; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#956;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#959; &#948;&#945;&#957;&#949;&#953;&#963;&#956;&#972;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#951; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942; &#964;&#951;&#962; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#956;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#948;&#949;&#957; &#947;&#943;&#957;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#942; &#963;&#949; &#945;&#957;&#964;&#943;&#952;&#949;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#940;&#964;&#945;&#958;&#951; &#957;&#972;&#956;&#959;&#965; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973; &#942; &#956;&#949; &#964;&#959; &#954;&#945;&#964;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#972; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#956;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#941;&#962; &#942; &#940;&#955;&#955;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#948;&#949;&#963;&#956;&#949;&#973;&#959;&#965;&#957; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#964;&#951;&#962; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;. &#913;&#957;&#964;&#953;&#963;&#964;&#959;&#943;&#967;&#969;&#962;, &#951; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#945;&#960;&#972; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#956;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#951; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942; &#964;&#959;&#965; &#960;&#961;&#959;&#962; &#945;&#965;&#964;&#940; &#948;&#949;&#957; &#947;&#943;&#957;&#949;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#942; &#963;&#949; &#945;&#957;&#964;&#943;&#952;&#949;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#940;&#964;&#945;&#958;&#951; &#957;&#972;&#956;&#959;&#965; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973; &#942; &#956;&#949; &#964;&#959; &#954;&#945;&#964;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#972; &#964;&#959;&#965; &#942; &#956;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#941;&#962; &#942; &#940;&#955;&#955;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#964;&#959;&#957; &#948;&#949;&#963;&#956;&#949;&#973;&#959;&#965;&#957; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#964;&#959;&#965; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#951;) &#916;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#957;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#940;&#957;&#969; &#964;&#969;&#957; &#964;&#961;&#953;&#940;&#957;&#964;&#945; (30) &#951;&#956;&#949;&#961;&#974;&#957;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;) &#916;&#949;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#949;&#954;&#954;&#961;&#949;&#956;&#949;&#943;&#962; &#945;&#947;&#969;&#947;&#941;&#962; &#949;&#957;&#974;&#960;&#953;&#959;&#957; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#974;&#957; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#974;&#957; &#948;&#953;&#954;&#945;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#965;&#962; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#947;&#969;&#947;&#974;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#960;&#953;&#952;&#945;&#957;&#942; &#942; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#942; &#960;&#945;&#961;&#945;&#946;&#943;&#945;&#963;&#951; &#964;&#969;&#957; &#954;&#945;&#957;&#972;&#957;&#969;&#957; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#942; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS) &#959;&#973;&#964;&#949;, &#949;&#958; &#972;&#963;&#969;&#957; &#947;&#957;&#969;&#961;&#943;&#950;&#959;&#965;&#957;, &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#945;&#963;&#954;&#951;&#952;&#949;&#943; &#964;&#941;&#964;&#959;&#953;&#945; &#945;&#947;&#969;&#947;&#942; &#960;&#959;&#965; &#952;&#945; &#956;&#960;&#959;&#961;&#959;&#973;&#963;&#945;&#957; &#957;&#945; &#941;&#967;&#959;&#965;&#957; &#941;&#957;&#945; &#927;&#965;&#963;&#953;&#969;&#948;&#974;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#913;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#941;&#967;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#964;&#965;&#967;&#972;&#957; &#966;&#972;&#961;&#959;&#965;&#962; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#949;&#960;&#953;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#943;&#948;&#953;&#945; &#942; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#946;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#954;&#945;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#972;&#955;&#945; &#964;&#945; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#945; &#945;&#960;&#972; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#954;&#945;&#953; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#947;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#954;&#945;&#953; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#957;&#959;&#965;&#957; &#972;&#964;&#953;: (1) &#949;&#957;&#949;&#961;&#947;&#959;&#973;&#957; &#954;&#940;&#952;&#949; &#941;&#957;&#945;&#962; &#949;&#958; &#945;&#965;&#964;&#974;&#957; &#947;&#953;&#945; &#948;&#953;&#954;&#972; &#964;&#959;&#965; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; (2) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#947;&#953;&#945; &#948;&#953;&#954;&#972; &#964;&#951;&#962; &#972;&#966;&#949;&#955;&#959;&#962;, &#965;&#960;&#8217; &#949;&#965;&#952;&#973;&#957;&#951; &#964;&#951;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#974;&#962; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#954;&#945;&#953; (3) &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#948;&#949;&#957; &#960;&#945;&#961;&#945;&#946;&#953;&#940;&#950;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959;, &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#972; &#956;&#941;&#964;&#961;&#959; &#942; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945; &#960;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#960;&#959;&#955;&#941;&#956;&#951;&#963;&#951; &#949;&#963;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#949;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; (&#972;&#960;&#969;&#962; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#925;. 4557/18 &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#948;) &#922;&#945;&#957;&#949;&#943;&#962; &#949;&#954; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;, &#959;&#973;&#964;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#964;&#959;&#965;&#962; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#957;&#964;&#945;&#953; &#954;&#945;&#952;&#949;&#963;&#964;&#974;&#964;&#959;&#962; &#945;&#963;&#965;&#955;&#943;&#945;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#959;&#956;&#953;&#954;&#942; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#942; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945; (&#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#945;&#947;&#969;&#947;&#942;, &#963;&#965;&#957;&#964;&#951;&#961;&#951;&#964;&#953;&#954;&#942; &#942; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942; &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#940;&#958;&#951; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#949;) &#927;&#973;&#964;&#949; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#973;&#964;&#949; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#959;&#973;&#964;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#942;&#962;, &#945;&#958;&#953;&#969;&#956;&#945;&#964;&#959;&#973;&#967;&#959;&#962;, &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#949;&#943;&#962; &#942;&#965;&#960;&#940;&#955;&#955;&#951;&#955;&#959;&#962; &#964;&#959;&#965;&#962; &#949;&#943;&#957;&#945;&#953; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962; &#959;&#973;&#964;&#949; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973; &#924;&#941;&#961;&#959;&#965;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#953;&#963;&#964;) &#931;&#964;&#959; &#956;&#941;&#964;&#961;&#959; &#964;&#959;&#965; &#949;&#966;&#953;&#954;&#964;&#959;&#973;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#959;&#957; &#957;&#972;&#956;&#959; Trading with the Enemy Act &#954;&#945;&#953; &#964;&#959;&#965;&#962; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#964;&#959;&#965; &#933;&#960;&#959;&#965;&#961;&#947;&#949;&#943;&#959;&#965; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; (United States Department of Treasury) &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#941;&#955;&#949;&#947;&#967;&#959; &#964;&#969;&#957; &#945;&#955;&#955;&#959;&#948;&#945;&#960;&#974;&#957; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; (31 C.F.R, Subtitle B, Chapter V) &#954;&#945;&#953; &#972;&#955;&#951; &#964;&#951; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969;. &#932;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#945;&#965;&#964;&#959;&#973; &#948;&#949;&#957; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943;, &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#947;&#953;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#954;&#965;&#946;&#949;&#961;&#957;&#951;&#964;&#953;&#954;&#959;&#973; &#945;&#958;&#953;&#969;&#956;&#945;&#964;&#959;&#973;&#967;&#959;&#965;, &#965;&#960;&#945;&#955;&#955;&#942;&#955;&#959;&#965;, &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#959;&#973; &#954;&#972;&#956;&#956;&#945;&#964;&#959;&#962;, &#945;&#958;&#953;&#969;&#956;&#945;&#964;&#959;&#973;&#967;&#959;&#965; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#959;&#973; &#954;&#972;&#956;&#956;&#945;&#964;&#959;&#962;, &#965;&#960;&#959;&#968;&#951;&#966;&#943;&#959;&#965; &#947;&#953;&#945; &#948;&#951;&#956;&#972;&#963;&#953;&#959; &#945;&#958;&#943;&#969;&#956;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#949;&#957;&#949;&#961;&#947;&#959;&#973;&#957;&#964;&#959;&#962; &#965;&#960;&#972; &#949;&#960;&#943;&#963;&#951;&#956;&#951; &#953;&#948;&#953;&#972;&#964;&#951;&#964;&#945; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#957;&#945; &#955;&#940;&#946;&#949;&#953;, &#948;&#953;&#945;&#964;&#951;&#961;&#942;&#963;&#949;&#953; &#942; &#954;&#945;&#964;&#949;&#965;&#952;&#973;&#957;&#949;&#953; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#941;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#942; &#945;&#960;&#959;&#954;&#964;&#942;&#963;&#949;&#953; &#945;&#952;&#941;&#956;&#953;&#964;&#959; &#960;&#955;&#949;&#959;&#957;&#941;&#954;&#964;&#951;&#956;&#945; &#954;&#945;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; United States Foreign Corrupt Practices Act &#964;&#959;&#965; &#941;&#964;&#959;&#965;&#962; 1977, &#969;&#962; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943;&#962; &#953;&#963;&#967;&#973;&#949;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" style="text-align: justify;">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink" style="text-align: justify;">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10. &#915;&#917;&#925;&#921;&#922;&#917;&#931; &#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931; &#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.1. &#915;&#949;&#957;&#953;&#954;&#940;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#940; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#945; &#945;&#954;&#959;&#955;&#959;&#973;&#952;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.2. </b>(&#945;)<b> </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#972;&#963;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#952;&#945; &#960;&#945;&#961;&#945;&#956;&#949;&#943;&#957;&#949;&#953; &#954;&#965;&#961;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#954;&#945;&#953; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#959;&#965;, &#940;&#957;&#949;&#965; &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#963;&#949;&#969;&#957; &#942; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#948;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#974;&#957; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#940; &#960;&#959;&#965; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#959;&#973;&#964;&#949; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; (&#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;) &#949;&#960;&#943; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#959;&#973; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#965; &#964;&#951;&#962; &#945;&#957;&#942;&#954;&#949;&#953; &#942;&#948;&#951; &#942; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#959;&#954;&#964;&#942;&#963;&#949;&#953; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#940; &#974;&#963;&#964;&#949; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#957;&#945; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#965;&#966;&#953;&#963;&#964;&#940;&#956;&#949;&#957;&#949;&#962; &#942; &#956;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#941;&#962; &#956;&#951; &#949;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962;, &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#941;&#962; &#960;&#959;&#965; &#954;&#945;&#964;&#945;&#964;&#940;&#963;&#963;&#959;&#957;&#964;&#945;&#953; &#960;&#961;&#959;&#957;&#959;&#956;&#953;&#945;&#954;&#940; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#957; &#957;&#972;&#956;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.3. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957;&nbsp; &#952;&#945; &#956;&#949;&#964;&#945;&#946;&#953;&#946;&#940;&#963;&#949;&#953;, &#949;&#954;&#956;&#953;&#963;&#952;&#974;&#963;&#949;&#953; &#942; &#940;&#955;&#955;&#969;&#962; &#948;&#953;&#945;&#952;&#941;&#963;&#949;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#964;&#959; &#963;&#973;&#957;&#959;&#955;&#959; &#942; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#956;&#941;&#961;&#959;&#962; &#964;&#969;&#957; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#964;&#951;&#962; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; &#956;&#941;&#963;&#969; &#956;&#943;&#945;&#962; &#942; &#960;&#949;&#961;&#953;&#963;&#963;&#959;&#964;&#941;&#961;&#969;&#957; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#957; &#963;&#965;&#957;&#945;&#966;&#974;&#957; &#942; &#956;&#951; ( &#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#951;&#962; &#964;&#951;&#962; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;&#962; &#960;&#974;&#955;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 7.7.) &#959;&#973;&#964;&#949;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#951;&#956;&#945;&#964;&#953;&#954;&#942; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#942; &#964;&#959;&#965;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; (&#965;&#966;&#953;&#963;&#964;&#940;&#956;&#949;&#957;&#959; &#942; &#956;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#942; &#965;&#960;&#972; &#945;&#943;&#961;&#949;&#963;&#951;) &#949;&#943;&#963;&#960;&#961;&#945;&#958;&#951;&#962; &#960;&#959;&#963;&#959;&#973;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.4.</b> &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972;: (&#945;) &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#942; (&#946;) &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#949;&#973;&#955;&#959;&#947;&#945; &#941;&#967;&#959;&#965;&#957; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#963;&#965;&#957;&#942;&#952;&#951; &#960;&#959;&#961;&#949;&#943;&#945; &#964;&#969;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#954;&#945;&#953; &#957;&#945;&#973;&#955;&#969;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.5. </b>&#908;&#955;&#949;&#962; &#959;&#953; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#953; &#940;&#955;&#955;&#949;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#949;&#948;&#972;&#952;&#951;&#963;&#945;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#945;&#960;&#972; &#942; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#945;&#955;&#951;&#952;&#949;&#943;&#962; &#954;&#945;&#953; &#972;&#967;&#953; &#960;&#945;&#961;&#945;&#960;&#955;&#945;&#957;&#951;&#964;&#953;&#954;&#941;&#962; &#954;&#945;&#953; &#948;&#949;&#957; &#945;&#960;&#959;&#954;&#961;&#973;&#960;&#964;&#959;&#965;&#957; &#954;&#945;&#957;&#941;&#957;&#945; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#942; &#950;&#942;&#964;&#951;&#956;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.6. &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#922;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#964;&#953;&#962; &#949;&#955;&#949;&#947;&#956;&#941;&#957;&#949;&#962; &#945;&#960;&#972; &#959;&#961;&#954;&#969;&#964;&#959;&#973;&#962; &#955;&#959;&#947;&#953;&#963;&#964;&#941;&#962; &#949;&#964;&#942;&#963;&#953;&#949;&#962; &#949;&#957;&#959;&#960;&#959;&#953;&#951;&#956;&#941;&#957;&#949;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#949;&#958;&#945;&#956;&#951;&#957;&#953;&#945;&#943;&#949;&#962; &#956;&#951; &#949;&#955;&#949;&#947;&#956;&#941;&#957;&#949;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#964;&#969;&#957; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#974;&#957; &#964;&#959;&#965; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;), &#964;&#959; &#963;&#965;&#957;&#964;&#959;&#956;&#972;&#964;&#949;&#961;&#959; &#948;&#965;&#957;&#945;&#964;&#972;&#957; &#945;&#955;&#955;&#940; &#960;&#940;&#957;&#964;&#969;&#962; &#972;&#967;&#953; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#945; &#945;&#960;&#972; 120 &#951;&#956;&#941;&#961;&#949;&#962; &#956;&#949;&#964;&#940; &#964;&#959; &#960;&#941;&#961;&#945;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#965; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#959;&#973; &#904;&#964;&#959;&#965;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#953; &#972;&#967;&#953; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#945; &#945;&#960;&#972; 90 &#951;&#956;&#941;&#961;&#949;&#962; &#956;&#949;&#964;&#940; &#964;&#959; &#960;&#941;&#961;&#945;&#962; &#964;&#959;&#965; &#949;&#958;&#945;&#956;&#942;&#957;&#959;&#965;, &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#964;&#953;&#962; &#949;&#958;&#945;&#956;&#951;&#957;&#953;&#945;&#943;&#949;&#962; &#954;&#945;&#953; &#949;&#964;&#942;&#963;&#953;&#949;&#962; &#956;&#951; &#949;&#955;&#949;&#947;&#956;&#941;&#957;&#949;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#964;&#959; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#959; &#949;&#957;&#964;&#972;&#962; 120 &#954;&#945;&#953; 90 &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#959; &#964;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#959;&#973; &#941;&#964;&#959;&#965;&#962; &#942; &#949;&#958;&#945;&#956;&#942;&#957;&#959;&#965;, &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#945;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#960;&#940;&#961;&#945;&#965;&#964;&#945; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#945;&#953;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#964;&#959;&#965;&#962; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#954;&#945;&#953; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#941;&#962; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#949;&#958;&#949;&#955;&#943;&#958;&#949;&#953;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#964;&#959;&#957; &#8216;&#927;&#956;&#953;&#955;&#959; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#945;&#947;&#959;&#961;&#974;&#957; &#942; &#960;&#969;&#955;&#942;&#963;&#949;&#969;&#957; &#960;&#955;&#959;&#943;&#969;&#957;, &#957;&#941;&#969;&#957; &#948;&#945;&#957;&#949;&#943;&#969;&#957; &#954;&#955;&#960;.) &#945;&#957;&#945;&#955;&#972;&#947;&#969;&#962; &#956;&#949; &#964;&#959; &#964;&#953; &#952;&#945; &#950;&#951;&#964;&#940; &#949;&#957;&#943;&#959;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#969;&#962; &#940;&#957;&#969; &#965;&#960;&#972; (&#945;) &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;, &#941;&#957;&#945; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;, &#954;&#945;&#964;&#940; &#946;&#940;&#963;&#951; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#973;&#960;&#959; &#964;&#959;&#965; &#928;&#945;&#961;&#945;&#961;&#964;&#942;&#956;&#945;&#964;&#959;&#962; 5, &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#957;&#949;&#953;, &#956;&#949; &#945;&#957;&#945;&#966;&#959;&#961;&#940; &#963;&#964;&#959;&#965;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973;&#962; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973;&#962;, &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#964;&#953; (i) &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; (&#942; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#964;&#953;&#962; &#955;&#949;&#960;&#964;&#959;&#956;&#941;&#961;&#949;&#953;&#949;&#962; &#952;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#953;), (ii) &#951; &#949;&#955;&#940;&#967;&#953;&#963;&#964;&#951; &#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945; &#945;&#957;&#940; &#960;&#955;&#959;&#943;&#959; &#964;&#959;&#965; &#963;&#964;&#972;&#955;&#959;&#965; &#964;&#959;&#965; &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#942; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#969;&#957; US$ 300.000, (iii) &#951; &#954;&#945;&#952;&#945;&#961;&#942; &#945;&#958;&#943;&#945; &#960;&#961;&#959;&#963;&#945;&#961;&#956;&#959;&#963;&#956;&#941;&#957;&#951; &#963;&#964;&#951;&#957; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#945;&#958;&#943;&#945; &#940;&#957;&#949;&#965; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#962; (market value adjusted net worth) &#960;&#955;&#951;&#957; &#964;&#953;&#962; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#941;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; (total liabilities) &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#942; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#969;&#957; US$ 15.000.0000 &#954;&#945;&#953; (iv) &#964;&#959; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#972; &#960;&#945;&#952;&#951;&#964;&#953;&#954;&#972; (total debt) &#960;&#961;&#959;&#962; &#964;&#959; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#972; &#949;&#957;&#949;&#961;&#947;&#951;&#964;&#953;&#954;&#972; &#960;&#961;&#959;&#963;&#945;&#961;&#956;&#959;&#963;&#956;&#941;&#957;&#959; &#963;&#949; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#945;&#958;&#943;&#945; (total market adjusted assets) &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#942; &#965;&#960;&#959;&#955;&#949;&#943;&#960;&#949;&#964;&#945;&#953; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973; 75%.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.7. &#931;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#969;&#957;.</b><b> </b>&#908;&#955;&#949;&#962; &#959;&#953; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#941;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962;&nbsp; &#952;&#945; &#960;&#945;&#961;&#945;&#948;&#943;&#948;&#959;&#957;&#964;&#945;&#953;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#940;&#961;&#952;&#961;&#959; &#966;&#941;&#961;&#959;&#965;&#963;&#949;&#962; &#964;&#945; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#945; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#949;&#966;&#972;&#963;&#959;&#957; &#949;&#955;&#941;&#947;&#967;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#959;&#961;&#954;&#969;&#964;&#959;&#973;&#962; &#955;&#959;&#947;&#953;&#963;&#964;&#941;&#962;, &#952;&#945; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#957;&#964;&#945;&#967;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#947;&#949;&#957;&#953;&#954;&#974;&#962; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#941;&#962; &#955;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#941;&#962; &#945;&#961;&#967;&#941;&#962; (GAAP),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#956;&#943;&#945; &#945;&#955;&#951;&#952;&#942; &#954;&#945;&#953; &#945;&#954;&#961;&#953;&#946;&#942; &#949;&#953;&#954;&#972;&#957;&#945; &#964;&#969;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#965;&#964;&#940; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#957;&#964;&#945;&#967;&#952;&#949;&#943; &#954;&#945;&#953; &#964;&#969;&#957; &#954;&#949;&#961;&#948;&#974;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#960;&#959;&#965; &#959;&#953; &#949;&#957; &#955;&#972;&#947;&#969; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#945;&#966;&#959;&#961;&#959;&#973;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#952;&#945; &#945;&#960;&#959;&#954;&#945;&#955;&#973;&#960;&#964;&#959;&#965;&#957; &#960;&#955;&#942;&#961;&#969;&#962; &#942; &#952;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#965;&#957; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#941;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.8. &#931;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#953;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#959;&#973;&#957; &#949;&#957; &#953;&#963;&#967;&#973; &#954;&#945;&#953; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#942; &#945;&#957;&#945;&#957;&#949;&#974;&#957;&#959;&#965;&#957; &#954;&#945;&#953; &#952;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#965;&#957; &#949;&#960;&#943;&#963;&#951;&#962; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#953;&#954;&#965;&#961;&#969;&#956;&#941;&#957;&#945; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#960;&#945;&#961;&#945;&#943;&#964;&#951;&#964;&#969;&#957; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#956;&#949; &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#959;&#965;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#954;&#945;&#953; &#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#959;&#973;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#956;&#949; &#964;&#951;&#957; &#949;&#947;&#954;&#965;&#961;&#972;&#964;&#951;&#964;&#945; &#942; &#949;&#954;&#964;&#949;&#955;&#949;&#963;&#964;&#972;&#964;&#951;&#964;&#945; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#954;&#945;&#953; &#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#959;&#973;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#956;&#949; &#964;&#951;&#957; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#954;&#945;&#953; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.9. &#916;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#953;&#962; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#956;&#949; &#948;&#953;&#954;&#940; &#964;&#959;&#965;&#962; &#941;&#958;&#959;&#948;&#945; &#952;&#945; &#960;&#961;&#940;&#964;&#964;&#959;&#965;&#957; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#974;&#963;&#964;&#949; &#957;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#949;&#943; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#947;&#954;&#973;&#961;&#969;&#962; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#949;&#943; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#949;&#943; &#957;&#945; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#942;&#963;&#949;&#953; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946;) &#956;&#949; &#948;&#953;&#954;&#940; &#964;&#959;&#965;&#962; &#941;&#958;&#959;&#948;&#945; &#952;&#945; &#954;&#945;&#964;&#945;&#967;&#969;&#961;&#943;&#950;&#959;&#965;&#957; &#942; &#954;&#945;&#964;&#945;&#952;&#941;&#964;&#959;&#965;&#957; &#942; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#959; &#942; &#945;&#961;&#967;&#942; &#963;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#949;&#962; &#916;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#949;&#962;, &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#955;&#959;&#962;, &#966;&#972;&#961;&#959; &#949;&#947;&#947;&#961;&#945;&#966;&#942;&#962; &#942; &#940;&#955;&#955;&#959; &#963;&#965;&#957;&#945;&#966;&#942; &#966;&#972;&#961;&#959; &#963;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#949;&#962; &#916;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#949;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#952;&#945; &#945;&#957;&#945;&#947;&#947;&#941;&#955;&#955;&#959;&#965;&#957; &#942; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#964;&#961;&#959; &#964;&#959; &#959;&#960;&#959;&#943;&#959;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#949;&#943;&#957;&#945;&#953; &#942; &#941;&#967;&#949;&#953; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#942; &#949;&#960;&#953;&#952;&#965;&#956;&#951;&#964;&#972; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#964;&#959; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#959; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#941;&#947;&#954;&#965;&#961;&#959;, &#949;&#954;&#964;&#949;&#955;&#949;&#963;&#964;&#972;, &#957;&#945; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#956;&#941;&#963;&#959; &#945;&#960;&#972;&#948;&#949;&#953;&#958;&#951;&#962; &#942; &#957;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#953; &#942; &#960;&#961;&#959;&#963;&#964;&#945;&#964;&#949;&#973;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#959;&#964;&#949;&#961;&#945;&#953;&#972;&#964;&#951;&#964;&#945; &#964;&#951;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#960;&#959;&#965; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#949;&#943;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.10. &#917;&#957;&#951;&#956;&#941;&#961;&#969;&#963;&#951; &#947;&#953;&#945; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#941;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#949;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#955;&#949;&#960;&#964;&#959;&#956;&#941;&#961;&#949;&#953;&#949;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#949;&#956;&#960;&#955;&#941;&#954;&#959;&#957;&#964;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962;, &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#942; &#959;&#953; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;, &#956;&#972;&#955;&#953;&#962; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945; &#958;&#949;&#954;&#953;&#957;&#942;&#963;&#949;&#953; &#942; &#956;&#972;&#955;&#953;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#960;&#961;&#959;&#966;&#945;&#957;&#941;&#962; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#963;&#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#972;&#964;&#953; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#958;&#949;&#954;&#953;&#957;&#942;&#963;&#949;&#953;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#943;&#957;&#945;&#953; &#963;&#945;&#966;&#941;&#962; &#972;&#964;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#957;&#959;&#956;&#953;&#954;&#942; &#942; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#959;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#948;&#949;&#957; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#941;&#967;&#949;&#953; &#927;&#965;&#963;&#953;&#969;&#948;&#974;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#913;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.11. &#917;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#956;&#941;&#963;&#969;&#962; &#956;&#972;&#955;&#953;&#962; &#945;&#957;&#964;&#953;&#955;&#951;&#966;&#952;&#949;&#943; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#942; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; &#959;,&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#965; &#965;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#949;&#953; &#972;&#964;&#953; &#949;&#957;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#941;&#946;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;&nbsp; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;, &#954;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#952;&#945; &#964;&#951;&#961;&#949;&#943; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#955;&#942;&#961;&#969;&#962; &#949;&#957;&#942;&#956;&#949;&#961;&#951; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#949;&#958;&#949;&#955;&#943;&#958;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>10.12. &#928;&#945;&#961;&#959;&#967;&#942; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#969;&#957; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957;. </b>&#922;&#945;&#964;&#972;&#960;&#953;&#957; &#955;&#942;&#968;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#945;&#953;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#956;&#972;&#955;&#953;&#962; &#949;&#943;&#957;&#945;&#953; &#949;&#966;&#953;&#954;&#964;&#972;, &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942;&#962; &#942; &#940;&#955;&#955;&#951;&#962; &#966;&#973;&#963;&#949;&#969;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#964;&#959;&#965;&#962; &#943;&#948;&#953;&#959;&#965;&#962;, &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#942; &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#950;&#942;&#964;&#951;&#956;&#945; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#955;&#949;&#960;&#964;&#959;&#956;&#949;&#961;&#949;&#953;&#974;&#957; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#962;, &#945;&#947;&#969;&#947;&#942;&#962;, &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#942; &#941;&#961;&#949;&#965;&#957;&#945;&#962; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.13. &#924;&#949;&#964;&#940;&#966;&#961;&#945;&#963;&#951; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957;. </b>&#913;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#959;&#965;&#957; &#949;&#960;&#943;&#963;&#951;&#956;&#951; &#956;&#949;&#964;&#940;&#966;&#961;&#945;&#963;&#951; &#963;&#964;&#945; &#949;&#955;&#955;&#951;&#957;&#953;&#954;&#940; &#942; &#963;&#964;&#945; &#945;&#947;&#947;&#955;&#953;&#954;&#940; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 10, &#951; &#959;&#960;&#959;&#943;&#945; (&#956;&#949;&#964;&#940;&#966;&#961;&#945;&#963;&#951;) &#952;&#945; &#941;&#967;&#949;&#953; &#948;&#953;&#949;&#957;&#949;&#961;&#947;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#948;&#953;&#954;&#951;&#947;&#972;&#961;&#959;/&#956;&#949;&#964;&#945;&#966;&#961;&#945;&#963;&#964;&#942; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.14. </b>(&#945;)<b> </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#948;&#949;&#957; &#952;&#945; &#956;&#949;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#951; &#948;&#953;&#959;&#943;&#954;&#951;&#963;&#951; (&#964;&#965;&#960;&#953;&#954;&#942; &#954;&#945;&#953; &#959;&#965;&#963;&#953;&#945;&#963;&#964;&#953;&#954;&#942;)&nbsp; &#942; &#959; &#941;&#955;&#949;&#947;&#967;&#972;&#962; &#964;&#959;&#965;&#962; &#942; &#959;&#953; 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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#959;&#973;&#957; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#964;&#949;&#953;&#957;&#972;&#956;&#949;&#957;&#951; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#969;&#957; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#922;&#945;&#964;&#972;&#967;&#969;&#957; &#960;&#959;&#965; &#952;&#945; &#963;&#965;&#957;&#949;&#960;&#940;&#947;&#949;&#964;&#945;&#953; &#960;&#945;&#961;&#945;&#946;&#943;&#945;&#963;&#951; &#964;&#969;&#957; &#959;&#961;&#943;&#969;&#957; &#960;&#959;&#965; &#952;&#941;&#964;&#949;&#953; &#951; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; 10.14 (&#945;).<b> </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.15. &#928;&#945;&#961;&#959;&#967;&#942; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957; </b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#942; &#948;&#953;&#945;&#966;&#959;&#961;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#949;&#961;&#956;&#951;&#957;&#949;&#943;&#945;, &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951; &#942; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#964;&#959;&#965; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959;&#962; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972;&#962; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#963;&#951;&#956;&#949;&#953;&#969;&#952;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#964;&#959; &#954;&#945;&#952;&#949;&#963;&#964;&#974;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965; &#942; &#963;&#964;&#951;&#957; &#956;&#949;&#964;&#959;&#967;&#953;&#954;&#942; &#963;&#973;&#957;&#952;&#949;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#959;&#967;&#961;&#941;&#959;&#965; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3)&nbsp; &#963;&#954;&#959;&#960;&#949;&#943;&#964;&#945;&#953; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#942; &#956;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965; &#963;&#965;&#957;&#972;&#955;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953;/&#942; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#949; &#941;&#957;&#945; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(4)&nbsp; &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959;&#962; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972;&#962; &#960;&#949;&#961;&#943; &#954;&#945;&#964;&#945;&#960;&#959;&#955;&#941;&#956;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#949;&#963;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#949;&#947;&#954;&#955;&#951;&#956;&#945;&#964;&#953;&#954;&#941;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#964;&#961;&#959;&#956;&#959;&#954;&#961;&#945;&#964;&#943;&#945;&#962; &#959; &#959;&#960;&#959;&#943;&#959;&#962; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#962;&nbsp; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#969;&#962; &#963;&#965;&#957;&#941;&#960;&#949;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#951;&#962; &#965;&#960;&#959;&#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; (3) &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#968;&#942;&#966;&#953;&#959;&#962; &#949;&#954;&#948;&#959;&#967;&#941;&#945;&#962;) &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#957;&#949;&#964;&#945;&#953;&nbsp; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#969;&#952;&#949;&#943; 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&#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#957;&#972;&#956;&#959; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (&#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#949;&#966;&#953;&#954;&#964;&#972; &#954;&#945;&#952;&#974;&#962; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#943;&#957;&#945;&#953; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#949;&#953;&#963;&#951;&#947;&#956;&#941;&#957;&#951; &#963;&#964;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#953;&#963;&#964;&#942;&#961;&#953;&#959; NASDAQ &#964;&#951;&#962; &#925;&#941;&#945;&#962; &#933;&#972;&#961;&#954;&#951;&#962; &#954;&#945;&#953; &#965;&#960;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#963;&#949; &#963;&#965;&#957;&#949;&#967;&#942; &#949;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#951; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#969;&#957; &#956;&#949;&#964;&#972;&#967;&#969;&#957; &#945;&#965;&#964;&#959;&#973;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#917;&#960;&#953;&#960;&#955;&#941;&#959;&#957;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#959;&#965;&#957; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#945; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#966;&#972;&#963;&#959;&#957; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#945;&#965;&#964;&#942;&#962; &#963;&#949; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#956;&#949; &#964;&#959; &#953;&#963;&#967;&#973;&#959;&#957; &#957;&#959;&#956;&#959;&#952;&#949;&#964;&#953;&#954;&#972; &#954;&#945;&#953; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#953;&#954;&#972; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#942; &#960;&#961;&#940;&#958;&#951; &#945;&#961;&#956;&#972;&#948;&#953;&#945;&#962; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942;&#962;, &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#942; &#949;&#960;&#959;&#960;&#964;&#953;&#954;&#942;&#962; &#945;&#961;&#967;&#942;&#962; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#945;&#960;&#972;&#966;&#945;&#963;&#951; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#961;&#967;&#942;&#962;, &#964;&#945; &#959;&#960;&#959;&#943;&#945;, &#949;&#966;&#972;&#963;&#959;&#957; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953;, &#963;&#964;&#951; &#963;&#965;&#957;&#941;&#967;&#949;&#953;&#945; &#952;&#945; &#948;&#953;&#945;&#946;&#953;&#946;&#945;&#963;&#964;&#959;&#973;&#957;/&#947;&#957;&#969;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#945;&#961;&#967;&#941;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.15&#913; &#932;&#972;&#960;&#959;&#962; &#949;&#947;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; &#954;&#945;&#953; &#954;&#941;&#957;&#964;&#961;&#959; &#954;&#965;&#961;&#943;&#969;&#957; &#963;&#965;&#956;&#966;&#949;&#961;&#972;&#957;&#964;&#969;&#957;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#915;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#959;&#965; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973; (&#917;&#917;) 2015/848 &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#959;&#973; &#922;&#959;&#953;&#957;&#959;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#959;&#965; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#964;&#951;&#962; 20&#942;&#962; &#924;&#945;&#912;&#959;&#965; 2015 &#960;&#949;&#961;&#943; &#964;&#969;&#957; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#953;&#974;&#957; &#945;&#966;&#949;&#961;&#949;&#947;&#947;&#965;&#972;&#964;&#951;&#964;&#945;&#962; (&#945;&#957;&#945;&#948;&#953;&#945;&#964;&#973;&#960;&#969;&#963;&#951;) (&#959; &#171;&#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972;&#962;&#187;), &#964;&#959; &#171;&#954;&#941;&#957;&#964;&#961;&#959; &#954;&#965;&#961;&#943;&#969;&#957; &#963;&#965;&#956;&#966;&#949;&#961;&#972;&#957;&#964;&#969;&#957;&#187; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; (&#969;&#962; &#959; &#972;&#961;&#959;&#962; &#945;&#965;&#964;&#972;&#962; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 3(1) &#964;&#959;&#965; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;) &#949;&#943;&#957;&#945;&#953; &#951; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#942; &#916;&#951;&#956;&#959;&#954;&#961;&#945;&#964;&#943;&#945; &#954;&#945;&#953; &#948;&#949;&#957; &#941;&#967;&#959;&#965;&#957; &#171;&#949;&#947;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#187; (&#969;&#962; &#959; &#972;&#961;&#959;&#962; &#945;&#965;&#964;&#972;&#962; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 2(10) &#964;&#959;&#965; &#922;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#922;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#948;&#949;&#957; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#964;&#945;&#953; &#951; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#959;&#965; &#964;&#972;&#960;&#959;&#965; &#972;&#960;&#959;&#965; &#949;&#965;&#961;&#943;&#963;&#954;&#949;&#964;&#945;&#953; &#964;&#959; &#171;&#954;&#941;&#957;&#964;&#961;&#959; &#954;&#965;&#961;&#943;&#969;&#957; &#963;&#965;&#956;&#966;&#949;&#961;&#972;&#957;&#964;&#969;&#957;&#187; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#959;&#973;&#964;&#949; &#951; &#171;&#949;&#947;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#942;&#187; &#964;&#951;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.16. &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#972;&#964;&#953; &#954;&#945;&#957;&#949;&#943;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#948;&#949;&#957; &#945;&#957;&#942;&#954;&#949;&#953; &#954;&#945;&#964;&#940; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#959;&#973;&#964;&#949; &#949;&#955;&#941;&#947;&#967;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#959;&#973;&#964;&#949; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#942; &#960;&#961;&#959;&#962; &#972;&#966;&#949;&#955;&#959;&#962; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973; &#924;&#941;&#961;&#959;&#965;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3) &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#954;&#973;&#961;&#953;&#959;&#962; &#959;&#973;&#964;&#949; &#949;&#955;&#941;&#947;&#967;&#949;&#953; &#941;&#957;&#945; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(4) &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#942;, &#945;&#958;&#953;&#969;&#956;&#945;&#964;&#959;&#973;&#967;&#959; &#942; &#965;&#960;&#940;&#955;&#955;&#951;&#955;&#959; &#941;&#957;&#945; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#959;&#953; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962; &#952;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(5) &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#964;&#951;&#957; &#941;&#948;&#961;&#945; &#964;&#959;&#965; (&#949;&#966;&#972;&#963;&#959;&#957; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#947;&#953;&#945; &#957;&#959;&#956;&#953;&#954;&#972; &#960;&#961;&#972;&#963;&#969;&#960;&#959;) &#959;&#973;&#964;&#949; &#941;&#967;&#949;&#953; &#963;&#965;&#963;&#964;&#945;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#965;&#956;&#941;&#957;&#951;&#962; &#967;&#974;&#961;&#945;&#962; (&#954;&#945;&#964;&#940; &#964;&#959;&#957; &#959;&#961;&#953;&#963;&#956;&#972; &#964;&#969;&#957; &#960;&#955;&#941;&#959;&#957; &#960;&#961;&#972;&#963;&#966;&#945;&#964;&#969;&#957; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#974;&#957; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#951;&#955;&#974;&#957;&#949;&#953; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#964;&#959; &#960;&#961;&#959;&#970;&#972;&#957; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#948;&#949;&#957; &#952;&#945; &#948;&#953;&#945;&#964;&#949;&#952;&#949;&#943; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#960;&#961;&#959;&#962; &#942; &#960;&#961;&#959;&#962; &#972;&#966;&#949;&#955;&#959;&#962; &#949;&#957;&#972;&#962; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973; &#924;&#941;&#961;&#959;&#965;&#962; &#959;&#973;&#964;&#949; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#961;&#972;&#960;&#959; &#942; &#947;&#953;&#945; &#963;&#954;&#959;&#960;&#972; &#960;&#959;&#965; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#917;&#960;&#953;&#960;&#961;&#959;&#963;&#952;&#941;&#964;&#969;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#974;&#963;&#964;&#949; &#954;&#945;&#957;&#941;&#957;&#945; &#960;&#959;&#963;&#972; &#942; &#972;&#966;&#949;&#955;&#959;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#942; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#956;&#949; &#941;&#957;&#945; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962; &#957;&#945; &#956;&#951;&#957; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#963;&#949; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#959;&#973;&#964;&#949; &#957;&#945; &#954;&#945;&#964;&#945;&#964;&#949;&#952;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#972; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#949;&#960;&#943;&#963;&#951;&#962; &#954;&#945;&#956;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#957;&#945; &#956;&#951;&#957; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#949;&#943;&#964;&#949; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#955;&#972;&#947;&#959; &#956;&#941;&#963;&#969; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#964;&#951;&#961;&#949;&#943;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#972;&#963;&#959; &#959;&#953; &#943;&#948;&#953;&#959;&#953; &#972;&#963;&#959; &#954;&#945;&#953; &#941;&#954;&#945;&#963;&#964;&#959; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962;, &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#957;&#972;&#956;&#959; &#954;&#945;&#953; &#945;&#956;&#941;&#963;&#969;&#962; &#956;&#972;&#955;&#953;&#962; &#945;&#957;&#964;&#953;&#955;&#951;&#966;&#952;&#959;&#973;&#957; &#964;&#951;&#957; &#973;&#960;&#945;&#961;&#958;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#962;, &#945;&#947;&#969;&#947;&#942;&#962;, &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#942; &#941;&#961;&#949;&#965;&#957;&#945;&#962; &#949;&#957;&#945;&#957;&#964;&#943;&#959;&#957; &#964;&#959;&#965;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#913;&#961;&#967;&#942; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;, &#952;&#945; &#960;&#945;&#961;&#940;&#963;&#967;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#955;&#949;&#960;&#964;&#959;&#956;&#941;&#961;&#949;&#953;&#949;&#962; &#954;&#945;&#953; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#964;&#959; &#943;&#948;&#953;&#959; &#957;&#945; &#960;&#961;&#940;&#958;&#959;&#965;&#957; &#954;&#945;&#953; &#959;&#953; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#953; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#965;&#960;&#940;&#961;&#967;&#959;&#965;&#957; &#949;&#957;&#945;&#957;&#964;&#943;&#959;&#957; &#964;&#959;&#965;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962;, &#945;&#947;&#969;&#947;&#941;&#962;, &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#949;&#962; &#942; &#941;&#961;&#949;&#965;&#957;&#949;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#913;&#961;&#967;&#942; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.17. &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#959; &#957;&#972;&#956;&#959;.</b> &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#952;&#8217; &#959;&#955;&#959;&#954;&#955;&#951;&#961;&#943;&#945;&#957; &#956;&#949; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#963;&#964;&#959;&#965;&#962; &#959;&#960;&#959;&#943;&#959;&#965;&#962; &#965;&#960;&#972;&#954;&#949;&#953;&#957;&#964;&#945;&#953;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#940;&#957;&#949;&#965; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973;: (&#945;) &#964;&#951;&#962; Trading with the Enemy Act &#954;&#945;&#953; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#974;&#957; &#964;&#959;&#965; &#933;&#960;&#959;&#965;&#961;&#947;&#949;&#943;&#959;&#965; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#964;&#969;&#957; &#919;&#928;&#913; (United States Treasury Department) &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#959;&#957; &#941;&#955;&#949;&#947;&#967;&#959; &#945;&#955;&#955;&#959;&#948;&#945;&#960;&#974;&#957; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#974;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; (31, CFR, Subtitle B, Chapter V) &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954;&#964;&#949;&#955;&#949;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#965;&#964;&#959;&#973; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945;&#962; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#948;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#942;&#962; &#960;&#961;&#940;&#958;&#951;&#962; &#954;&#945;&#953; (&#946;) &#964;&#951;&#962; PATRIOT Act.&nbsp; &#917;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#945;, &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#957;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#947;&#953;&#945; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#965;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.18. &#922;&#945;&#964;&#940; &#964;&#951;&#962; &#948;&#953;&#945;&#966;&#952;&#959;&#961;&#940;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#972;&#963;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#948;&#949;&#957; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#959; &#960;&#961;&#959;&#970;&#972;&#957; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#954;&#959;&#960;&#972; &#960;&#945;&#961;&#945;&#946;&#953;&#940;&#950;&#949;&#953; &#942; &#949;&#957;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#957;&#945; &#960;&#945;&#961;&#945;&#946;&#953;&#940;&#950;&#949;&#953; &#964;&#959;&#965;&#962; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#948;&#953;&#945;&#966;&#952;&#959;&#961;&#940;&#962; &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#925;. 3666/2008 &#954;&#945;&#953; &#925;. 4320/15 &#972;&#960;&#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; United States Foreign Corrupt Practices Act &#941;&#964;&#959;&#965;&#962; 1977 &#972;&#960;&#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953;.&nbsp; &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#957;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#947;&#953;&#945; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#965;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; (&#945;) &#952;&#945; &#948;&#953;&#949;&#957;&#949;&#961;&#947;&#959;&#973;&#957; &#964;&#953;&#962; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#964;&#959;&#965;&#962; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#959;&#973;&#956;&#949;&#957;&#959;&#953; &#960;&#961;&#959;&#962; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#948;&#953;&#945;&#966;&#952;&#959;&#961;&#940;&#962; &#954;&#945;&#953; (&#946;) &#952;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#959;&#973;&#957; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#963;&#956;&#945;&#964;&#953;&#954;&#941;&#962; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#941;&#962; &#954;&#945;&#953; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#949;&#962; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#949;&#960;&#953;&#964;&#965;&#947;&#967;&#940;&#957;&#949;&#964;&#945;&#953; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#956;&#949; &#964;&#959;&#965;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962;. &#917;&#960;&#943;&#963;&#951;&#962; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#957;&#945; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#954;&#945;&#953; &#947;&#953;&#945; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#965;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; &#927;&#956;&#943;&#955;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.19. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&nbsp; &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#949; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; treasury &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#953;&#954;&#972; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.20. &#928;&#949;&#961;&#943; &#960;&#961;&#972;&#955;&#951;&#968;&#951;&#962; &#954;&#945;&#953; &#954;&#945;&#964;&#945;&#963;&#964;&#959;&#955;&#942;&#962; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#949;&#963;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#949;&#947;&#954;&#955;&#951;&#956;&#945;&#964;&#953;&#954;&#941;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962;. </b>&#935;&#969;&#961;&#943;&#962; &#957;&#945; &#952;&#943;&#947;&#949;&#964;&#945;&#953; &#951; &#947;&#949;&#957;&#953;&#954;&#972;&#964;&#951;&#964;&#945; &#964;&#959;&#965; &#972;&#961;&#959;&#965; 2.2 (&#963;&#954;&#959;&#960;&#972;&#962;<i> </i>&#964;&#959;&#965;<i> </i>&#916;&#945;&#957;&#949;&#943;&#959;&#965;<i>)</i>, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#948;&#951;&#955;&#974;&#957;&#949;&#953; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953;: (&#945;) &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#947;&#953;&#945; &#943;&#948;&#953;&#959; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; (&#946;) &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#959; &#960;&#961;&#959;&#970;&#972;&#957; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#947;&#953;&#945; &#948;&#953;&#954;&#972; &#964;&#951;&#962; &#972;&#966;&#949;&#955;&#959;&#962;, &#956;&#949; &#948;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#952;&#973;&#957;&#951; &#954;&#945;&#953; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#940; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#954;&#945;&#953; (&#947;) &#948;&#949;&#957; &#952;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959;&#965;, &#961;&#965;&#952;&#956;&#953;&#963;&#964;&#953;&#954;&#959;&#973; &#956;&#941;&#964;&#961;&#959;&#965; &#942; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#960;&#959;&#965; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#960;&#955;&#942;&#961;&#951; &#954;&#945;&#953; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#942; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#927;&#966;&#949;&#953;&#955;&#974;&#957;, &#947;&#953;&#945; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#960;&#959;&#955;&#941;&#956;&#951;&#963;&#951; &#964;&#951;&#962; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#949;&#963;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#949;&#947;&#954;&#955;&#951;&#956;&#945;&#964;&#953;&#954;&#941;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#972;&#960;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#925;. 4557/2018 &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953;, &#954;&#945;&#953; &#945;&#957;&#940;&#955;&#959;&#947;&#951;&#962; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945;&#962; &#964;&#969;&#957; &#919;&#957;&#969;&#956;&#941;&#957;&#969;&#957; &#928;&#959;&#955;&#953;&#964;&#949;&#953;&#974;&#957; &#964;&#972;&#963;&#959; &#963;&#949; &#959;&#956;&#959;&#963;&#960;&#959;&#957;&#948;&#953;&#945;&#954;&#972; &#972;&#963;&#959; &#954;&#945;&#953; &#963;&#949; &#960;&#959;&#955;&#953;&#964;&#949;&#953;&#945;&#954;&#972; &#949;&#960;&#943;&#960;&#949;&#948;&#959;.<b> </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>10.20</b>&#913;<b>. </b>&#916;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;<b> </b>&#949;&#955;&#949;&#973;&#952;&#949;&#961;&#951;&#962;<b> </b>&#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945;&#962;<b>.</b>&nbsp;<b> </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953;, &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#952;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#959;&#973;&#957; &#963;&#964;&#959; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#972; &#922;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;&nbsp; &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#951; &#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945; &#960;&#959;&#963;&#959;&#973; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; &#964;&#961;&#953;&#945;&#954;&#959;&#963;&#943;&#969;&#957; &#967;&#953;&#955;&#953;&#940;&#948;&#969;&#957; (US$ 300.000) &#963;&#949; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#949;&#943;&#964;&#949; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#949;&#943;&#964;&#949; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11. &#917;&#932;&#913;&#921;&#929;&#921;&#922;&#917;&#931; &#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931; &#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11.1. &#915;&#949;&#957;&#953;&#954;&#940;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; &#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#952;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#953;&#962; &#947;&#949;&#957;&#953;&#954;&#941;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11.2. &#916;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951; &#954;&#945;&#952;&#949;&#963;&#964;&#974;&#964;&#959;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#959;&#973;&#957; &#964;&#951;&#957; &#957;&#959;&#956;&#953;&#954;&#942; &#964;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#964;&#941;&#955;&#949;&#953;&#945; &#954;&#945;&#953; &#952;&#945; &#964;&#949;&#955;&#959;&#973;&#957; &#949;&#957; &#953;&#963;&#967;&#973; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#964;&#959;&#965; &#954;&#961;&#940;&#964;&#959;&#965;&#962; &#963;&#973;&#963;&#964;&#945;&#963;&#951;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#965; &#949;&#958; &#945;&#965;&#964;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11.3. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; (&#954;&#945;&#964;&#940; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;) &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#948;&#953;&#949;&#958;&#940;&#947;&#949;&#953; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#964;&#951;&#957; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#954;&#945;&#953; &#949;&#954;&#956;&#949;&#964;&#940;&#955;&#955;&#949;&#965;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#963;&#965;&#957;&#945;&#966;&#949;&#943;&#962; &#956;&#949; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; (&#946;) &#948;&#949;&#957; &#952;&#945; &#960;&#961;&#959;&#946;&#945;&#943;&#957;&#949;&#953; &#963;&#949; &#945;&#947;&#959;&#961;&#940;, &#945;&#960;&#945;&#955;&#955;&#945;&#947;&#942; &#942; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942; &#964;&#959;&#965; &#956;&#949;&#964;&#959;&#967;&#953;&#954;&#959;&#973; &#964;&#959;&#965;&#962; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#942; &#964;&#969;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#953;&#963;&#974;&#957; &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#964;&#951;&#962;, &#959;&#973;&#964;&#949; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#942; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#963;&#964;&#953;&#962; &#956;&#949;&#964;&#959;&#967;&#941;&#962; &#942; &#964;&#959;&#965; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#972; &#964;&#951;&#962;, &#959;&#973;&#964;&#949; &#963;&#949; &#945;&#947;&#959;&#961;&#940;, &#945;&#960;&#945;&#955;&#955;&#945;&#947;&#942; &#942; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942; &#964;&#959;&#965; &#956;&#949;&#964;&#959;&#967;&#953;&#954;&#959;&#973; &#964;&#951;&#962; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#942; &#964;&#969;&#957; &#949;&#954;&#948;&#959;&#952;&#949;&#953;&#963;&#974;&#957; &#956;&#949;&#964;&#959;&#967;&#974;&#957; &#964;&#951;&#962;, &#959;&#973;&#964;&#949; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#942; &#960;&#945;&#961;&#945;&#967;&#969;&#961;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#963;&#964;&#953;&#962; &#956;&#949;&#964;&#959;&#967;&#941;&#962; &#942; &#964;&#959;&#965; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#972; &#964;&#959;&#965;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#957;&#940;&#968;&#949;&#953;, &#940;&#957;&#949;&#965; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#945;&#960;&#941;&#950;&#951;&#962;, &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#948;&#945;&#957;&#949;&#953;&#945;&#954;&#941;&#962;/&#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#941;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962; &#969;&#962; &#948;&#945;&#957;&#949;&#943;&#963;&#964;&#961;&#953;&#945; &#942; &#948;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#948;&#949;&#957; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#943;&#963;&#964;&#969;&#963;&#951; &#942; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#946;&#959;&#942;&#952;&#949;&#953;&#945; &#942; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#953;&#962; &#965;&#960;&#941;&#961; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#942; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#941;&#961;&#945;&#957; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#951; &#963;&#965;&#957;&#942;&#952;&#951; &#960;&#959;&#961;&#949;&#943;&#945; &#964;&#969;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#964;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#947;&#967;&#969;&#957;&#949;&#965;&#952;&#959;&#973;&#957; &#942; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#969;&#952;&#959;&#973;&#957; &#942; &#945;&#960;&#959;&#963;&#960;&#945;&#963;&#952;&#959;&#973;&#957; &#942; &#960;&#961;&#959;&#946;&#959;&#973;&#957; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#956;&#959;&#961;&#966;&#942; &#945;&#957;&#945;&#948;&#953;&#959;&#961;&#947;&#940;&#957;&#969;&#963;&#951;&#962; &#942; &#945;&#955;&#955;&#940;&#958;&#959;&#965;&#957; &#964;&#951;&#957; &#949;&#960;&#969;&#957;&#965;&#956;&#943;&#945; &#964;&#959;&#965;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#945;&#947;&#959;&#961;&#940;&#963;&#949;&#953; &#940;&#955;&#955;&#945; &#960;&#955;&#959;&#943;&#945; (&#940;&#956;&#949;&#963;&#945; &#942; &#941;&#956;&#956;&#949;&#963;&#945; &#942; &#956;&#941;&#963;&#969; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#974;&#957;) &#942; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#959;&#973;&#964;&#949; &#952;&#945; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#959;&#966;&#949;&#953;&#955;&#942; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#941;&#962; &#960;&#959;&#965; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#963;&#965;&#957;&#942;&#952;&#951; &#960;&#959;&#961;&#949;&#943;&#945; &#964;&#951;&#962; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#956;&#949; &#963;&#965;&#957;&#942;&#952;&#949;&#953;&#962; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#953;&#954;&#959;&#973;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#959;&#966;&#949;&#953;&#955;&#941;&#962; &#964;&#959;&#965;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#956;&#949;&#964;&#972;&#967;&#959;&#965;&#962; &#942; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;, &#951; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#952;&#945; &#941;&#960;&#949;&#964;&#945;&#953; &#964;&#951;&#962; &#960;&#955;&#942;&#961;&#959;&#965;&#962; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11.4. &#924;&#949;&#961;&#943;&#963;&#956;&#945;&#964;&#945;.</b> &#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#956;&#949;&#961;&#943;&#963;&#956;&#945;&#964;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#957;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#942; &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#956;&#949;&#961;&#953;&#963;&#956;&#940;&#964;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>11.5. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &nbsp;&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#949;&#957; &#952;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#959;&#973;&#957; &#913;&#935;&#921; FATCA &#942; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#959;&#943; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#953; &#919;&#928;&#913; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953; &#964;&#959; &#943;&#948;&#953;&#959; &#952;&#945; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962;, &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#956;&#969;&#962; &#972;&#964;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#943;&#957;&#945;&#953; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#949;&#953;&#963;&#951;&#947;&#956;&#941;&#957;&#951; &#963;&#964;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#953;&#963;&#964;&#942;&#961;&#953;&#959; NASDAQ &#964;&#951;&#962; &#925;&#941;&#945;&#962; &#933;&#972;&#961;&#954;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#913;&#957; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#966;&#961;&#959;&#957;&#964;&#943;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#945;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#928;&#945;&#961;&#949;&#967;&#972;&#957;&#964;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#949;&#961;&#974;&#957; &#947;&#943;&#957;&#949;&#953; &#913;&#935;&#921; FATCA &#942; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#972;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#919;&#928;&#913; &#957;&#945; &#960;&#945;&#961;&#945;&#953;&#964;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#953;&#948;&#953;&#972;&#964;&#951;&#964;&#940; &#964;&#959;&#965; &#969;&#962; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#960;&#961;&#953;&#957; &#964;&#951; &#957;&#969;&#961;&#943;&#964;&#949;&#961;&#951; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; FATC&#913; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#972; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; (&#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962;). &#917;&#943;&#957;&#945;&#953; &#949;&#965;&#957;&#972;&#951;&#964;&#959; &#972;&#964;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#945;&#965;&#964;&#942; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 14.1 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12. &#913;&#931;&#934;&#913;&#923;&#921;&#931;&#919;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.1. &#915;&#949;&#957;&#953;&#954;&#940;.</b> H &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#940; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#953;&#962; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965; 12 &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#953; &#957;&#945; &#964;&#951;&#961;&#959;&#973;&#957; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#942;&#956;&#949;&#961;&#951; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#959; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#963;&#965;&#957;&#949;&#957;&#957;&#959;&#942;&#963;&#949;&#969;&#957; &#956;&#949; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#964;&#959;&#965;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.2. &#916;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#964;&#951;&#961;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#945;, &#956;&#949; &#948;&#953;&#954;&#940; &#964;&#951;&#962; &#941;&#958;&#959;&#948;&#945; &#954;&#945;&#964;&#940; &#964;&#969;&#957; &#945;&#954;&#959;&#955;&#959;&#973;&#952;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957;, &#942;&#964;&#959;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#963;&#954;&#940;&#966;&#959;&#965;&#962; &#954;&#945;&#953; &#956;&#951;&#967;&#945;&#957;&#942;&#962; (Hull and Machinery, H&amp;M/IV, &#960;&#965;&#961;&#954;&#945;&#947;&#953;&#940;&#962; &#954;&#945;&#953; &#963;&#965;&#957;&#942;&#952;&#969;&#957; &#957;&#945;&#965;&#964;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#954;&#973;&#964;&#959;&#965;&#962; &#954;&#945;&#953; &#956;&#951;&#967;&#945;&#957;&#951;&#956;&#940;&#964;&#969;&#957; &#954;&#945;&#953; &#954;&#945;&#952;&#8217; &#965;&#960;&#941;&#961;&#946;&#945;&#963;&#953;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957;),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#949;&#965;&#952;&#973;&#957;&#951;&#962; &#947;&#953;&#945; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951; &#945;&#960;&#972; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#941;&#962; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962;) &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#947;&#953;&#945; &#949;&#965;&#952;&#973;&#957;&#951; &#945;&#960;&#972; &#961;&#973;&#960;&#945;&#957;&#963;&#951; &#954;&#945;&#953; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#947;&#953;&#945; &#945;&#963;&#964;&#953;&#954;&#942; &#949;&#965;&#952;&#973;&#957;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#959;&#965; &#960;&#955;&#951;&#961;&#974;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#964;&#961;&#943;&#964;&#969;&#957;) &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942;&#952;&#949;&#955;&#949;, &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959;, &#949;&#965;&#955;&#972;&#947;&#969;&#962; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#953;&#954;&#961;&#945;&#964;&#959;&#973;&#963;&#945; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#945;&#947;&#959;&#961;&#940;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.3. &#908;&#961;&#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. </b>&#927;&#953; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#949;&#943;&#957;&#945;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#963;&#954;&#940;&#966;&#959;&#965;&#962; &#954;&#945;&#953; &#956;&#951;&#967;&#945;&#957;&#942;&#962;, &#960;&#965;&#961;&#954;&#945;&#947;&#953;&#940;&#962;, &#963;&#965;&#957;&#942;&#952;&#969;&#957; &#957;&#945;&#965;&#964;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#954;&#945;&#953; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#947;&#953;&#945; &#941;&#957;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#956;&#941;&#957;&#959; &#960;&#959;&#963;&#972; (agreed value insurance) &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#952;&#945; &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#956;&#949; &#964;&#951;&#957; &#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#913;&#958;&#943;&#945; &#964;&#959;&#965; &#942; &#956;&#949; &#964;&#959; 125% &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#960;&#955;&#941;&#959;&#957; &#964;&#959;&#965; &#928;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#921;&#963;&#959;&#948;&#973;&#957;&#945;&#956;&#959;&#965;, &#972;&#960;&#959;&#953;&#959; &#949;&#954; &#964;&#969;&#957; &#948;&#965;&#959; &#949;&#943;&#957;&#945;&#953; &#956;&#949;&#947;&#945;&#955;&#973;&#964;&#949;&#961;&#959;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#947;&#953;&#945; &#949;&#965;&#952;&#973;&#957;&#951; &#945;&#960;&#972; &#961;&#973;&#960;&#945;&#957;&#963;&#951;, &#947;&#953;&#945; &#941;&#957;&#945; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#972; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#956;&#941;&#947;&#953;&#963;&#964;&#959; &#960;&#959;&#963;&#972; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#951;&#957; &#946;&#945;&#963;&#953;&#954;&#942; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; (&#945;&#960;&#972; &#964;&#951;&#957; &#948;&#953;&#949;&#952;&#957;&#942; &#941;&#957;&#969;&#963;&#951; &#945;&#955;&#955;&#951;&#955;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#974;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962;) &#954;&#945;&#953; &#964;&#951;&#957; &#948;&#953;&#949;&#952;&#957;&#942; &#945;&#947;&#959;&#961;&#940; &#957;&#945;&#965;&#964;&#953;&#954;&#942;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; (&#963;&#942;&#956;&#949;&#961;&#945; &#916;&#959;&#955;&#955;. &#919;&#928;&#913; 1.000.000.000).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#955;&#942;&#961;&#951; &#945;&#958;&#943;&#945; &#954;&#945;&#953; &#967;&#969;&#961;&#951;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#956;&#949; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#956;&#941;&#963;&#969; &#956;&#949;&#963;&#953;&#964;&#974;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#954;&#945;&#953; &#956;&#949; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#941;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#949;&#962; &#954;&#945;&#953;/&#942; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#954;&#945;&#953;/&#942; &#949;&#957;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#954;&#945;&#953; &#959;&#953; &#954;&#943;&#957;&#948;&#965;&#957;&#959;&#953; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#952;&#945; &#945;&#963;&#966;&#945;&#955;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#956;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#916;&#953;&#949;&#952;&#957;&#959;&#973;&#962; &#904;&#957;&#969;&#963;&#951;&#962; &#927;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#974;&#957; &#928;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#913;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; (International Group of P&amp;I Clubs) &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.4. &#917;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#949;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;. </b>&#931;&#965;&#956;&#960;&#955;&#951;&#961;&#969;&#956;&#945;&#964;&#953;&#954;&#940; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 12.3., &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#963;&#964;&#959; &#972;&#957;&#959;&#956;&#945; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#8211; &#954;&#965;&#961;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#969;&#962; &#956;&#972;&#957;&#951;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#951;&#962;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#959;&#948;&#949;&#967;&#952;&#949;&#943; &#957;&#945; &#963;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#949;&#943; &#954;&#945;&#953; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959;, &#963;&#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#948;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#945;&#957; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#964;&#959;&#965; &#963;&#965;&#956;&#966;&#941;&#961;&#959;&#957;&#964;&#972;&#962; &#964;&#959;&#965; &#963;&#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#954;&#945;&#953; &#947;&#957;&#969;&#956;&#959;&#948;&#959;&#964;&#942;&#963;&#949;&#953;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#965;&#967;&#972;&#957; &#952;&#945; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#940;&#955;&#955;&#959;&#962; &#963;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#972;&#956;&#949;&#957;&#959;&#962; &#952;&#945; &#948;&#949;&#963;&#956;&#949;&#965;&#952;&#949;&#943; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;) &#954;&#945;&#953; &#972;&#964;&#953; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#952;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#954;&#945;&#953; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945;, &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#954;&#945;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#949;&#953;&#963;&#960;&#961;&#940;&#958;&#949;&#953; &#942; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#952;&#949;&#943; &#947;&#953;&#945; &#960;&#959;&#963;&#940; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#959;&#960;&#959;&#964;&#949;&#948;&#942;&#960;&#959;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#959;&#957;&#959;&#956;&#940;&#950;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#969;&#962; &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#959; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#959; &#956;&#949; &#961;&#951;&#964;&#942; &#956;&#957;&#949;&#943;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#945;&#960;&#972; &#964;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#940; &#964;&#951;&#962; &#963;&#964;&#951;&#957; &#965;&#960;&#959;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#956;&#949; &#945;&#957;&#945;&#966;&#959;&#961;&#940; &#963;&#964;&#951;&#957; &#945;&#957;&#965;&#960;&#945;&#961;&#958;&#943;&#945; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; (&#945;&#955;&#955;&#940; &#948;&#953;&#945;&#964;&#951;&#961;&#974;&#957;&#964;&#945;&#962; &#964;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945;, &#949;&#966;&#972;&#963;&#959;&#957; &#964;&#959; &#949;&#960;&#953;&#952;&#965;&#956;&#949;&#943;, &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;) &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#964;&#961;&#945; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#960;&#959;&#963;&#940; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#957;&#945; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#961;&#942;&#964;&#961;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942;&#962; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; (loss payable clause) &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#959;&#957;&#959;&#956;&#940;&#950;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#969;&#962; &#956;&#972;&#957;&#951; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#967;&#959; &#964;&#951;&#962; &#956;&#949; &#964;&#953;&#962; &#959;&#948;&#951;&#947;&#943;&#949;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#965; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#963;&#965;&#957;&#964;&#945;&#967;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#952;&#945; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#965;&#957; &#972;&#964;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#941;&#962; &#960;&#959;&#965; &#952;&#945; &#947;&#943;&#957;&#959;&#965;&#957; &#945;&#960;&#972; &#942; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#974;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#940;&#957;&#949;&#965; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973;, &#945;&#957;&#964;&#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#962;, &#949;&#954;&#960;&#964;&#974;&#963;&#949;&#969;&#962; &#954;&#945;&#953; &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#953;&#961;&#941;&#963;&#949;&#969;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#954;&#973;&#961;&#953;&#949;&#962;, &#967;&#969;&#961;&#943;&#962; &#963;&#965;&#957;&#949;&#953;&#963;&#966;&#959;&#961;&#940; &#945;&#960;&#972; &#940;&#955;&#955;&#949;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#952;&#945; &#955;&#940;&#946;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#952;&#945; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#965;&#957; &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#951; &#943;&#948;&#953;&#945; &#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951;&nbsp; &#960;&#959;&#965; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#949;&#953; &#964;&#951;&#957; &#945;&#960;&#974;&#955;&#949;&#953;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#950;&#951;&#964;&#949;&#943;&#964;&#945;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951; (proof of loss), &#945;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#964;&#959; &#960;&#961;&#940;&#964;&#964;&#949;&#953; &#951; &#943;&#948;&#953;&#945; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#950;) &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#952;&#945; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#965;&#957; &#972;&#964;&#953; &#945;&#957; &#964;&#965;&#967;&#972;&#957; &#945;&#954;&#965;&#961;&#969;&#952;&#959;&#973;&#957; &#942; &#945;&#957; &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#959;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#963;&#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#960;&#959;&#965; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#953; &#945;&#961;&#957;&#951;&#964;&#953;&#954;&#940; &#964;&#945; &#963;&#965;&#956;&#966;&#941;&#961;&#959;&#957;&#964;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#942; &#945;&#957; &#949;&#960;&#953;&#964;&#961;&#945;&#960;&#949;&#943; &#957;&#945; &#955;&#942;&#958;&#949;&#953; &#954;&#940;&#960;&#959;&#953;&#945; &#945;&#960;&#972; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#954;&#973;&#961;&#969;&#963;&#951;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#955;&#942;&#958;&#951; &#948;&#949;&#957; &#952;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; 30 &#951;&#956;&#941;&#961;&#949;&#962; (&#942; 7 &#951;&#956;&#941;&#961;&#949;&#962; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#969;&#957; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957;) &#945;&#960;&#972; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#954;&#973;&#961;&#969;&#963;&#951;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#955;&#942;&#958;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.5. &#913;&#957;&#945;&#957;&#941;&#969;&#963;&#951; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#964;&#953;&#962; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) 21 &#951;&#956;&#941;&#961;&#949;&#962; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;: (1) &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#949;&#953;&#959;&#956;&#949;&#963;&#943;&#964;&#949;&#962; (&#942; &#940;&#955;&#955;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962;), &#964;&#959;&#965;&#962; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#954;&#945;&#953; &#964;&#959;&#965;&#962; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#954;&#945;&#964;&#940; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#959;&#955;&#941;&#956;&#959;&#965; &#956;&#949; &#964;&#959;&#965;&#962; &#959;&#960;&#959;&#943;&#959;&#965;&#962; &#942; &#956;&#941;&#963;&#969; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#960;&#961;&#959;&#964;&#943;&#952;&#949;&#964;&#945;&#953; &#957;&#945; &#945;&#957;&#945;&#957;&#949;&#974;&#963;&#949;&#953; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#960;&#961;&#959;&#964;&#949;&#953;&#957;&#972;&#956;&#949;&#957;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#942;&#962; &#954;&#945;&#953; (2) &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#964;&#951;&#957; &#941;&#947;&#954;&#961;&#953;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#947;&#953;&#945; &#972;&#955;&#945; &#964;&#945; &#950;&#951;&#964;&#942;&#956;&#945;&#964;&#945; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#965;&#960;&#972; (1) &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; 14 &#951;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;, &#952;&#945; &#945;&#957;&#945;&#957;&#949;&#974;&#957;&#949;&#953; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#941;&#947;&#954;&#961;&#953;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#965;&#960;&#972; (&#945;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#940; &#974;&#963;&#964;&#949; &#959;&#953; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953; &#956;&#949;&#963;&#943;&#964;&#949;&#962; &#954;&#945;&#953;/&#942; &#959;&#953; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#943; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#954;&#945;&#953; &#959;&#953; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#943; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#956;&#949; &#964;&#959;&#965;&#962; &#959;&#960;&#959;&#943;&#959;&#965;&#962; &#945;&#957;&#945;&#957;&#949;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#964;&#969;&#957; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#953;&#963;&#967;&#965;&#959;&#965;&#963;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#957;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#959;&#973;&#957; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#957;&#945;&#957;&#949;&#974;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.6. &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. &#917;&#960;&#953;&#963;&#964;&#959;&#955;&#941;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962;. </b>&nbsp;&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#940; &#974;&#963;&#964;&#949; &#972;&#955;&#959;&#953; &#959;&#953; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#953; &#956;&#949;&#963;&#943;&#964;&#949;&#962; &#957;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#954;&#945;&#953; &#945;&#957;&#964;&#953;&#947;&#961;&#940;&#966;&#969;&#957; &#963;&#967;&#949;&#948;&#943;&#969;&#957; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#941;&#954;&#948;&#959;&#963;&#951;) &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#963;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#949;&#943;&#964;&#949; &#949;&#954;&#948;&#943;&#948;&#959;&#957;&#964;&#945;&#953; &#947;&#953;&#945; &#960;&#961;&#974;&#964;&#951; &#966;&#959;&#961;&#940; &#949;&#943;&#964;&#949; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#945;&#957;&#945;&#957;&#941;&#969;&#963;&#951;&#962; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#941;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962;&nbsp; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#973;&#960;&#959; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#960;&#959;&#965; &#952;&#945; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#959;&#953; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#956;&#949;&#963;&#953;&#964;&#974;&#957;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#949;&#960;&#953;&#963;&#965;&#957;&#940;&#960;&#964;&#959;&#965;&#957; &#963;&#949; &#954;&#940;&#952;&#949; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942;&#961;&#953;&#959; &#956;&#972;&#955;&#953;&#962; &#945;&#965;&#964;&#972; &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#961;&#942;&#964;&#961;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; (loss payable clause) &#954;&#945;&#953; &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 12.4.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#964;&#951;&#961;&#959;&#973;&#957; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#964;&#959; &#972;&#966;&#949;&#955;&#959;&#962; &#945;&#965;&#964;&#974;&#957; &#949;&#953;&#962; &#948;&#953;&#945;&#964;&#945;&#947;&#942;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#951; &#961;&#942;&#964;&#961;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#957;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#959;&#965;&#957; &#940;&#956;&#949;&#963;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#959;&#965;&#963;&#953;&#974;&#948;&#951; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#942; &#945;&#957; &#960;&#940;&#968;&#959;&#965;&#957; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#959;&#953; &#956;&#949;&#963;&#943;&#964;&#949;&#962; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#957;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#959;&#965;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; 14 &#951;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#945;&#957; &#964;&#965;&#967;&#972;&#957; &#948;&#949;&#957; &#941;&#967;&#959;&#965;&#957; &#955;&#940;&#946;&#949;&#953; &#959;&#948;&#951;&#947;&#943;&#949;&#962; &#945;&#957;&#945;&#957;&#941;&#969;&#963;&#951;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#959;&#965;&#962; &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#941;&#957;&#964;&#949;&#962; &#945;&#965;&#964;&#942;&#962; &#954;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#955;&#940;&#946;&#949;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#959;&#948;&#951;&#947;&#943;&#949;&#962; &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#959;&#965;&#957; &#940;&#956;&#949;&#963;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#969;&#962; &#940;&#957;&#969; &#959;&#948;&#951;&#947;&#943;&#949;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#957;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#940;&#956;&#949;&#963;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#945;&#954;&#973;&#961;&#969;&#963;&#951;&#962; &#964;&#965;&#967;&#972;&#957; &#955;&#940;&#946;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#945;&#957; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#945;&#960;&#959;&#964;&#949;&#955;&#959;&#973;&#957; &#956;&#941;&#961;&#959;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#963;&#964;&#972;&#955;&#959;&#965;, &#957;&#945; &#956;&#951;&#957; &#963;&#965;&#956;&#968;&#951;&#966;&#943;&#963;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#940; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#957; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#964;&#961;&#945; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#964;&#965;&#967;&#972;&#957; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#940;&#955;&#955;&#945; &#960;&#955;&#959;&#943;&#945; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#963;&#964;&#972;&#955;&#959;&#965; &#942; &#956;&#949; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#964;&#961;&#945; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#940;&#955;&#955;&#949;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#959;&#973;&#964;&#949; &#957;&#945; &#945;&#954;&#965;&#961;&#974;&#963;&#959;&#965;&#957; &#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#969;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957; &#945;&#955;&#955;&#940; &#957;&#945; &#960;&#961;&#959;&#946;&#959;&#973;&#957; &#963;&#949; &#941;&#954;&#948;&#959;&#963;&#951; &#967;&#969;&#961;&#953;&#963;&#964;&#959;&#973; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#951;&#961;&#943;&#959;&#965; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#940;&#956;&#949;&#963;&#945; &#956;&#972;&#955;&#953;&#962; &#964;&#959;&#965;&#962; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.7. &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#949;&#953;&#963;&#948;&#959;&#967;&#942;&#962; &#963;&#949; &#945;&#955;&#955;&#951;&#955;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#972; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#959;&#965;&#957; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972;&#962; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#942; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972;&#962; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#963;&#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#945; &#954;&#940;&#964;&#969;&#952;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#964;&#959;&#965; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#959;&#973; &#949;&#953;&#963;&#948;&#959;&#967;&#942;&#962; (certificate of entry) &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#942; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#941;&#962; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#973;&#960;&#959; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#945;&#957; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#957;&#945; &#949;&#954;&#948;&#959;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;/&#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#964;&#959;&#965; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#973; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#949;&#960;&#953;&#954;&#965;&#961;&#969;&#956;&#941;&#957;&#959; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#954;&#940;&#952;&#949; &#964;&#961;&#953;&#956;&#951;&#957;&#953;&#945;&#943;&#945;&#962; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#964;&#945;&#958;&#953;&#948;&#943;&#959;&#965; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#919;&#928;&#913; (&#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#959; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#941;&#947;&#947;&#961;&#945;&#966;&#945;) &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#959;&#973; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#949;&#960;&#953;&#954;&#965;&#961;&#969;&#956;&#941;&#957;&#959; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#954;&#940;&#952;&#949; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#959;&#973; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942;&#962; &#949;&#965;&#952;&#973;&#957;&#951;&#962; &#947;&#953;&#945; &#961;&#973;&#960;&#945;&#957;&#963;&#951; &#945;&#960;&#972; &#960;&#949;&#964;&#961;&#941;&#955;&#945;&#953;&#959; &#942; &#940;&#955;&#955;&#951; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#940; &#931;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#927;&#965;&#963;&#943;&#945; &#960;&#959;&#965; &#949;&#954;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#959;&#973;&#963;&#945; &#945;&#961;&#967;&#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.8. &#922;&#945;&#964;&#940;&#952;&#949;&#963;&#951; &#960;&#961;&#969;&#964;&#972;&#964;&#965;&#960;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#951;&#961;&#943;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#959;&#973;&#957; &#974;&#963;&#964;&#949; &#972;&#955;&#945; &#964;&#945; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942;&#961;&#953;&#945; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#957;&#945; &#954;&#945;&#964;&#945;&#964;&#943;&#952;&#949;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#965;&#962; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#965;&#962; &#956;&#949;&#963;&#943;&#964;&#949;&#962; &#956;&#941;&#963;&#969; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#963;&#965;&#957;&#942;&#966;&#952;&#951;&#963;&#945;&#957; &#942; &#945;&#957;&#945;&#957;&#949;&#974;&#952;&#951;&#954;&#945;&#957; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.9. &#928;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957;.</b> &#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#964;&#961;&#945; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#959;&#963;&#972; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#954;&#945;&#953; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#950;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#949;&#958;&#959;&#966;&#955;&#951;&#964;&#953;&#954;&#941;&#962; &#945;&#960;&#959;&#948;&#949;&#943;&#958;&#949;&#953;&#962; &#945;&#957; &#945;&#965;&#964;&#972; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.10.</b> <b>&#917;&#947;&#947;&#965;&#942;&#963;&#949;&#953;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#953; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#942; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#952;&#945; &#949;&#954;&#948;&#943;&#948;&#959;&#957;&#964;&#945;&#953; &#960;&#940;&#961;&#945;&#965;&#964;&#945; &#954;&#945;&#953; &#952;&#945; &#960;&#945;&#961;&#945;&#956;&#941;&#957;&#959;&#965;&#957; &#963;&#949; &#960;&#955;&#942;&#961;&#951; &#953;&#963;&#967;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.11. &#928;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#943; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#951;&#962;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#945;&#960;&#945;&#963;&#967;&#959;&#955;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#959;&#973;&#964;&#949; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#953; &#964;&#951;&#957; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#942; &#964;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#964;&#959;&#965; &#960;&#949;&#948;&#943;&#959;&#965; &#964;&#951;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942;&#962; &#954;&#940;&#955;&#965;&#968;&#951;&#962; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.12.</b> <b>&#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#949;&#957; &#952;&#945; &#960;&#961;&#940;&#958;&#959;&#965;&#957; &#942; &#960;&#945;&#961;&#945;&#955;&#949;&#943;&#968;&#959;&#965;&#957; (&#942; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#959;&#965;&#957; &#964;&#951;&#957; &#960;&#961;&#940;&#958;&#951; &#942; &#960;&#945;&#961;&#940;&#955;&#949;&#953;&#968;&#951;) &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#940;&#954;&#965;&#961;&#951;, &#945;&#954;&#965;&#961;&#974;&#963;&#953;&#956;&#951; &#942; &#945;&#957;&#949;&#966;&#940;&#961;&#956;&#959;&#963;&#964;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#963;&#972;, &#949;&#960;&#953;&#963;&#964;&#961;&#949;&#960;&#964;&#941;&#959; &#949;&#957; &#972;&#955;&#969; &#942; &#949;&#957; &#956;&#941;&#961;&#949;&#953;, &#954;&#945;&#953; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#945;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#945;) &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#972;&#955;&#945;&nbsp; &#964;&#945; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#945; &#956;&#941;&#964;&#961;&#945; &#954;&#945;&#953; &#952;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#959;&#973;&#957;&#964;&#945;&#953; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#949;&#943;&#957;&#945;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#953; &#954;&#945;&#953; [&#940;&#957;&#949;&#965; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 12.7 (&#947;)] &#952;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#959;&#965;&#957; &#972;&#964;&#953; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#948;&#949;&#957; &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#965;&#957; &#949;&#958;&#945;&#953;&#961;&#941;&#963;&#949;&#953;&#962; &#942; &#945;&#953;&#961;&#941;&#963;&#949;&#953;&#962; &#956;&#949; &#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#949;&#954; &#964;&#969;&#957; &#960;&#961;&#959;&#964;&#941;&#961;&#969;&#957; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#946; &#948;&#949;&#957; &#952;&#945; &#945;&#955;&#955;&#940;&#958;&#959;&#965;&#957; &#964;&#959;&#957; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#942; &#964;&#959;&#957; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942; &#942; &#964;&#959;&#957; &#941;&#967;&#959;&#957;&#964;&#945; &#964;&#951;&#957; &#949;&#965;&#952;&#973;&#957;&#951; &#964;&#951;&#962; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; (operator) &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#949;&#947;&#954;&#961;&#953;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#947;) &#952;&#945; &#963;&#965;&#957;&#964;&#940;&#963;&#963;&#959;&#965;&#957; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#964;&#961;&#953;&#956;&#951;&#957;&#953;&#945;&#943;&#949;&#962; &#942; &#940;&#955;&#955;&#949;&#962; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962; &#964;&#945;&#958;&#953;&#948;&#943;&#969;&#957; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#962; &#942; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#963;&#964;&#959;&#965;&#962; &#959;&#960;&#959;&#943;&#959;&#965;&#962; &#941;&#967;&#949;&#953; &#949;&#957;&#964;&#945;&#967;&#952;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#953;&#963;&#967;&#965;&#961;&#942; &#951; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942; &#954;&#940;&#955;&#965;&#968;&#942; &#964;&#959;&#965; &#947;&#953;&#945; &#964;&#945;&#958;&#943;&#948;&#953;&#945; &#963;&#964;&#953;&#962; &#919;&#957;&#969;&#956;&#941;&#957;&#949;&#962; &#928;&#959;&#955;&#953;&#964;&#949;&#943;&#949;&#962; &#964;&#951;&#962; &#913;&#956;&#949;&#961;&#953;&#954;&#942;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#913;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#942; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#918;&#974;&#957;&#951; &#964;&#969;&#957; &#919;&#928;&#913; (&#969;&#962; &#945;&#965;&#964;&#942; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#957;&#972;&#956;&#959; &#964;&#969;&#957; &#919;&#928;&#913; (United States Oil Pollution Act 1990 &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#945; &#957;&#959;&#956;&#959;&#952;&#949;&#963;&#943;&#945;) &#954;&#945;&#953; &#940;&#956;&#949;&#963;&#945; &#952;&#945; &#960;&#945;&#961;&#945;&#948;&#943;&#948;&#959;&#965;&#957; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#945;&#965;&#964;&#974;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#948;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#945;&#960;&#945;&#963;&#967;&#959;&#955;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#959;&#973;&#964;&#949; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#953; &#964;&#951;&#957; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#942; &#964;&#959;&#965; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#964;&#961;&#972;&#960;&#959; &#949;&#954;&#964;&#972;&#962; &#964;&#951;&#962; &#960;&#955;&#942;&#961;&#959;&#965;&#962; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#954; &#964;&#969;&#957; &#960;&#961;&#959;&#964;&#941;&#961;&#969;&#957; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#974;&#957; &#954;&#945;&#953; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#969;&#952;&#949;&#943; &#956;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#964;&#965;&#967;&#972;&#957; &#941;&#967;&#959;&#965;&#957; &#949;&#960;&#953;&#946;&#940;&#955;&#949;&#953; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">(&#949;) &#908;&#955;&#949;&#962; &#959;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#948;&#941;&#959;&#957; &#957;&#945; &#964;&#965;&#947;&#967;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#947;&#957;&#969;&#956;&#940;&#964;&#949;&#965;&#963;&#951; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957; &#964;&#951;&#962;.&nbsp;&nbsp; &#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#973;&#960;&#945;&#961;&#958;&#951;&#962; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#945;&#964;&#951;&#961;&#942;&#963;&#949;&#969;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#957;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#940;&#956;&#949;&#963;&#945; &#956;&#949; &#945;&#965;&#964;&#941;&#962;. &#932;&#945; &#941;&#958;&#959;&#948;&#945; &#964;&#969;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#947;&#957;&#969;&#956;&#945;&#964;&#949;&#973;&#963;&#949;&#969;&#957; &#952;&#945; &#946;&#945;&#961;&#973;&#957;&#959;&#965;&#957; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.13. &#932;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#972;&#961;&#969;&#957; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#956;&#949;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#959;&#973;&#964;&#949; &#952;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#959;&#973;&#964;&#949; &#952;&#945; &#960;&#945;&#961;&#945;&#953;&#964;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#945;&#965;&#964;&#941;&#962; &#940;&#957;&#949;&#965; &#964;&#951;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#951; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#952;&#945; &#948;&#943;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#949;&#973;&#955;&#959;&#947;&#945; &#954;&#961;&#953;&#964;&#942;&#961;&#953;&#945;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.14.</b> <b>&#931;&#965;&#956;&#946;&#953;&#946;&#945;&#963;&#956;&#972;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#956;&#946;&#953;&#946;&#940;&#963;&#949;&#953;, &#948;&#953;&#945;&#954;&#945;&#957;&#959;&#957;&#943;&#963;&#949;&#953; &#942; &#949;&#947;&#954;&#945;&#964;&#945;&#955;&#949;&#943;&#968;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#963;&#945; &#945;&#960;&#972; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#942; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#947;&#953;&#945; &#927;&#955;&#953;&#954;&#942; &#913;&#960;&#974;&#955;&#949;&#953;&#945; &#942; &#947;&#953;&#945; &#931;&#959;&#946;&#945;&#961;&#972; &#913;&#964;&#973;&#967;&#951;&#956;&#945; &#954;&#945;&#953; &#952;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#954;&#945;&#953; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945;, &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#954;&#945;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#963;&#949; &#952;&#941;&#963;&#951; &#957;&#945; &#949;&#953;&#963;&#960;&#961;&#940;&#958;&#949;&#953; &#942; &#957;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#952;&#949;&#943; &#947;&#953;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#954;&#945;&#964;&#945;&#946;&#955;&#942;&#952;&#951;&#954;&#945;&#957; &#959;&#960;&#959;&#964;&#949;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b>12.15. &#928;&#961;&#959;&#963;&#954;&#972;&#956;&#953;&#963;&#951; &#945;&#957;&#964;&#953;&#947;&#961;&#940;&#966;&#969;&#957; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945;&#962;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#950;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945;&#962;, &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#959;&#965;&#963;&#953;&#969;&#948;&#974;&#957; &#941;&#947;&#947;&#961;&#945;&#966;&#969;&#957; &#963;&#965;&#957;&#949;&#957;&#957;&#959;&#942;&#963;&#949;&#969;&#957; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#953;&#948;&#943;&#945;&#962; &#954;&#945;&#953; (&#945;) &#964;&#969;&#957; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#956;&#949;&#963;&#953;&#964;&#974;&#957; (&#946;) &#964;&#969;&#957; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#974;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#969;&#957; &#954;&#945;&#953;/&#942; &#964;&#969;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#974;&#957; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#954;&#945;&#953; (&#947;) &#964;&#969;&#957; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#949;&#964;&#945;&#953;&#961;&#949;&#953;&#974;&#957; &#954;&#945;&#953;/&#942; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#974;&#957; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#940;&#956;&#949;&#963;&#945; &#942; &#941;&#956;&#956;&#949;&#963;&#945; (1) &#956;&#949; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;, &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#969;&#957; &#948;&#951;&#955;&#974;&#963;&#949;&#969;&#957; &#954;&#945;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#949;&#960;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957; &#942; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#942; &#964;&#959;&#957; &#959;&#961;&#947;&#945;&#957;&#953;&#963;&#956;&#972; &#954;&#945;&#964;&#940; &#960;&#959;&#955;&#949;&#956;&#953;&#954;&#974;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#954;&#945;&#953; (2) &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#942; &#948;&#953;&#949;&#965;&#952;&#941;&#964;&#951;&#963;&#951; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#965;&#960;&#972; (&#945;) &#942; (&#946;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#949;&#957; &#972;&#955;&#969; &#942; &#949;&#957; &#956;&#941;&#961;&#949;&#953; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#963;&#973;&#957;&#945;&#968;&#951; &#942; &#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.16.</b> <b>&#928;&#945;&#961;&#959;&#967;&#942; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957;. </b>&#917;&#960;&#953;&#960;&#961;&#959;&#963;&#952;&#941;&#964;&#969;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#950;&#949;&#953; &#960;&#940;&#961;&#945;&#965;&#964;&#945; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#965;&#960;&#959;&#948;&#949;&#943;&#958;&#949;&#953;) &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#964;&#959; &#965;&#960;&#959;&#948;&#949;&#953;&#967;&#952;&#941;&#957; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#960;&#961;&#972;&#963;&#969;&#960;&#959;) &#950;&#951;&#964;&#940; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#955;&#951;&#966;&#952;&#949;&#943; &#942; &#963;&#965;&#957;&#964;&#945;&#967;&#952;&#949;&#943; &#947;&#961;&#945;&#960;&#964;&#942; &#945;&#957;&#945;&#966;&#959;&#961;&#940; &#945;&#960;&#972; &#945;&#957;&#949;&#958;&#940;&#961;&#964;&#951;&#964;&#959; &#956;&#949;&#963;&#943;&#964;&#951; &#952;&#945;&#955;&#940;&#963;&#963;&#953;&#945;&#962; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#955;&#955;&#951;&#955;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#963;&#965;&#957;&#945;&#966;&#952;&#949;&#943; &#942; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#945;&#966;&#952;&#959;&#973;&#957; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#963;&#965;&#957;&#945;&#966;&#952;&#959;&#973;&#957;, &#948;&#953;&#945;&#964;&#951;&#961;&#951;&#952;&#959;&#973;&#957; &#942; &#945;&#957;&#945;&#957;&#949;&#969;&#952;&#959;&#973;&#957; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 12 &#942; &#957;&#945; &#948;&#953;&#949;&#965;&#952;&#949;&#964;&#951;&#952;&#959;&#973;&#957; &#950;&#951;&#964;&#942;&#956;&#945;&#964;&#945; &#963;&#967;&#949;&#964;&#953;&#950;&#972;&#956;&#949;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#945;&#956;&#941;&#963;&#969;&#962; &#956;&#972;&#955;&#953;&#962; &#964;&#951;&#962; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#952;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#956;&#959;&#953;&#946;&#941;&#962; &#954;&#945;&#953; &#941;&#958;&#959;&#948;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.17. &#931;&#965;&#956;&#966;&#941;&#961;&#959;&#957; &#964;&#959;&#965; &#949;&#957;&#965;&#960;&#972;&#952;&#951;&#954;&#959;&#965; &#948;&#945;&#957;&#949;&#953;&#963;&#964;&#942;, &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#959;&#953; &#954;&#943;&#957;&#948;&#965;&#957;&#959;&#953;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#959;&#960;&#959;&#964;&#949;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945; &#963;&#965;&#957;&#940;&#960;&#964;&#949;&#953;, &#948;&#953;&#945;&#964;&#951;&#961;&#949;&#943; &#954;&#945;&#953; &#945;&#957;&#945;&#957;&#949;&#974;&#957;&#949;&#953; &#954;&#945;&#953; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#959;&#965; &#949;&#957;&#965;&#960;&#959;&#952;&#942;&#954;&#959;&#965; &#963;&#965;&#956;&#966;&#941;&#961;&#959;&#957;&#964;&#972;&#962; &#964;&#951;&#962; (mortgagee&#8217;s interest marine insurance) &#932;&#959; &#960;&#959;&#963;&#972; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#952;&#945; &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#956;&#949; &#964;&#959; 115% &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962; &#960;&#955;&#941;&#959;&#957; &#964;&#959;&#965; &#928;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#921;&#963;&#959;&#948;&#965;&#957;&#940;&#956;&#959;&#965; &#965;&#960;&#972; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962;, &#956;&#949; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#954;&#945;&#953; &#947;&#949;&#957;&#953;&#954;&#940; &#956;&#949; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#945;&#960;&#959;&#966;&#945;&#963;&#943;&#950;&#949;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#927;&#953; &#969;&#962; &#940;&#957;&#969; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#952;&#945; &#963;&#965;&#957;&#940;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#956;&#949; &#941;&#958;&#959;&#948;&#945; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953;/&#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#965;&#960;&#959;&#946;&#959;&#955;&#942;&#962; &#964;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#955;&#959;&#947;&#951;&#964;&#953;&#954;&#974;&#957; &#954;&#945;&#953; &#964;&#953;&#956;&#959;&#955;&#959;&#947;&#943;&#969;&#957; &#954;&#945;&#953;, &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#959;&#973;&#962; &#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#964;&#961;&#969;&#957; &#949;&#957;&#964;&#972;&#962; &#960;&#941;&#957;&#964;&#949; (5) &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#964;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#955;&#959;&#947;&#951;&#964;&#953;&#954;&#974;&#957; &#954;&#945;&#953; &#964;&#953;&#956;&#959;&#955;&#959;&#947;&#943;&#969;&#957;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#959;&#964;&#959;&#973;&#957; &#945;&#960;&#972; &#964;&#959;&#973;&#948;&#949; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#945; &#954;&#945;&#953; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#967;&#961;&#949;&#974;&#957;&#949;&#953; &#956;&#949; &#945;&#965;&#964;&#940; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#954;&#945;&#964;&#945;&#952;&#941;&#963;&#949;&#974;&#957; &#964;&#959;&#965;&#962;.&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.18. &#913;&#957;&#945;&#952;&#949;&#974;&#961;&#951;&#963;&#951; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#945;&#957;&#945;&#952;&#949;&#969;&#961;&#949;&#943; &#964;&#945; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#945; &#954;&#945;&#964;&#940; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 12 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#945;&#960;&#972; &#954;&#945;&#953;&#961;&#959;&#973; &#949;&#953;&#962; &#954;&#945;&#953;&#961;&#972;&#957; &#974;&#963;&#964;&#949; &#957;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#965;&#960;&#8217; &#972;&#968;&#953;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#969;&#957; &#960;&#949;&#961;&#953;&#963;&#964;&#940;&#963;&#949;&#969;&#957; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#960;&#959;&#965;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#949;&#943;&#957;&#945;&#953; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#954;&#945;&#953; &#953;&#954;&#945;&#957;&#942; &#957;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#963;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#954;&#945;&#953; &#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#974;&#957; &#964;&#951;&#962; &#948;&#953;&#945;&#952;&#949;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#964;&#959;&#965; &#954;&#972;&#963;&#964;&#959;&#965;&#962; &#964;&#951;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942;&#962; &#954;&#940;&#955;&#965;&#968;&#951;&#962; &#942; &#964;&#969;&#957; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#945;&#964;&#961;&#941;&#967;&#949;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;) &#954;&#945;&#953; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#948;&#953;&#959;&#961;&#943;&#950;&#949;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#959;&#973;&#962; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#959;&#965;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#945;&#957;&#945;&#952;&#949;&#974;&#961;&#951;&#963;&#951; &#945;&#965;&#964;&#942;, &#964;&#959;&#965; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#954;&#972;&#963;&#964;&#959;&#965;&#962; &#946;&#945;&#961;&#973;&#957;&#959;&#957;&#964;&#959;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.19. &#932;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#963;&#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 12 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#949;&#973;&#955;&#959;&#947;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#972;&#964;&#953; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#947;&#943;&#957;&#959;&#965;&#957; &#949;&#943;&#964;&#949; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#947;&#957;&#969;&#956;&#945;&#964;&#949;&#973;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957; &#964;&#951;&#962; (&#964;&#945; &#941;&#958;&#959;&#948;&#945; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#952;&#945; &#946;&#945;&#961;&#973;&#957;&#959;&#965;&#957; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;) &#949;&#943;&#964;&#949; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#960;&#949;&#961;&#953;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#959;&#953; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#945;&#965;&#964;&#941;&#962; &#952;&#945; &#955;&#940;&#946;&#959;&#965;&#957; &#967;&#974;&#961;&#945; &#954;&#945;&#953; &#952;&#945; &#964;&#943;&#952;&#949;&#957;&#964;&#945;&#953; &#963;&#949; &#953;&#963;&#967;&#973; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#960;&#961;&#959;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#952;&#945; &#952;&#949;&#969;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#948;&#949; &#969;&#962; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 12 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#952;&#945; &#948;&#949;&#963;&#956;&#949;&#973;&#959;&#965;&#957; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>12.20. &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#956;&#949; &#959;&#948;&#951;&#947;&#943;&#949;&#962;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; (&#956;&#949; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;) &#957;&#945; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953; &#957;&#945; &#960;&#945;&#961;&#945;&#956;&#949;&#943;&#957;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#963;&#966;&#945;&#955;&#941;&#962; &#955;&#953;&#956;&#940;&#957;&#953; &#942; &#957;&#945; &#956;&#949;&#964;&#945;&#946;&#949;&#943; &#963;&#949; &#945;&#963;&#966;&#945;&#955;&#941;&#962; &#955;&#953;&#956;&#940;&#957;&#953; &#960;&#959;&#965; &#952;&#945; &#965;&#960;&#959;&#948;&#949;&#943;&#958;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#941;&#967;&#961;&#953;&#962; &#972;&#964;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#974;&#963;&#949;&#953; &#963;&#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#942; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#964;&#953;&#962; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#953;&#954;&#941;&#962; &#945;&#955;&#955;&#945;&#947;&#941;&#962; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 12.19 &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13. &#916;&#919;&#923;&#937;&#931;&#917;&#921;&#931; &#922;&#913;&#921; &#913;&#925;&#913;&#923;&#919;&#936;&#917;&#921;&#931; &#933;&#928;&#927;&#935;&#929;&#917;&#937;&#931;&#917;&#937;&#925; &#931;&#917; &#931;&#935;&#917;&#931;&#919; &#924;&#917; &#932;&#927; &#928;&#923;&#927;&#921;&#927; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.1.</b>&nbsp;&nbsp;&nbsp;<b> </b><b>&#915;&#949;&#957;&#953;&#954;&#940;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#963;&#964;&#959; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#966;&#959;&#961;&#940; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#959;&#965;&#962; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 13 &#954;&#945;&#964;&#940; &#960;&#940;&#957;&#964;&#945; &#967;&#961;&#972;&#957;&#959; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.2 &#8216;&#927;&#957;&#959;&#956;&#945; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#957;&#951;&#959;&#955;&#972;&#947;&#951;&#963;&#951;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; (&#945;) &#952;&#945; &#964;&#951;&#961;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#957;&#951;&#959;&#955;&#959;&#947;&#951;&#956;&#941;&#957;&#959; &#963;&#964;&#959; &#972;&#957;&#959;&#956;&#940; &#964;&#951;&#962; &#965;&#960;&#972; &#956;&#943;&#945; &#963;&#951;&#956;&#945;&#943;&#945; &#922;&#961;&#940;&#964;&#959;&#965;&#962; &#931;&#951;&#956;&#945;&#943;&#945;&#962; &#954;&#945;&#953; &#948;&#949;&#957; &#952;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#954;&#965;&#961;&#974;&#963;&#949;&#953; &#942; &#948;&#953;&#945;&#954;&#953;&#957;&#948;&#965;&#957;&#949;&#973;&#963;&#949;&#953; &#964;&#951;&#957; &#957;&#951;&#959;&#955;&#972;&#947;&#951;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#965;&#960;&#972; &#964;&#951;&#957; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951; &#963;&#951;&#956;&#945;&#943;&#945; &#922;&#961;&#940;&#964;&#959;&#965;&#962; &#931;&#951;&#956;&#945;&#943;&#945;&#962;, (&#946;) &#948;&#949;&#957; &#952;&#945; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#964;&#959; &#972;&#957;&#959;&#956;&#945;, &#964;&#951;&#957; &#963;&#951;&#956;&#945;&#943;&#945; &#942; &#964;&#959;&#957; &#955;&#953;&#956;&#941;&#957;&#945; &#957;&#951;&#959;&#955;&#972;&#947;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; (&#947;) &#948;&#949;&#957; &#952;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#959;&#973;&#964;&#949; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#968;&#949;&#953; &#964;&#951;&#957; &#948;&#953;&#960;&#955;&#942; &#957;&#951;&#959;&#955;&#972;&#947;&#951;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.3. &#925;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945;&#962; &#954;&#945;&#953; &#964;&#942;&#961;&#951;&#963;&#951; &#964;&#969;&#957; &#922;&#969;&#948;&#943;&#954;&#969;&#957; ISM &#954;&#945;&#953; ISPS. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#964;&#951;&#961;&#949;&#943; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#965;&#960;&#972; &#964;&#951;&#957; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#940; &#964;&#951;&#962; &#963;&#949; &#954;&#945;&#955;&#942; &#954;&#945;&#953; &#945;&#963;&#966;&#945;&#955;&#942; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; (&#945;) &#960;&#959;&#965; &#963;&#965;&#957;&#940;&#948;&#949;&#953; &#956;&#949; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#941;&#962; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#960;&#955;&#959;&#953;&#959;&#954;&#964;&#951;&#963;&#943;&#945;&#962; &#954;&#945;&#953; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951;&#962; (&#946;) &#960;&#959;&#965; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#953; &#972;&#964;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#948;&#953;&#945;&#964;&#951;&#961;&#949;&#943; &#964;&#951;&#957; &#965;&#968;&#951;&#955;&#972;&#964;&#949;&#961;&#951; &#954;&#955;&#940;&#963;&#951; &#947;&#953;&#945; &#960;&#955;&#959;&#943;&#945; &#964;&#951;&#962; &#951;&#955;&#953;&#954;&#943;&#945;&#962;, &#964;&#959;&#965; &#964;&#973;&#960;&#959;&#965; &#954;&#945;&#953; &#964;&#969;&#957; &#960;&#961;&#959;&#948;&#953;&#945;&#947;&#961;&#945;&#966;&#974;&#957; &#964;&#959;&#965; &#954;&#945;&#953; &#972;&#964;&#953; &#960;&#945;&#961;&#945;&#954;&#959;&#955;&#959;&#965;&#952;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#960;&#961;&#974;&#964;&#951;&#962; &#964;&#940;&#958;&#949;&#969;&#962; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945;, &#956;&#941;&#955;&#959;&#962; &#964;&#959;&#965; IACS &#954;&#945;&#953; &#949;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#969;&#957; &#963;&#965;&#963;&#964;&#940;&#963;&#949;&#969;&#957; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#964;&#951;&#961;&#942;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#956;&#960;&#959;&#961;&#959;&#973;&#957; &#957;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#963;&#959;&#965;&#957; &#964;&#951;&#957; &#954;&#955;&#940;&#963;&#951; &#964;&#959;&#965;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#972;&#964;&#953; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#948;&#953;&#949;&#952;&#957;&#949;&#943;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#953;&#962;) &#954;&#945;&#953; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#960;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#960;&#955;&#959;&#943;&#945; &#957;&#951;&#959;&#955;&#959;&#947;&#951;&#956;&#941;&#957;&#945; &#963;&#949; &#955;&#953;&#956;&#941;&#957;&#949;&#962; &#964;&#959;&#965; &#922;&#961;&#940;&#964;&#959;&#965;&#962; &#931;&#951;&#956;&#945;&#943;&#945;&#962; &#942; &#963;&#949; &#960;&#955;&#959;&#943;&#945; &#960;&#959;&#965; &#949;&#956;&#960;&#959;&#961;&#949;&#973;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#964;&#965;&#967;&#972;&#957; &#949;&#956;&#960;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#954;&#945;&#953; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS.&nbsp; &#932;&#953;&#962; &#943;&#948;&#953;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;, &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#964;&#951;&#957; &#945;&#966;&#959;&#961;&#959;&#973;&#957;, &#952;&#945; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#954;&#945;&#953; &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.4. &#924;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#941;&#962;.</b>&nbsp;<b> </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#949;&#960;&#953;&#966;&#941;&#961;&#949;&#953; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#941;&#962; &#959;&#973;&#964;&#949; &#952;&#945; &#948;&#953;&#949;&#957;&#949;&#961;&#947;&#942;&#963;&#959;&#965;&#957; &#949;&#960;&#953;&#963;&#954;&#949;&#965;&#941;&#962; &#942; &#960;&#961;&#959;&#946;&#959;&#973;&#957; &#963;&#949; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#949;&#958;&#959;&#960;&#955;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#960;&#959;&#965; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#956;&#949;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#959;&#965;&#963;&#953;&#969;&#948;&#974;&#962; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#963;&#954;&#949;&#965;&#942;, &#964;&#959;&#957; &#964;&#973;&#960;&#959; &#942; &#964;&#945; &#967;&#945;&#961;&#945;&#954;&#964;&#951;&#961;&#953;&#963;&#964;&#953;&#954;&#940; &#964;&#959;&#965; &#942; &#957;&#945; &#956;&#949;&#953;&#974;&#963;&#949;&#953; &#959;&#965;&#963;&#953;&#969;&#948;&#974;&#962; &#964;&#951;&#957; &#945;&#958;&#943;&#945; &#964;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#960;&#953;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#947;&#953;&#945; &#955;&#972;&#947;&#959;&#965;&#962; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#963;&#949; &#964;&#965;&#967;&#972;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965;&#962; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#942; &#957;&#972;&#956;&#959;&#965;&#962; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.5. &#913;&#966;&#945;&#943;&#961;&#949;&#963;&#951; &#956;&#949;&#961;&#974;&#957;. </b>&#927;&#973;&#964;&#949; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#973;&#964;&#949; &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&nbsp; &#952;&#945; &#945;&#966;&#945;&#953;&#961;&#941;&#963;&#959;&#965;&#957; &#954;&#945;&#957;&#941;&#957;&#945; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#964;&#959;&#965; &#949;&#958;&#959;&#960;&#955;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#956;&#941;&#961;&#959;&#962; &#942; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#945;&#957;&#964;&#953;&#954;&#945;&#964;&#945;&#963;&#964;&#945;&#952;&#949;&#943; &#960;&#940;&#961;&#945;&#965;&#964;&#945; &#956;&#949; &#940;&#955;&#955;&#959; &#954;&#945;&#964;&#940;&#955;&#955;&#951;&#955;&#959; &#956;&#941;&#961;&#959;&#962; &#942; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#964;&#951;&#962; &#943;&#948;&#953;&#945;&#962; &#942; &#954;&#945;&#955;&#973;&#964;&#949;&#961;&#951;&#962; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#972; &#960;&#959;&#965; &#945;&#966;&#945;&#953;&#961;&#941;&#952;&#951;&#954;&#949;, &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#942; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#956;&#949; &#949;&#958;&#945;&#943;&#961;&#949;&#963;&#951; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#959;&#960;&#959;&#943;&#959;, &#956;&#972;&#955;&#953;&#962; &#949;&#947;&#954;&#945;&#964;&#945;&#963;&#964;&#945;&#952;&#949;&#943; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#953;&#948;&#953;&#959;&#954;&#964;&#951;&#963;&#943;&#945; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#946;&#945;&#961;&#973;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#964;&#951;&#957; &#933;&#960;&#959;&#952;&#942;&#954;&#951; &#963;&#951;&#956;&#949;&#953;&#969;&#956;&#941;&#957;&#959;&#965;<b> </b>&#960;&#940;&#957;&#964;&#969;&#962; &#972;&#964;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#947;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#949;&#958;&#959;&#960;&#955;&#953;&#963;&#956;&#972; &#960;&#959;&#965; &#945;&#957;&#942;&#954;&#949;&#953; &#954;&#945;&#964;&#940; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#963;&#949; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#945;&#957; &#959; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#958;&#959;&#960;&#955;&#953;&#963;&#956;&#972;&#962; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#945;&#966;&#945;&#953;&#961;&#949;&#952;&#949;&#943; &#967;&#969;&#961;&#943;&#962; &#954;&#943;&#957;&#948;&#965;&#957;&#959; &#950;&#951;&#956;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.6. &#917;&#960;&#953;&#952;&#949;&#969;&#961;&#942;&#963;&#949;&#953;&#962;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#965;&#960;&#959;&#946;&#940;&#955;&#955;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#964;&#945;&#954;&#964;&#953;&#954;&#940; &#963;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#960;&#949;&#961;&#953;&#959;&#948;&#953;&#954;&#941;&#962; &#954;&#945;&#953; &#940;&#955;&#955;&#949;&#962; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#942;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#954;&#945;&#953; &#963;&#949; &#945;&#965;&#964;&#941;&#962; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#949;&#973;&#955;&#959;&#947;&#945; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#954;&#945;&#953; &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#957;&#945;&#966;&#959;&#961;&#974;&#957; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#942;&#963;&#949;&#969;&#957; &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#960;&#940;&#957;&#964;&#945; &#972;&#964;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#957;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#959;&#956;&#941;&#957;&#951; &#952;&#945; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953; &#964;&#959; &#941;&#958;&#959;&#948;&#945; &#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#957; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#942;&#963;&#949;&#969;&#957; &#956;&#972;&#957;&#959; &#956;&#943;&#945; &#966;&#959;&#961;&#940; &#949;&#964;&#951;&#963;&#943;&#969;&#962;. &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#957;&#945; &#950;&#951;&#964;&#940; &#956;&#943;&#945; &#942; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#949;&#962; &#964;&#949;&#967;&#957;&#953;&#954;&#941;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#941;&#962; &#947;&#953;&#945; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#945;&#960;&#972; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#951;&#964;&#941;&#962; &#948;&#953;&#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#959;&#965;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#949;&#960;&#943;&#963;&#951;&#962; &#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.7. &#917;&#960;&#943;&#963;&#954;&#949;&#968;&#951;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#959;&#965;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#963;&#949; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#951;&#964;&#941;&#962; &#942; &#940;&#955;&#955;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#945;&#965;&#964;&#972;&#957; &#964;&#959;&#957; &#955;&#972;&#947;&#959;) &#957;&#945; &#949;&#960;&#953;&#946;&#953;&#946;&#940;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959; &#954;&#945;&#952;&#8217; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#973;&#955;&#959;&#947;&#959; &#967;&#961;&#972;&#957;&#959; &#967;&#969;&#961;&#943;&#962; &#972;&#956;&#969;&#962; &#959;&#965;&#948;&#949;&#956;&#943;&#945; &#948;&#953;&#945;&#964;&#940;&#961;&#945;&#958;&#951; &#963;&#964;&#959; &#948;&#961;&#959;&#956;&#959;&#955;&#972;&#947;&#953;&#959; &#942; &#964;&#951;&#957; &#957;&#945;&#973;&#955;&#969;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#947;&#953;&#945; &#957;&#945; &#949;&#955;&#941;&#947;&#958;&#949;&#953; &#964;&#951;&#957; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#965;&#967;&#972;&#957; &#960;&#961;&#959;&#964;&#949;&#953;&#957;&#972;&#956;&#949;&#957;&#969;&#957; &#942; &#965;&#955;&#959;&#960;&#959;&#953;&#951;&#956;&#941;&#957;&#969;&#957; &#949;&#960;&#953;&#963;&#954;&#949;&#965;&#974;&#957;, &#951; &#948;&#949; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#954;&#940;&#952;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#946;&#959;&#942;&#952;&#949;&#953;&#945;, &#964;&#959; &#948;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#954;&#972;&#963;&#964;&#959;&#962; &#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.8. &#913;&#960;&#959;&#966;&#965;&#947;&#942; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951;&#962; &#945;&#960;&#972;&#960;&#955;&#959;&#965; &#954;&#945;&#953; &#940;&#961;&#963;&#951; &#945;&#965;&#964;&#942;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#966;&#961;&#959;&#957;&#964;&#943;&#950;&#959;&#965;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#940;&#956;&#949;&#963;&#951; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#957;&#945;&#965;&#964;&#953;&#954;&#972; &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#959; &#942; &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#959; &#954;&#945;&#964;&#959;&#967;&#942;&#962; &#963;&#964;&#959;&#957; &#948;&#945;&#957;&#949;&#953;&#963;&#964;&#942; &#964;&#959;&#965;&#962; &#942; &#948;&#973;&#957;&#945;&#957;&#964;&#945;&#953; &#957;&#945; &#959;&#948;&#951;&#947;&#942;&#963;&#959;&#965;&#957; &#963;&#949; &#963;&#965;&#957;&#964;&#951;&#961;&#951;&#964;&#953;&#954;&#942; &#942; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951; &#954;&#945;&#964;&#940; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#969;&#957; &#917;&#963;&#972;&#948;&#969;&#957; &#942; &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#966;&#972;&#961;&#969;&#957;, &#964;&#949;&#955;&#974;&#957; &#954;&#945;&#953; &#940;&#955;&#955;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#942; &#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#959;&#966;&#949;&#953;&#955;&#974;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#969;&#957; &#917;&#963;&#972;&#948;&#969;&#957; &#942; &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#974;&#957; &#964;&#959;&#965;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#960;&#940;&#961;&#945;&#965;&#964;&#945; &#956;&#972;&#955;&#953;&#962; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#963;&#964;&#951;&nbsp; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951; &#945;&#960;&#972;&#960;&#955;&#959;&#965; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#942; &#964;&#959;&#965; &#955;&#972;&#947;&#969; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#957;&#959;&#956;&#943;&#959;&#965; &#942; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#966;&#961;&#959;&#957;&#964;&#943;&#963;&#959;&#965;&#957; &#949;&#957;&#964;&#972;&#962; 5 &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#940;&#961;&#963;&#951; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969; &#956;&#941;&#964;&#961;&#969;&#957; &#960;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#945;&#962; &#949;&#947;&#947;&#965;&#951;&#964;&#953;&#954;&#942; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#942; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#964;&#961;&#972;&#960;&#959; &#964;&#965;&#967;&#972;&#957; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.9. &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#960;&#961;&#959;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;.&#955;&#960;. &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#953;&#962; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;&nbsp; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#959;&#956;&#941;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#957;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#974;&#963;&#964;&#949; &#954;&#945;&#953; &#951; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#945;&#965;&#964;&#941;&#962;, &#942;&#964;&#959;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#954;&#945;&#953; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS, &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#959;&#973;&#962; &#925;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965;&#962; &#957;&#972;&#956;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#959;&#965;&#962; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#964;&#951;&#957; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#945;&#965;&#964;&#959;&#973;, &#964;&#951;&#957; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#954;&#945;&#953; &#964;&#951;&#957; &#948;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#942; &#964;&#959;&#965; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#964;&#951;&#962; &#955;&#942;&#968;&#951;&#962; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#957; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942;&#962; &#949;&#965;&#952;&#973;&#957;&#951;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#969;&#957; &#960;&#961;&#959;&#945;&#960;&#945;&#953;&#964;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#943;&#963;&#959;&#948;&#959; &#963;&#964;&#945; &#967;&#969;&#961;&#953;&#954;&#940; &#973;&#948;&#945;&#964;&#945; &#942; &#964;&#959;&#957; &#949;&#955;&#955;&#953;&#956;&#949;&#957;&#953;&#963;&#956;&#972; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#953;&#956;&#940;&#957;&#953; &#964;&#969;&#957; &#919;&#928;&#913;),</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953; (&#954;&#945;&#953; &#957;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#959;&#973;&#957; &#974;&#963;&#964;&#949; &#972;&#955;&#945; &#964;&#945; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#945; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#951; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#959;&#957;&#964;&#945;&#953;) &#956;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#957;&#945; &#956;&#951;&#957; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#959;&#965;&#957; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959; &#957;&#945; &#956;&#949;&#964;&#945;&#946;&#945;&#943;&#957;&#949;&#953; &#963;&#949; &#955;&#953;&#956;&#941;&#957;&#949;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#965;&#960;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#963;&#949; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;, &#956;&#949; &#964;&#951; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#969;&#957; &#942; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#965;&#956;&#941;&#957;&#969;&#957; &#960;&#961;&#959;&#970;&#972;&#957;&#964;&#969;&#957; &#956;&#949; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#959; &#947;&#953;&#945; &#954;&#945;&#964;&#945;&#948;&#943;&#954;&#951; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#959;, &#954;&#945;&#964;&#945;&#963;&#964;&#961;&#959;&#966;&#942;, &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951; &#942; &#948;&#942;&#956;&#949;&#965;&#963;&#951;&nbsp; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#954;&#972;&#963;&#956;&#959;&#965; &#960;&#959;&#965; &#965;&#960;&#940;&#961;&#967;&#959;&#965;&#957; &#949;&#967;&#952;&#961;&#959;&#960;&#961;&#945;&#958;&#943;&#949;&#962; (&#949;&#943;&#964;&#949; &#941;&#967;&#949;&#953; &#954;&#951;&#961;&#965;&#967;&#952;&#949;&#943; &#960;&#972;&#955;&#949;&#956;&#959;&#962; &#949;&#943;&#964;&#949; &#972;&#967;&#953;) &#942; &#956;&#949; &#964;&#951; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940;&nbsp; &#945;&#947;&#945;&#952;&#974;&#957; &#955;&#945;&#952;&#961;&#949;&#956;&#960;&#959;&#961;&#943;&#959;&#965;,</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#949;&#967;&#952;&#961;&#959;&#960;&#961;&#945;&#958;&#953;&#974;&#957; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#954;&#972;&#963;&#956;&#959;&#965; (&#949;&#943;&#964;&#949; &#941;&#967;&#949;&#953; &#954;&#951;&#961;&#965;&#967;&#952;&#949;&#943; &#960;&#972;&#955;&#949;&#956;&#959;&#962; &#949;&#943;&#964;&#949; &#972;&#967;&#953;) &#957;&#945; &#956;&#951;&#957; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#959;&#965;&#957; &#963;&#964;&#959; &#928;&#955;&#959;&#943;&#959; &#957;&#945; &#949;&#953;&#963;&#941;&#955;&#952;&#949;&#953; &#942; &#957;&#945; &#949;&#956;&#960;&#959;&#961;&#949;&#965;&#952;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#941;&#967;&#949;&#953; &#954;&#951;&#961;&#965;&#967;&#952;&#949;&#943; &#949;&#956;&#960;&#972;&#955;&#949;&#956;&#951; &#950;&#974;&#957;&#951; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#965;&#946;&#941;&#961;&#957;&#951;&#963;&#951; &#942; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#954;&#945;&#964;&#940; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#960;&#959;&#955;&#941;&#956;&#959;&#965; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#941;&#967;&#959;&#965;&#957; &#955;&#940;&#946;&#949;&#953; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#956;&#949; &#948;&#953;&#954;&#940; &#964;&#951;&#962; &#941;&#958;&#959;&#948;&#945;, &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#964;&#951;&#957; &#949;&#953;&#948;&#953;&#954;&#942;, &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951; &#942; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#956;&#941;&#957;&#951; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942; &#954;&#940;&#955;&#965;&#968;&#951; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957; &#959;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#941;&#962; &#954;&#945;&#953; &#949;&#947;&#954;&#961;&#943;&#957;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.10. &#928;&#945;&#961;&#959;&#967;&#942; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#940;&#956;&#949;&#963;&#945; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949;:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#964;&#951;&#957; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942; &#964;&#959;&#965;&#962;, &#964;&#951;&#957; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#942; &#964;&#951;&#957; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#956;&#949; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#954;&#945;&#953; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#940;&#956;&#945; &#964;&#951; &#945;&#953;&#964;&#942;&#963;&#949;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#950;&#959;&#965;&#957; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#947;&#947;&#973;&#951;&#963;&#951;&#962; &#957;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#954;&#945;&#953; &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS &#954;&#945;&#953; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#960;&#940;&#957;&#964;&#945; &#949;&#957; &#953;&#963;&#967;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.11. &#917;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#969;&#957; &#963;&#965;&#956;&#946;&#940;&#957;&#964;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#959;&#973;&#957; &#940;&#956;&#949;&#963;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#949; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#945;&#957; &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#963;&#965;&#956;&#946;&#940;&#957;&#964;&#969;&#957;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#945;&#964;&#973;&#967;&#951;&#956;&#945; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#931;&#959;&#946;&#945;&#961;&#972; &#913;&#964;&#973;&#967;&#951;&#956;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#963;&#965;&#956;&#946;&#940;&#957; &#960;&#959;&#965; &#959;&#948;&#951;&#947;&#949;&#943; &#963;&#964;&#951;&#957; &#927;&#955;&#953;&#954;&#942; &#913;&#960;&#974;&#955;&#949;&#953;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#960;&#959;&#965; &#956;&#949; &#964;&#951;&#957; &#960;&#940;&#961;&#959;&#948;&#959; &#964;&#959;&#965; &#967;&#961;&#972;&#957;&#959;&#965; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#955;&#972;&#947;&#959; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#927;&#955;&#953;&#954;&#942; &#913;&#960;&#974;&#955;&#949;&#953;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#942; &#963;&#973;&#963;&#964;&#945;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942; &#942; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#942; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#945;&#961;&#967;&#942; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; (&#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#942; &#963;&#973;&#963;&#964;&#945;&#963;&#951;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957;&nbsp;&nbsp; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#969;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#959; &#967;&#961;&#959;&#957;&#959;&#948;&#953;&#940;&#947;&#961;&#945;&#956;&#956;&#945; &#945;&#965;&#964;&#974;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#942; &#945;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951; &#945;&#960;&#972;&#960;&#955;&#959;&#965; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#942; &#940;&#963;&#954;&#951;&#963;&#951; &#960;&#961;&#959;&#957;&#959;&#956;&#943;&#959;&#965; &#949;&#960;&#943; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#964;&#969;&#957; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#959;&#965; &#942; &#964;&#951;&#962; &#913;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#955;&#972;&#947;&#969; &#917;&#960;&#953;&#964;&#940;&#958;&#949;&#969;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#948;&#949;&#958;&#945;&#956;&#949;&#957;&#953;&#963;&#956;&#972; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942; &#913;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#946;&#940;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#950;) &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#942; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#942; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#963;&#967;&#949;&#964;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#951;) &#940;&#955;&#955;&#959; &#950;&#942;&#964;&#951;&#956;&#945;, &#963;&#965;&#956;&#946;&#940;&#957; &#942; &#960;&#949;&#961;&#953;&#963;&#964;&#945;&#964;&#953;&#954;&#972; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#972;, &#964;&#959; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#942; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972;&#957; &#957;&#945; &#949;&#960;&#953;&#966;&#941;&#961;&#949;&#953; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISM &#942; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#945;&#954;&#964;&#953;&#954;&#940;, &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#954;&#945;&#953; &#972;&#963;&#959; &#955;&#949;&#960;&#964;&#959;&#956;&#949;&#961;&#974;&#962; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#945;&#957;&#964;&#943;&#948;&#961;&#945;&#963;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#964;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#945; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#963;&#965;&#956;&#946;&#940;&#957;&#964;&#945; &#942; &#950;&#951;&#964;&#942;&#956;&#945;&#964;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.12. &#928;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#943; &#957;&#945;&#973;&#955;&#969;&#963;&#951;&#962;, &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#974;&#957; &#954;.&#955;&#960;.</b>&nbsp;<b> </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953;, &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#957;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#947;&#965;&#956;&#957;&#972; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#959;&#957;&#953;&#954;&#972; &#948;&#953;&#940;&#963;&#964;&#951;&#956;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; 12 &#956;&#951;&#957;&#974;&#957; &#954;&#945;&#953; &#940;&#957;&#969; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#947;&#953;&#945; &#960;&#945;&#961;&#940;&#964;&#945;&#963;&#951; &#964;&#951;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#964;&#959;&#965; &#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; &#8211; options) &#948;&#949;&#957; &#949;&#956;&#960;&#943;&#960;&#964;&#949;&#953; &#963;&#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#959;&#965; &#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#957;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#957;&#945;&#973;&#955;&#969;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#956;&#949; &#972;&#961;&#959; &#960;&#961;&#959;&#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#957;&#945;&#973;&#955;&#959;&#965; &#956;&#949;&#947;&#945;&#955;&#973;&#964;&#949;&#961;&#959;&#965; &#964;&#969;&#957; 2 &#956;&#951;&#957;&#974;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#957;&#945; &#948;&#953;&#959;&#961;&#943;&#963;&#949;&#953; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#942; &#964;&#949;&#967;&#957;&#953;&#954;&#942; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#942; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#948;&#953;&#940;&#966;&#959;&#961;&#959; &#964;&#951;&#962; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#942; &#957;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#951;&#962; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962;,</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#957;&#945; &#952;&#941;&#963;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#963;&#964;&#951;&#957; &#954;&#945;&#964;&#959;&#967;&#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#956;&#949; &#963;&#954;&#959;&#960;&#972; &#957;&#945; &#947;&#943;&#957;&#959;&#965;&#957; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#942; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#965;&#960;&#949;&#961;&#946;&#949;&#943; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#959;&#965; &#931;&#959;&#946;&#945;&#961;&#959;&#973; &#913;&#964;&#965;&#967;&#942;&#956;&#945;&#964;&#959;&#962; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#941;&#967;&#949;&#953; &#960;&#945;&#961;&#940;&#963;&#967;&#949;&#953; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#948;&#941;&#963;&#956;&#949;&#965;&#963;&#951; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#972;&#964;&#953; &#948;&#949;&#957; &#952;&#945; &#945;&#963;&#954;&#942;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#957;&#972;&#956;&#953;&#959; &#949;&#960;&#943; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#964;&#969;&#957; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#959;&#965; &#947;&#953;&#945; &#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#964;&#951;&#962; &#949;&#961;&#947;&#945;&#963;&#943;&#945;&#962; &#964;&#959;&#965; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#955;&#972;&#947;&#959;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#950;) &#957;&#945; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#964;&#959;&#957; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.13. &#916;&#953;&#945;&#957;&#959;&#956;&#942; &#917;&#963;&#972;&#948;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#948;&#953;&#945;&#957;&#959;&#956;&#942; &#964;&#969;&#957; &#917;&#963;&#972;&#948;&#969;&#957; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#967;&#961;&#959;&#957;&#959;&#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#957; &#964;&#953;&#962; &#959;&#960;&#959;&#943;&#949;&#962; &#941;&#967;&#949;&#953; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#942; &#964;&#951;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#963;&#973;&#957;&#945;&#968;&#942; &#964;&#959;&#965;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.14. &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; ISSC. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#960;&#941;&#961;&#945;&#957; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#960;&#953;&#963;&#964;&#942; &#964;&#942;&#961;&#951;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS &#964;&#972;&#963;&#959; &#945;&#960;&#972; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#972;&#963;&#959; &#954;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#964;&#942;&#961;&#951;&#963;&#951; &#964;&#959;&#965; &#922;&#974;&#948;&#953;&#954;&#945; ISPS &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#928;&#955;&#959;&#943;&#959;, &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#949;&#943; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#956;&#941;&#963;&#969;&#962; &#954;&#945;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#942; &#942; &#949;&#960;&#945;&#960;&#949;&#953;&#955;&#959;&#973;&#956;&#949;&#957;&#951; &#945;&#954;&#973;&#961;&#969;&#963;&#951;, &#945;&#957;&#945;&#963;&#964;&#959;&#955;&#942; &#942; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#959;&#965; ISSC.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.15. &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#969;&#957;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 13.12(&#945;), &#949;&#966;&#972;&#963;&#959;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#949; &#957;&#945;&#973;&#955;&#969;&#963;&#951; &#947;&#965;&#956;&#957;&#959;&#973; &#960;&#955;&#959;&#943;&#959;&#965; (&#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;) &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962;, &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#940;&#968;&#949;&#953; &#956;&#949; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#943;&#945; &#932;&#961;&#953;&#956;&#949;&#961;&#942; &#931;&#973;&#956;&#946;&#945;&#963;&#951;, &#964;&#959; &#964;&#961;&#943;&#964;&#959; &#956;&#941;&#961;&#959;&#962; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#959; &#957;&#945;&#965;&#955;&#969;&#964;&#942;&#962; (&#954;&#945;&#953; &#952;&#945; &#966;&#961;&#959;&#957;&#964;&#943;&#963;&#949;&#953; &#947;&#953;&#945; &#964;&#951;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#964;&#969;&#957; &#931;&#965;&#957;&#945;&#963;&#966;&#945;&#955;&#953;&#950;&#959;&#956;&#941;&#957;&#969;&#957;) &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#974; &#964;&#941;&#955;&#959;&#962;, &#952;&#945; &#965;&#960;&#959;&#947;&#961;&#940;&#968;&#949;&#953; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#947;&#953;&#945; &#964;&#951;&#957; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#954;&#945;&#953; &#964;&#969;&#957; &#949;&#954;&#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957; &#964;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 13.12 (&#946;), &#949;&#966;&#972;&#963;&#959;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#949; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#959; &#925;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; (&#954;&#945;&#964;&#940;&nbsp; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;) &#967;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#943;&#963;&#951;&#962; &#942; &#956;&#949;&#947;&#945;&#955;&#973;&#964;&#949;&#961;&#951;&#962; &#964;&#969;&#957; 12 &#956;&#951;&#957;&#974;&#957; (&#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#947;&#953;&#945; &#960;&#945;&#961;&#940;&#964;&#945;&#963;&#951; &#964;&#951;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#940;&#962; &#964;&#959;&#965;), &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#925;&#945;&#965;&#955;&#959;&#963;&#965;&#956;&#966;&#974;&#957;&#959;&#965; &#965;&#960;&#941;&#961; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#945;&#965;&#964;&#942;&#962; (&#954;&#945;&#953; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#954;&#940;&#952;&#949; &#948;&#965;&#957;&#945;&#964;&#942; &#960;&#961;&#959;&#963;&#960;&#940;&#952;&#949;&#953;&#945; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951; &#955;&#942;&#968;&#951;&#962; &#964;&#951;&#962; &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#945;&#960;&#972; &#964;&#959;&#957; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;) &#945;&#956;&#966;&#972;&#964;&#949;&#961;&#949;&#962; &#948;&#949; &#951; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#954;&#945;&#953; &#951; &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#945;&#965;&#964;&#942;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#952;&#945; &#965;&#960;&#959;&#947;&#961;&#940;&#968;&#949;&#953; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#947;&#953;&#945; &#964;&#951;&#957; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#959;&#965; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#954;&#945;&#953; &#964;&#969;&#957; &#949;&#954;&#960;&#961;&#959;&#963;&#974;&#960;&#969;&#957; &#964;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.16. &#913;&#960;&#945;&#947;&#972;&#961;&#949;&#965;&#963;&#951; &#963;&#973;&#957;&#945;&#968;&#951;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#957; &#960;&#945;&#961;&#945;&#947;&#974;&#947;&#969;&#957; &#957;&#945;&#973;&#955;&#969;&#957; (freight derivatives). </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#940;&#957;&#949;&#965; &#964;&#951;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#948;&#949;&#957; &#952;&#945; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#942; &#952;&#945; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#945;&#964;&#949;&#965;&#952;&#949;&#943; &#964;&#951; &#963;&#973;&#957;&#945;&#968;&#951; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#945;&#947;&#974;&#947;&#969;&#957; &#957;&#945;&#973;&#955;&#969;&#957; &#942; &#940;&#955;&#955;&#969;&#957; &#967;&#961;&#949;&#969;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#957; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951; (hedging) &#960;&#961;&#959;&#952;&#949;&#963;&#956;&#953;&#945;&#954;&#959;&#973; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965; &#945;&#960;&#972; &#960;&#945;&#961;&#940;&#947;&#969;&#947;&#945; &#957;&#945;&#973;&#955;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>13.17. &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#954;&#965;&#954;&#955;&#959;&#966;&#959;&#961;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;. </b>&#935;&#969;&#961;&#943;&#962; &#957;&#945; &#960;&#949;&#961;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#964;&#959; &#949;&#973;&#961;&#959;&#962; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#966;&#961;&#959;&#957;&#964;&#943;&#950;&#959;&#965;&#957; &#947;&#953;&#945; &#964;&#945; &#954;&#940;&#964;&#969;&#952;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#972;&#964;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#948;&#949;&#957; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#924;&#941;&#961;&#959;&#962; &#959;&#973;&#964;&#949; &#960;&#961;&#959;&#962; &#972;&#966;&#949;&#955;&#959;&#962; &#924;&#951; &#913;&#960;&#959;&#948;&#949;&#954;&#964;&#959;&#973; &#924;&#941;&#961;&#959;&#965;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#972;&#964;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#948;&#949;&#957; &#952;&#945; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#945;&#957;&#964;&#943;&#952;&#949;&#964;&#959; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#972;&#964;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#948;&#949;&#957; &#952;&#945; &#945;&#960;&#945;&#963;&#967;&#959;&#955;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#957;&#949;&#961;&#947;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#961;&#942;&#964;&#961;&#945; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#942; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#956;&#959;&#973; &#955;&#972;&#947;&#969; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#961;&#942;&#964;&#961;&#945; &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#956;&#949; &#964;&#951; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#969;&#957; &#942; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#965;&#956;&#941;&#957;&#969;&#957; &#960;&#961;&#959;&#970;&#972;&#957;&#964;&#969;&#957; &#956;&#949; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#959; &#947;&#953;&#945; &#954;&#945;&#964;&#945;&#948;&#943;&#954;&#951; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#959;, &#954;&#945;&#964;&#945;&#963;&#964;&#961;&#959;&#966;&#942;, &#954;&#945;&#964;&#940;&#963;&#967;&#949;&#963;&#951; &#942; &#948;&#942;&#956;&#949;&#965;&#963;&#951;&nbsp; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#962; &#964;&#959;&#965; &#954;&#972;&#963;&#956;&#959;&#965; &#960;&#959;&#965; &#965;&#960;&#940;&#961;&#967;&#959;&#965;&#957; &#949;&#967;&#952;&#961;&#959;&#960;&#961;&#945;&#958;&#943;&#949;&#962; (&#949;&#943;&#964;&#949; &#941;&#967;&#949;&#953; &#954;&#951;&#961;&#965;&#967;&#952;&#949;&#943; &#960;&#972;&#955;&#949;&#956;&#959;&#962; &#949;&#943;&#964;&#949; &#972;&#967;&#953;) &#942; &#956;&#949; &#964;&#951; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940;&nbsp; &#945;&#947;&#945;&#952;&#974;&#957; &#955;&#945;&#952;&#961;&#949;&#956;&#960;&#959;&#961;&#943;&#959;&#965; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#972;&#964;&#953; &#954;&#940;&#952;&#949; &#941;&#957;&#945; &#917;&#960;&#953;&#964;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#959; &#925;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; &#952;&#945; &#960;&#949;&#961;&#953;&#941;&#967;&#949;&#953; &#955;&#949;&#954;&#964;&#953;&#954;&#972; &#960;&#961;&#959;&#962; &#972;&#966;&#949;&#955;&#959;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#959;&#960;&#959;&#943;&#959; &#952;&#945; &#949;&#960;&#953;&#964;&#961;&#941;&#960;&#949;&#953; &#964;&#951;&#957; &#940;&#961;&#957;&#951;&#963;&#951; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#949;&#957;&#964;&#959;&#955;&#974;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#951; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#959;&#965; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#945;&#957; &#951; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#969;&#962; &#940;&#957;&#969; &#949;&#957;&#964;&#959;&#955;&#941;&#962; &#952;&#945; &#963;&#965;&#957;&#949;&#960;&#945;&#947;&#972;&#964;&#945;&#957; &#964;&#951;&#957; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957; (&#942; &#952;&#945; &#942;&#964;&#945;&#957; &#945;&#957;&#964;&#943;&#952;&#949;&#964;&#951; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#945;&#957; &#959;&#953; &#922;&#965;&#961;&#974;&#963;&#949;&#953;&#962; &#942;&#964;&#945;&#957; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#933;&#960;&#972;&#967;&#961;&#949;&#959;). &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#946;&#949;&#946;&#945;&#953;&#974;&#957;&#949;&#953; &#972;&#964;&#953; &#964;&#959; &#957;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; &#956;&#949; &#964;&#951;&#957; ASYAD LINE LLC &#960;&#949;&#961;&#953;&#941;&#967;&#949;&#953; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; BIMCO SANCTIONS CLAUSE &#954;&#945;&#953; BIMCO NON DESIGNATED ENTITIES CLAUSE &#963;&#949; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#972;&#963;&#969;&#957; &#959;&#961;&#943;&#950;&#949;&#953; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; 13.17 (&#948;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.&nbsp; &#928;&#929;&#927;&#931;&#920;&#917;&#932;&#917;&#931; &#917;&#926;&#913;&#931;&#934;&#913;&#923;&#921;&#931;&#917;&#921;&#931; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.1. &#928;&#945;&#961;&#959;&#967;&#942; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951;&#962; &#949;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942;&#962; &#954;&#940;&#955;&#965;&#968;&#951;&#962;. </b>&#928;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;<b> </b>&#964;&#959;&#965;<b> </b>&#916;&#945;&#957;&#949;&#943;&#959;&#965;<b>. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#965;&#960;&#972;&#963;&#967;&#959;&#957;&#964;&#945;&#953; &#972;&#964;&#953;, &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965;&#962; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#972;&#964;&#953;&nbsp; &#951; &#931;&#967;&#941;&#963;&#951; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;/&#927;&#966;&#949;&#953;&#955;&#974;&#957; &#949;&#943;&#957;&#945;&#953; &#956;&#953;&#954;&#961;&#972;&#964;&#949;&#961;&#951; &#964;&#959;&#965; 125%, &#949;&#957;&#964;&#972;&#962; &#949;&#957;&#972;&#962; &#956;&#951;&#957;&#972;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#949;&#957;&#951;&#956;&#941;&#961;&#969;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#949;&#943;&#964;&#949;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#952;&#945; &#960;&#945;&#961;&#940;&#963;&#967;&#959;&#965;&#957; &#942; &#952;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#959;&#965;&#957; &#972;&#964;&#953; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#972; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#960;&#945;&#961;&#940;&#963;&#967;&#949;&#953; &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;, &#951; &#954;&#945;&#952;&#945;&#961;&#942; &#945;&#958;&#943;&#945; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#943;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#960;&#959;&#965; &#965;&#960;&#959;&#955;&#949;&#943;&#960;&#949;&#964;&#945;&#953; &#964;&#951;&#962; &#931;&#967;&#941;&#963;&#951;&#962; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;/&#927;&#966;&#949;&#953;&#955;&#974;&#957; &#954;&#945;&#953; &#951; &#959;&#960;&#959;&#943;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 8pt; text-indent: 36pt;">(1) &#949;&#957;&#941;&#967;&#965;&#961;&#959; &#956;&#949;&#964;&#961;&#951;&#964;&#974;&#957; &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 44pt;">(2) &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#960;&#961;&#974;&#964;&#951;&#962; &#960;&#961;&#959;&#964;&#953;&#956;&#974;&#956;&#949;&#957;&#951;&#962; &#965;&#960;&#959;&#952;&#942;&#954;&#951;&#962; &#963;&#949; &#940;&#955;&#955;&#959; &#960;&#955;&#959;&#943;&#959;) &#949;&#960;&#943; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#959;&#973; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#965; &#942; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#973;&#960;&#959; &#954;&#945;&#953; &#959;&#965;&#963;&#943;&#945; &#945;&#960;&#959;&#948;&#949;&#954;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; , &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#945;&#960;&#972;&#955;&#965;&#964;&#951; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945; &#949;&#943;&#964;&#949;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#952;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#959;&#965;&#957; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; &#964;&#959; &#956;&#941;&#961;&#959;&#962; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#974;&#963;&#964;&#949; &#957;&#945; &#949;&#960;&#945;&#957;&#941;&#955;&#952;&#949;&#953; &#963;&#964;&#945; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#974;&#962; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#951; &#931;&#967;&#941;&#963;&#951; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957;/&#927;&#966;&#949;&#953;&#955;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.2. &#917;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#928;&#955;&#959;&#943;&#959;&#965;. </b>&nbsp;&#919; &#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#913;&#958;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953;: (&#945;) &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945;, (&#946;) &#956;&#949; &#942; &#967;&#969;&#961;&#943;&#962; &#966;&#965;&#963;&#953;&#954;&#942; &#949;&#960;&#953;&#952;&#949;&#974;&#961;&#951;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; (&#945;&#957;&#945;&#955;&#972;&#947;&#969;&#962; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;), (&#947;) &#946;&#940;&#963;&#949;&#953; &#964;&#959;&#965; &#945;&#961;&#953;&#952;&#956;&#951;&#964;&#953;&#954;&#959;&#973; &#956;&#941;&#963;&#959;&#965; &#972;&#961;&#959;&#965; &#948;&#973;&#959; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#969;&#957; &#963;&#965;&#957;&#964;&#949;&#964;&#945;&#947;&#956;&#941;&#957;&#969;&#957; &#945;&#960;&#972; &#948;&#973;&#959; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#965;&#962; &#924;&#949;&#963;&#943;&#964;&#949;&#962; &#959;&#953; &#959;&#960;&#959;&#943;&#959;&#953; &#952;&#945; &#948;&#953;&#959;&#961;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#945;&#957; &#959;&#953; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#948;&#953;&#945;&#966;&#941;&#961;&#959;&#965;&#957; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#959;&#965;&#962; &#954;&#945;&#964;&#940; &#960;&#959;&#963;&#959;&#963;&#964;&#972; 15% &#954;&#945;&#953; &#940;&#957;&#969;, &#964;&#972;&#964;&#949; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#951; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951; &#964;&#961;&#943;&#964;&#959;&#965; &#949;&#954;&#964;&#953;&#956;&#951;&#964;&#942; (&#949;&#954; &#964;&#969;&#957; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#969;&#957; &#924;&#949;&#963;&#953;&#964;&#974;&#957;) &#959; &#959;&#960;&#959;&#943;&#959;&#962; &#952;&#945; &#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#945;&#965;&#964;&#942; &#951; &#917;&#956;&#960;&#959;&#961;&#953;&#954;&#942; &#913;&#958;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#951; &#956;&#941;&#963;&#951; &#964;&#953;&#956;&#942; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969; &#964;&#961;&#953;&#974;&#957; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#969;&#957;. &#927;&#953; &#969;&#962; &#940;&#957;&#969; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#952;&#945; &#945;&#960;&#959;&#964;&#965;&#960;&#974;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#945;&#958;&#943;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#948;&#953;&#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945;&#962; &#964;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#969;&#962; &#942; 15 &#951;&#956;&#941;&#961;&#949;&#962; &#964;&#959; &#960;&#959;&#955;&#973; &#960;&#961;&#953;&#957; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#959;&#953; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#952;&#945; &#948;&#953;&#949;&#957;&#949;&#961;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#949;&#960;&#943; &#964;&#951; &#946;&#940;&#963;&#949;&#953; &#964;&#953;&#956;&#942;&#962; &#960;&#974;&#955;&#951;&#963;&#951;&#962; &#956;&#949; &#940;&#956;&#949;&#963;&#951; &#960;&#945;&#961;&#940;&#948;&#959;&#963;&#951; &#964;&#959;&#953;&#962; &#956;&#949;&#964;&#961;&#951;&#964;&#959;&#943;&#962; &#956;&#949; &#972;&#961;&#959;&#965;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#951;&#952;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#949;&#956;&#960;&#959;&#961;&#953;&#954;&#941;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#949;&#957;&#972;&#962; &#960;&#961;&#972;&#952;&#965;&#956;&#959;&#965; &#960;&#969;&#955;&#951;&#964;&#942; &#954;&#945;&#953; &#949;&#957;&#972;&#962; &#960;&#961;&#972;&#952;&#965;&#956;&#959;&#965; &#945;&#947;&#959;&#961;&#945;&#963;&#964;&#942;, &#940;&#957;&#949;&#965; &#957;&#945;&#965;&#955;&#974;&#963;&#949;&#969;&#962; &#942; &#940;&#955;&#955;&#951;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#945;&#960;&#945;&#963;&#967;&#972;&#955;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#940;&#957;&#949;&#965; &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.3. &#913;&#958;&#943;&#945; &#960;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;. </b>&#919; &#954;&#945;&#952;&#945;&#961;&#942; &#945;&#958;&#943;&#945; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#952;&#949;&#964;&#951;&#962; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#951; &#959;&#960;&#959;&#943;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 14.2. &#954;&#945;&#953; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#949;&#960;&#943; &#949;&#957;&#972;&#962; &#960;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#956;&#941;&#963;&#969; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951;&#962; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#953;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 14.4 &#949;&#957;&#974; &#964;&#965;&#967;&#972;&#957; &#956;&#949;&#964;&#961;&#951;&#964;&#940; &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945; &#949;&#954;&#964;&#953;&#956;&#974;&#957;&#964;&#945;&#953; &#960;&#940;&#957;&#964;&#945; &#963;&#964;&#951; &#946;&#940;&#963;&#951; &#916;&#959;&#955;&#940;&#961;&#953;&#959; &#960;&#961;&#959;&#962; &#916;&#959;&#955;&#940;&#961;&#953;&#959; (Dollar for Dollar basis).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.4. &#916;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#959;&#953; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962;. </b>&#917;&#955;&#955;&#949;&#943;&#960;&#959;&#957;&#964;&#959;&#962; &#960;&#961;&#959;&#966;&#945;&#957;&#959;&#973;&#962; &#963;&#966;&#940;&#955;&#956;&#945;&#964;&#959;&#962;, &#959;&#953; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 14.1 (&#945;), 14.2 &#942; 14.3 &#949;&#943;&#957;&#945;&#953; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.&nbsp; &#913;&#957;&#964;&#953;&#963;&#964;&#959;&#943;&#967;&#969;&#962; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#953; &#959;&#953; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#956;&#943;&#945;&#962; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#960;&#959;&#965; &#948;&#949;&#957; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#942; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#949;&#960;&#943; &#960;&#955;&#959;&#943;&#959;&#965;,.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.5. &#928;&#945;&#961;&#959;&#967;&#942; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#940;&#956;&#949;&#963;&#945; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#963;&#943;&#964;&#951; &#942; &#949;&#953;&#948;&#953;&#954;&#972; &#959; &#959;&#960;&#959;&#943;&#959;&#962; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#940;&#961;&#952;&#961;&#945; 14.2 &#942; 14.3 &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#959; &#956;&#949;&#963;&#943;&#964;&#951;&#962; &#942; &#959; &#949;&#953;&#948;&#953;&#954;&#972;&#962; &#952;&#945; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#951;&#962; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#945;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#949;&#957; &#960;&#945;&#961;&#940;&#963;&#967;&#959;&#965;&#957; &#964;&#953;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#956;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#964;&#949;&#952;&#949;&#943;, &#951; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#947;&#943;&#957;&#949;&#953; &#949;&#960;&#943; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#946;&#940;&#963;&#951;&#962; &#954;&#945;&#953; &#965;&#960;&#959;&#952;&#941;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#959; &#956;&#949;&#963;&#943;&#964;&#951;&#962; &#942; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#959; &#949;&#953;&#948;&#953;&#954;&#972;&#962; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#948;&#953;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957;) &#952;&#949;&#969;&#961;&#959;&#973;&#957; &#955;&#959;&#947;&#953;&#954;&#941;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.6. &#928;&#955;&#951;&#961;&#969;&#956;&#942; &#949;&#958;&#972;&#948;&#969;&#957; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951;&#962;. </b>&#935;&#969;&#961;&#943;&#962; &#957;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#964;&#945;&#953; &#951; &#947;&#949;&#957;&#953;&#954;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#945; &#940;&#961;&#952;&#961;&#945; 19.2, 19.3 &#954;&#945;&#953; 19.4, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#956;&#972;&#955;&#953;&#962; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#951;&#962; &#945;&#956;&#959;&#953;&#946;&#942;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#949;&#958;&#972;&#948;&#969;&#957; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#963;&#943;&#964;&#951; &#942; &#949;&#953;&#948;&#953;&#954;&#959;&#973; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#949;&#957;&#964;&#959;&#955;&#941;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#954;&#945;&#953; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#957;&#959;&#956;&#953;&#954;&#941;&#962; &#945;&#956;&#959;&#953;&#946;&#941;&#962; &#954;&#945;&#953; &#941;&#958;&#959;&#948;&#945; &#956;&#949; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#952;&#951;&#954;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#950;&#942;&#964;&#951;&#956;&#945; &#945;&#957;&#941;&#954;&#965;&#968;&#949;&nbsp; &#945;&#960;&#972; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#960;&#961;&#959;&#962; &#945;&#960;&#959;&#966;&#965;&#947;&#942; &#945;&#956;&#966;&#953;&#946;&#959;&#955;&#943;&#945;&#962;, &#964;&#969;&#957; &#949;&#958;&#972;&#948;&#969;&#957; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 14.1 (&#945;), 14.2 &#954;&#945;&#953; 14.3.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.7. &#931;&#965;&#967;&#957;&#972;&#964;&#951;&#964;&#945; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#969;&#957;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#949;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#964;&#959; &#928;&#955;&#959;&#943;&#959; (i) 15 &#951;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, (ii) &#949;&#964;&#951;&#963;&#943;&#969;&#962; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#954;&#945;&#953; (iii) &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#967;&#961;&#972;&#957;&#959; &#954;&#945;&#964;&#940; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#972;&#964;&#945;&#957; &#945;&#965;&#964;&#972; &#954;&#961;&#943;&#957;&#949;&#964;&#945;&#953; &#945;&#960;&#945;&#961;&#945;&#943;&#964;&#951;&#964;&#959; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#945;&#960;&#972;&#955;&#965;&#964;&#951; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945;, &#963;&#949; &#954;&#940;&#952;&#949; &#948;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#941;&#958;&#959;&#948;&#945; &#946;&#945;&#961;&#973;&#957;&#959;&#965;&#957; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>14.8. &#922;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957;. </b>&#922;&#940;&#952;&#949; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#965; &#947;&#943;&#957;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#952;&#945; &#940;&#947;&#949;&#964;&#945;&#953; &#963;&#949; &#956;&#949;&#943;&#969;&#963;&#951; &#964;&#969;&#957; &#948;&#972;&#963;&#949;&#969;&#957; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#949;&#966;&#8217; &#940;&#960;&#945;&#958; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#954;&#945;&#964;&#8217; &#949;&#960;&#953;&#955;&#959;&#947;&#942; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15. &#922;&#913;&#932;&#913;&#914;&#927;&#923;&#917;&#931; &#922;&#913;&#921; &#933;&#928;&#927;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15.1. &#925;&#972;&#956;&#953;&#963;&#956;&#945; &#954;&#945;&#953; &#956;&#941;&#952;&#959;&#948;&#959;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#908;&#955;&#949;&#962; &#959;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#941;&#962; &#960;&#959;&#965; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#952;&#945; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; (&#945;) &#956;&#941;&#967;&#961;&#953; &#964;&#953;&#962; 11:00 &#960;.&#956;. (&#974;&#961;&#945; &#917;&#955;&#955;&#940;&#948;&#959;&#962;) &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; (&#946;) &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945; &#919;&#928;&#913; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#945; &#945;&#965;&#952;&#951;&#956;&#949;&#961;&#972;&#957; (same day) &#949;&#954;&#954;&#945;&#952;&#945;&#961;&#953;&#963;&#956;&#941;&#957;&#945; &#945;&#960;&#972; &#964;&#959; &#931;&#973;&#963;&#964;&#951;&#956;&#945; &#916;&#953;&#945;&#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#974;&#957; &#928;&#955;&#951;&#961;&#969;&#956;&#974;&#957; &#964;&#959;&#965; &#917;&#954;&#954;&#945;&#952;&#945;&#961;&#953;&#963;&#964;&#953;&#954;&#959;&#973; &#927;&#943;&#954;&#959;&#965; &#964;&#951;&#962; &#925;. &#933;&#972;&#961;&#954;&#951;&#962; (New York Clearing House Interbank Payment System) (&#942; &#963;&#949; &#940;&#955;&#955;&#959; &#957;&#972;&#956;&#953;&#963;&#956;&#945; &#954;&#945;&#953;/&#942; &#949;&#954;&#954;&#945;&#952;&#945;&#961;&#953;&#963;&#956;&#941;&#957;&#945; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#963;&#949;&#953; &#969;&#962; &#964;&#959;&#957; &#963;&#965;&#957;&#942;&#952;&#951; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#949;&#954;&#949;&#943;&#957;&#959; &#947;&#953;&#945; &#964;&#953;&#962; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#941;&#962; &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945; &#947;&#953;&#945; &#948;&#953;&#949;&#952;&#957;&#949;&#943;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#964;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#959;&#965; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#964;&#973;&#960;&#959;&#965; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;) (&#947;) &#963;&#964;&#959; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#972; &#954;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#959;&#948;&#972;&#962; &#924;&#960;&#959;&#965;&#956;&#960;&#959;&#965;&#955;&#943;&#957;&#945;&#962; &#945;&#961;. 2 &amp; &#913;&#954;&#964;&#942; &#924;&#953;&#945;&#959;&#973;&#955;&#951;, &#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;) &#942; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#964;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#949;&#943; &#945;&#960;&#972; &#954;&#945;&#953;&#961;&#959;&#973; &#949;&#953;&#962; &#954;&#945;&#953;&#961;&#972;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15.2. &#928;&#955;&#951;&#961;&#969;&#956;&#942; &#963;&#949; &#956;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;. </b>&#913;&#957; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#964;&#973;&#967;&#949;&#953; &#963;&#949; &#951;&#956;&#941;&#961;&#945; &#960;&#959;&#965; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#964;&#972;&#964;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#952;&#945; &#945;&#957;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#945;&#957; &#951; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945; &#945;&#957;&#942;&#954;&#949;&#953; &#963;&#964;&#959;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#959; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#972; &#956;&#942;&#957;&#945;, &#969;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#951; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951; &#964;&#951;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&#962; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#951; &#919;&#956;&#941;&#961;&#945;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#959; &#964;&#972;&#954;&#959;&#962; &#960;&#959;&#965; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#957;&#945;&#946;&#959;&#955;&#942;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#945;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#952;&#945; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#943;&#963;&#967;&#965;&#949; &#969;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#945;&#961;&#967;&#953;&#954;&#942; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15.3 &#914;&#940;&#963;&#951; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#964;&#972;&#954;&#959;&#965;. </b>&#927; &#964;&#972;&#954;&#959;&#962; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#952;&#945; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#949;&#960;&#943; &#964;&#951; &#946;&#940;&#963;&#949;&#953; &#964;&#959;&#965; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#959;&#973; &#945;&#961;&#953;&#952;&#956;&#959;&#973; &#951;&#956;&#949;&#961;&#974;&#957; &#960;&#959;&#965; &#948;&#953;&#941;&#948;&#961;&#945;&#956;&#945;&#957; &#954;&#945;&#953; &#949;&#960;&#943; &#964;&#951; &#946;&#940;&#963;&#949;&#953; &#941;&#964;&#959;&#965;&#962; 360 &#951;&#956;&#949;&#961;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15.4. &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#943; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#964;&#951;&#961;&#949;&#943; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&#962; &#972;&#960;&#959;&#965; &#952;&#945; &#949;&#956;&#966;&#945;&#957;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#964;&#951;&#962; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#960;&#940;&#957;&#964;&#945; &#956;&#949; &#964;&#945; &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#941;&#962; &#964;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#945;&#965;&#964;&#974;&#957; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#960;&#940;&#957;&#964;&#945; &#956;&#949; &#964;&#945; &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>15.5. &#913;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#942; &#948;&#973;&#957;&#945;&#956;&#951; &#964;&#969;&#957; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957;.</b> &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#942; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957; (&#942; &#956;&#951;&#967;&#945;&#957;&#959;&#947;&#961;&#945;&#966;&#951;&#956;&#941;&#957;&#949;&#962; &#945;&#960;&#959;&#964;&#965;&#960;&#974;&#963;&#949;&#953;&#962; &#945;&#965;&#964;&#974;&#957;) &#942; &#945;&#960;&#972;&#963;&#960;&#945;&#963;&#956;&#945; &#945;&#960;&#972; &#964;&#945; &#946;&#953;&#946;&#955;&#943;&#945; &#942; &#945;&#961;&#967;&#949;&#943;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#942; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951; &#945;&#965;&#964;&#942;&#962; &#945;&#960;&#959;&#964;&#949;&#955;&#959;&#973;&#957; &#960;&#955;&#942;&#961;&#951; &#945;&#960;&#972;&#948;&#949;&#953;&#958;&#951; &#964;&#969;&#957; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#954;&#949;&#966;&#940;&#955;&#945;&#953;&#959;, &#964;&#972;&#954;&#959;&#965;&#962;, &#941;&#958;&#959;&#948;&#945; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#949;&#957; &#947;&#941;&#957;&#949;&#953; &#949;&#960;&#953;&#946;&#940;&#961;&#965;&#957;&#963;&#951; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951;, &#941;&#957;&#945;&#957;&#964;&#953; &#960;&#945;&#957;&#964;&#972;&#962; &#965;&#960;&#972;&#967;&#961;&#949;&#959;&#965;, &#956;&#949; &#964;&#951;&#957; &#949;&#958;&#945;&#943;&#961;&#949;&#963;&#951; &#964;&#969;&#957; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957; &#955;&#940;&#952;&#959;&#965;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#929;&#951;&#964;&#974;&#962; &#949;&#960;&#943;&#963;&#951;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953;, &#964;&#951;&#957; &#945;&#965;&#964;&#942; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#942; &#948;&#973;&#957;&#945;&#956;&#951; &#941;&#967;&#949;&#953; &#954;&#945;&#953; &#964;&#959; &#945;&#960;&#972;&#963;&#960;&#945;&#963;&#956;&#945; &#964;&#959;&#965; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#964;&#940;&#958;&#949;&#969;&#962; (&#925;. 4308/2014) &#942; &#964;&#951;&#962; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951;&#962; &#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#969;&#962;, &#972;&#960;&#959;&#965; &#949;&#956;&#966;&#945;&#957;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#959;&#953; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#945;&#960;&#972; &#964;&#959;&#957; &#949;&#958;&#969;&#955;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#972; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#953;&#963;&#956;&#972; &#964;&#969;&#957; &#964;&#972;&#954;&#969;&#957; (&#945;&#957;&#945;&#964;&#959;&#954;&#953;&#950;&#959;&#956;&#941;&#957;&#969;&#957; &#945;&#957;&#940; &#949;&#958;&#940;&#956;&#951;&#957;&#959;), &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951; &#948;&#953;&#940;&#964;&#945;&#958;&#951; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 150 &#964;&#959;&#965; &#925;. 4261/2014.</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">&#932;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#942; &#945;&#960;&#959;&#963;&#960;&#940;&#963;&#956;&#945;&#964;&#945; &#963;&#965;&#957;&#959;&#956;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#952;&#945; &#949;&#958;&#940;&#947;&#959;&#957;&#964;&#945;&#953; &#949;&#943;&#964;&#949; &#969;&#962; &#966;&#969;&#964;&#959;&#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#949;&#943;&#964;&#949; &#954;&#945;&#964;&#900; &#945;&#954;&#961;&#953;&#946;&#942; &#945;&#957;&#964;&#953;&#947;&#961;&#945;&#966;&#942; &#964;&#969;&#957; &#964;&#965;&#967;&#972;&#957; &#964;&#951;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#967;&#949;&#953;&#961;&#972;&#947;&#961;&#945;&#966;&#969;&#957; &#954;&#945;&#961;&#964;&#949;&#955;&#974;&#957; &#949;&#943;&#964;&#949; &#952;&#945; &#945;&#957;&#945;&#960;&#945;&#961;&#940;&#947;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#951;&#957; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942; (&#956;&#951;&#967;&#945;&#957;&#959;&#947;&#961;&#945;&#966;&#953;&#954;&#942;) &#956;&#941;&#952;&#959;&#948;&#959; &#954;&#945;&#964;&#900; &#945;&#960;&#959;&#964;&#973;&#960;&#969;&#963;&#951; &#964;&#969;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; (&#948;&#949;&#948;&#959;&#956;&#941;&#957;&#969;&#957;) &#964;&#969;&#957; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#974;&#957; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#964;&#974;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#949;&#943;&#964;&#949; &#954;&#945;&#952;&#900; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#964;&#961;&#972;&#960;&#959; &#964;&#951;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#965;&#964;&#940; &#954;&#945;&#964;&#940; &#964;&#959; &#923;&#959;&#947;&#953;&#963;&#964;&#953;&#954;&#972; &#931;&#973;&#963;&#964;&#951;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#951; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#956;&#949; &#964;&#953;&#962; &#959;&#953;&#954;&#949;&#943;&#949;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#941;&#962; &#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#942; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>16. &#922;&#913;&#932;&#913;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931; &#922;&#913;&#932;&#913;&#914;&#927;&#923;&#937;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>16.1. &#931;&#965;&#957;&#942;&#952;&#951;&#962; &#963;&#949;&#953;&#961;&#940; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973;. </b>&#917;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#972;&#955;&#945; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#949;&#953;&#963;&#960;&#961;&#940;&#964;&#964;&#959;&#957;&#964;&#945;&#953; &#942; &#956;&#949; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#957;&#949;&#964;&#945;&#953; &#948;&#965;&#957;&#940;&#956;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#952;&#945; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#969;&#962; &#945;&#954;&#959;&#955;&#959;&#973;&#952;&#969;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#928;&#929;&#937;&#932;&#927;&#925;: &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#945; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#940; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#945;&#954;&#972;&#955;&#959;&#965;&#952;&#951; &#963;&#949;&#953;&#961;&#940; &#954;&#945;&#953; &#945;&#957;&#945;&#955;&#959;&#947;&#943;&#949;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#945;&#957;&#945;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;&#962; &#964;&#969;&#957; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#969;&#957; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#974;&#957; &#960;&#959;&#963;&#974;&#957; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#945;&#965;&#964;&#940; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (2) &#954;&#945;&#953; (3) &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#959;&#966;&#949;&#953;&#955;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#940;&#961;&#952;&#961;&#945; 19, 20 &#954;&#945;&#953; 21 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#966;&#959;&#973;&#962; &#948;&#953;&#940;&#964;&#945;&#958;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;)</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#945;&#957;&#945;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;&#962; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#964;&#972;&#954;&#969;&#957; &#942; &#964;&#972;&#954;&#969;&#957; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3) &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#916;&#917;&#933;&#932;&#917;&#929;&#927;&#925;: &#924;&#949;&#964;&#940; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;, &#963;&#949; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#949;&#957;&#972;&#962; &#960;&#959;&#963;&#959;&#973; &#943;&#963;&#959;&#965; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#956;&#951; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#945;&#955;&#955;&#940; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#947;&#953;&#945; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#949;&#953; &#960;&#961;&#959;&#951;&#947;&#959;&#965;&#956;&#941;&#957;&#969;&#962; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#945; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#945; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#951;), &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#942; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#954;&#945;&#953; &#956;&#972;&#955;&#953;&#962; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#960;&#961;&#940;&#947;&#956;&#945;&#964;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#952;&#945; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#964;&#949;&#943; &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#942;&#962; &#964;&#959;&#965;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 16.1.(&#945;) &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#932;&#929;&#921;&#932;&#927;&#925;: &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#949;&#972;&#957;&#945;&#963;&#956;&#945; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#972; &#964;&#959;&#957; &#972;&#961;&#959; &#972;&#964;&#953; &#948;&#949;&#957; &#952;&#945; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>16.2. &#928;&#945;&#961;&#945;&#955;&#955;&#945;&#947;&#942; &#964;&#951;&#962; &#963;&#949;&#953;&#961;&#940;&#962; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973;. </b>&#924;&#949;&#964;&#940; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#955;&#941;&#968;&#949;&#953; &#948;&#953;&#945;&#966;&#959;&#961;&#949;&#964;&#953;&#954;&#972; &#964;&#961;&#972;&#960;&#959; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#945;&#960;&#972; &#945;&#965;&#964;&#972;&#957; &#960;&#959;&#965; &#960;&#945;&#961;&#945;&#964;&#943;&#952;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 16.1 &#972;&#963;&#959;&#957; &#945;&#966;&#959;&#961;&#940; &#941;&#957;&#945; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#960;&#959;&#963;&#972; &#942; &#960;&#959;&#963;&#940; &#942; &#972;&#963;&#959;&#957; &#945;&#966;&#959;&#961;&#940; &#960;&#959;&#963;&#940; &#956;&#943;&#945;&#962; &#942; &#960;&#949;&#961;&#953;&#963;&#963;&#959;&#964;&#941;&#961;&#969;&#957; &#954;&#945;&#964;&#951;&#947;&#959;&#961;&#953;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.&nbsp; &#922;&#913;&#932;&#913;&#923;&#927;&#915;&#921;&#931;&#924;&#927;&#931; &#917;&#931;&#927;&#916;&#937;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.1. &#928;&#955;&#951;&#961;&#969;&#956;&#942; &#954;&#945;&#953; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#917;&#963;&#972;&#948;&#969;&#957;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#959;&#965;&#957; &#972;&#964;&#953; &#954;&#945;&#952;&#8217; &#972;&#955;&#951; &#964;&#951; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; (&#954;&#945;&#953; &#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#956;&#972;&#957;&#959; &#964;&#969;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#949; &#954;&#940;&#952;&#949; &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951;), &#972;&#955;&#945; &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#959;&#965; &#954;&#945;&#953; &#952;&#945; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#969;&#962; &#945;&#954;&#959;&#955;&#959;&#973;&#952;&#969;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#960;&#961;&#974;&#964;&#959;&#957;, &#941;&#957;&#945;&#957;&#964;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#969;&#957; &#959;&#966;&#949;&#953;&#955;&#959;&#956;&#941;&#957;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#972;&#954;&#969;&#957; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#948;&#949;&#973;&#964;&#949;&#961;&#959;&#957;, &#941;&#957;&#945;&#957;&#964;&#953; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#951;&#962; &#949;&#960;&#972;&#956;&#949;&#957;&#951;&#962; &#948;&#972;&#963;&#951;&#962; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#972;&#954;&#959;&#965; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 17.2 &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#964;&#961;&#943;&#964;&#959;&#957;, &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#949;&#972;&#957;&#945;&#963;&#956;&#945; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#948;&#953;&#945;&#952;&#941;&#963;&#953;&#956;&#959; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; (&#960;&#940;&#957;&#964;&#945; &#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#955;&#959;&#953;&#960;&#974;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965; 17).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.2. &#924;&#951;&#957;&#953;&#945;&#943;&#949;&#962; &#960;&#945;&#961;&#945;&#954;&#961;&#945;&#964;&#942;&#963;&#949;&#953;&#962;. </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#948;&#953;&#945;&#963;&#966;&#945;&#955;&#943;&#950;&#949;&#953; &#972;&#964;&#953; &#954;&#940;&#952;&#949; &#951;&#956;&#949;&#961;&#959;&#955;&#959;&#947;&#953;&#945;&#954;&#972; &#956;&#942;&#957;&#945; &#964;&#951;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#945;&#961;&#967;&#942;&#962; &#947;&#949;&#957;&#959;&#956;&#941;&#957;&#951;&#962; &#941;&#957;&#945; &#956;&#942;&#957;&#945; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;, &#963;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#943;&#959;&#964;&#949; &#952;&#945; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#953;, &#952;&#945; &#956;&#949;&#964;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#945;&#960;&#972; &#964;&#945; &#904;&#963;&#959;&#948;&#945; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#959;&#965; &#954;&#945;&#964;&#945;&#964;&#941;&#952;&#951;&#954;&#945;&#957; &#963;&#964;&#959;&#965;&#962; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&#962; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945; &#964;&#959;&#965; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#959;&#965; &#956;&#942;&#957;&#945;, (i) 1/3 &#964;&#969;&#957; &#960;&#959;&#963;&#974;&#957; &#964;&#969;&#957; &#948;&#972;&#963;&#949;&#969;&#957; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#960;&#959;&#965; &#964;&#965;&#947;&#967;&#940;&#957;&#959;&#965;&#957; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#949;&#962;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 7, &#964;&#951;&#957; &#949;&#960;&#972;&#956;&#949;&#957;&#951; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#945;&#953; (ii) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; &#948;&#953;&#940;&#961;&#954;&#949;&#953;&#945;&#962; &#940;&#957;&#969; &#964;&#959;&#965; &#949;&#957;&#972;&#962; (1) &#956;&#951;&#957;&#972;&#962;, &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#954;&#955;&#940;&#963;&#956;&#945; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#969;&#957; &#964;&#972;&#954;&#969;&#957; (&#964;&#959; &#171;&#954;&#955;&#940;&#963;&#956;&#945;&#187;), &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#959; &#945;&#961;&#953;&#952;&#956;&#951;&#964;&#942;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#959; &#945;&#961;&#953;&#952;&#956;&#972;&#962; 1 &#954;&#945;&#953; &#959; &#960;&#945;&#961;&#959;&#957;&#959;&#956;&#945;&#963;&#964;&#942;&#962; &#952;&#945; &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#956;&#949; &#964;&#959;&#957; &#945;&#961;&#953;&#952;&#956;&#972; &#964;&#969;&#957; &#956;&#951;&#957;&#974;&#957; &#964;&#951;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#964;&#961;&#941;&#967;&#959;&#965;&#963;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.3.</b> <b>&#913;&#957;&#949;&#960;&#940;&#961;&#954;&#949;&#953;&#945; &#917;&#963;&#972;&#948;&#969;&#957;</b><b> </b>&#928;&#961;&#959;&#962; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#948;&#953;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#951;&#962; &#959;&#956;&#945;&#955;&#942;&#962; &#954;&#943;&#957;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#959;&#964;&#959;&#973;&#957; &#948;&#953;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#945; &#954;&#945;&#953; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#945;&#957;&#945;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#959;&#960;&#959;&#964;&#949;&#948;&#942;&#960;&#959;&#964;&#949;, &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&#962; &#917;&#963;&#972;&#948;&#969;&#957; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#945;&#965;&#964;&#942;&#962;, &#954;&#945;&#953;, &#949;&#940;&#957; &#964;&#959; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#972; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#945;&#965;&#964;&#974;&#957; &#948;&#949;&#957; &#949;&#960;&#945;&#961;&#954;&#949;&#943;, &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#945;&#964;&#949;&#943; &#949;&#956;&#946;&#940;&#963;&#956;&#945;&#964;&#945; &#965;&#960;&#941;&#961; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953;/&#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#964;&#945; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#945; &#960;&#959;&#963;&#940;, &#963;&#949; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#951;&#962; &#960;&#961;&#959;&#945;&#957;&#945;&#966;&#949;&#961;&#952;&#949;&#943;&#963;&#945;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#957;&#945; &#964;&#945; &#960;&#953;&#963;&#964;&#974;&#957;&#949;&#953; &#963;&#964;&#959; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#945;&#964;&#942;&#963;&#949;&#969;&#962;.&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.4. &#922;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#964;&#969;&#957; &#960;&#945;&#961;&#945;&#954;&#961;&#945;&#964;&#942;&#963;&#949;&#969;&#957;. (</b>&#945;<b>) </b>&#924;&#941;&#967;&#961;&#953; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#959;&#973; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#954;&#940;&#952;&#949; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#972;&#954;&#959;&#965; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#943;&#950;&#949;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#953;&#962; &#955;&#949;&#960;&#964;&#959;&#956;&#941;&#961;&#949;&#953;&#949;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 15.1, &#960;&#959;&#963;&#940; &#945;&#960;&#972; &#964;&#959; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#963;&#964;&#969;&#956;&#941;&#957;&#959; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;, &#960;&#959;&#965; &#952;&#945; &#953;&#963;&#959;&#973;&#957;&#964;&#945;&#953; &#956;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#964;&#951;&#957; &#948;&#972;&#963;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#951; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#913;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#964;&#959;&#957; &#964;&#972;&#954;&#959; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959;&#962; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#951; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#972;&#954;&#959;&#965;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#963;&#949; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#964;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#948;&#972;&#963;&#951; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#942; &#964;&#972;&#954;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#946;<b>)</b> &#924;&#949;&#964;&#940; &#945;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#953;/&#942; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#964;&#951;&#962; &#948;&#945;&#957;&#949;&#953;&#945;&#954;&#942;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#945;&#957;&#945;&#955;&#940;&#946;&#949;&#953;&nbsp; &#964;&#959; &#964;&#965;&#967;&#972;&#957; &#949;&#957;&#945;&#960;&#959;&#956;&#949;&#943;&#957;&#945;&#957; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#952;&#945; &#964;&#959; &#960;&#953;&#963;&#964;&#974;&#963;&#949;&#953; &#963;&#964;&#953;&#962; &#959;&#966;&#949;&#953;&#955;&#941;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#945; &#948;&#953;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 16.1. &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.5. &#932;&#959;&#954;&#959;&#966;&#959;&#961;&#943;&#945; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;. </b>&#927;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949;<b> </b>&#960;&#953;&#963;&#964;&#969;&#956;&#941;&#957;&#959; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#960;&#959;&#963;&#972; &#947;&#949;&#957;&#957;&#940; &#964;&#972;&#954;&#959; &#956;&#949; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#959;&#965; &#949;&#957;&#943;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#959;&#965;&#962; &#960;&#949;&#955;&#940;&#964;&#949;&#962; &#964;&#951;&#962; &#947;&#953;&#945; &#954;&#945;&#964;&#945;&#952;&#941;&#963;&#949;&#953;&#962; &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#954;&#945;&#953; &#947;&#953;&#945; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965;&#962; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#949;&#962; &#956;&#949; &#945;&#965;&#964;&#941;&#962; &#960;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#959;&#963;&#972; &#952;&#945; &#960;&#945;&#961;&#945;&#956;&#949;&#943;&#957;&#949;&#953; &#963;&#964;&#959;&#957; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.6. &#932;&#972;&#960;&#959;&#962; &#964;&#969;&#957; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957;. </b>H &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#946;&#945;&#943;&#957;&#949;&#953; &#940;&#956;&#949;&#963;&#945; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#954;&#940;&#964;&#969; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#952;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#974;&#957;&#949;&#964;&#945;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#957;&#945;&#966;&#959;&#961;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#964;&#972;&#960;&#959; &#964;&#942;&#961;&#951;&#963;&#951;&#962; &#942; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#964;&#959;&#965; &#964;&#972;&#960;&#959;&#965; &#964;&#942;&#961;&#951;&#963;&#951;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#917;&#963;&#972;&#948;&#969;&#957; &#954;&#945;&#953; &#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#958; &#945;&#965;&#964;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#952;&#945; &#965;&#960;&#959;&#947;&#961;&#940;&#966;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#951;&#952;&#949;&#943; &#942; &#957;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#951;&#952;&#949;&#943; &#965;&#960;&#941;&#961; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; (&#954;&#945;&#953;/&#942;&nbsp; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973;, &#949;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#942; &#940;&#955;&#955;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945;)&nbsp; &#949;&#960;&#943; &#949;&#954;&#940;&#963;&#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#917;&#963;&#972;&#948;&#969;&#957; &#954;&#945;&#953; &#964;&#959;&#965; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973; &#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#960;&#940;&#957;&#964;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#940;&#955;&#955;&#969;&#957; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.7. &#935;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#947;&#953;&#945; &#941;&#958;&#959;&#948;&#945; &#954;.&#955;&#960;</b><b> </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; (&#945;&#955;&#955;&#940; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953;) &#957;&#945; &#967;&#961;&#949;&#974;&#957;&#949;&#953; &#945;&#960;&#972; &#954;&#945;&#953;&#961;&#959;&#973; &#949;&#953;&#962; &#954;&#945;&#953;&#961;&#972;&#957; &#964;&#959;&#965;&#962; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&#962; &#917;&#963;&#972;&#948;&#969;&#957; &#956;&#949; &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#951;&nbsp; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#960;&#959;&#963;&#972; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#940;&#961;&#952;&#961;&#945; 19 &#954;&#945;&#953; 20 &#942; &#947;&#953;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#963;&#974;&#957; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#945; &#940;&#961;&#952;&#961;&#945; 19 &#954;&#945;&#953; 20 &#954;&#945;&#953; &#949;&#943;&#957;&#945;&#953; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#945; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#950;&#942;&#964;&#951;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.8. &#927;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#948;&#949;&#957; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#959;&#957;&#964;&#945;&#953;. </b>&#932;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 17 &#948;&#949;&#957; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#959;&#965;&#957;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#957;&#945; &#960;&#961;&#959;&#946;&#945;&#943;&#957;&#959;&#965;&#957; &#963;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#941;&#962; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#972;&#954;&#969;&#957; &#954;&#945;&#964;&#940; &#964;&#953;&#962; &#948;&#942;&#955;&#949;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#949;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#965;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>17.9. &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#956;&#951; &#945;&#957;&#940;&#955;&#951;&#968;&#951;&#962;.</b> &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#957;&#940;&#955;&#951;&#968;&#951; &#967;&#961;&#951;&#956;&#940;&#964;&#969;&#957; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&#962; &#917;&#963;&#972;&#948;&#969;&#957; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18. &#915;&#917;&#915;&#927;&#925;&#927;&#932;&#913; &#933;&#928;&#917;&#929;&#919;&#924;&#917;&#929;&#921;&#913;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.1. &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#945; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;. </b>&#904;&#957;&#945; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#949;&#966;&#972;&#963;&#959;&#957;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#948;&#949;&#957; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#964;&#953;&#962; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#949;&#962; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#941;&#962; &#959;&#966;&#949;&#953;&#955;&#941;&#962; &#964;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#941;&#961;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965;&#962; (&#942;, &#972;&#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953;, &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;) &#972;&#960;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#945;&#965;&#964;&#940; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#951; &#945;&#948;&#965;&#957;&#945;&#956;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#949; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#972; &#942; &#964;&#949;&#967;&#957;&#953;&#954;&#972; &#963;&#966;&#940;&#955;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#960;&#945;&#961;&#945;&#946;&#949;&#943; &#964;&#953;&#962; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#953;&#962; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 8.2, 9.1(&#953;&#963;&#964;), 10.2, 10.3, 10.4, 10.14, 10.16, 10.17, 10.18,10.20, 11.2, 11.3, 12, 13.2 &#942; 14.1 (&#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#967;&#940;&#961;&#953;&#964;&#959;&#962; &#964;&#965;&#967;&#972;&#957; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#948;&#974;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;) &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#940;&#964;&#945;&#958;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (&#949;&#954;&#964;&#972;&#962; &#964;&#969;&#957; &#960;&#945;&#961;&#945;&#946;&#940;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (&#945;) &#954;&#945;&#953; (&#946;) &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965;) &#951; &#959;&#960;&#959;&#943;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#947;&#957;&#974;&#956;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#952;&#949;&#961;&#945;&#960;&#949;&#965;&#952;&#949;&#943; &#954;&#945;&#953; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#953; &#967;&#969;&#961;&#943;&#962; &#952;&#949;&#961;&#945;&#960;&#949;&#943;&#945; &#947;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#940;&#957;&#969; &#964;&#969;&#957; 15 &#917;&#961;&#947;&#940;&#963;&#953;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#972;&#964;&#949; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#961;&#945;&#960;&#964;&#974;&#962; &#950;&#942;&#964;&#951;&#963;&#949; &#964;&#951;&#957; &#940;&#961;&#963;&#951; &#964;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) (&#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#967;&#940;&#961;&#953;&#964;&#959;&#962; &#964;&#965;&#967;&#972;&#957; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;) &#963;&#951;&#956;&#949;&#953;&#969;&#952;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#940;&#964;&#945;&#958;&#951;&#962; &#949;&#957;&#972;&#962; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (&#949;&#954;&#964;&#972;&#962; &#964;&#969;&#957; &#960;&#945;&#961;&#945;&#946;&#940;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (&#945;), (&#946;) &#954;&#945;&#953; (&#947;) &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#940;&#961;&#952;&#961;&#959;&#965;), &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#947;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#942;&#955;&#969;&#963;&#951; &#942; &#945;&#957;&#945;&#955;&#951;&#966;&#952;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#941;&#963;&#956;&#949;&#965;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#948;&#951;&#955;&#974;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;) &#951; &#959;&#960;&#959;&#943;&#945; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#945;&#955;&#951;&#952;&#942;&#962; &#942; &#960;&#945;&#961;&#945;&#960;&#955;&#945;&#957;&#951;&#964;&#953;&#954;&#942;, &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#963;&#965;&#956;&#946;&#949;&#943; &#956;&#943;&#945; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#948;&#949;&#957; &#949;&#958;&#959;&#966;&#955;&#949;&#943;&#964;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#941;&#961;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#951;&#962; &#942;, &#949;&#966;&#972;&#963;&#959;&#957; &#953;&#963;&#967;&#973;&#949;&#953;, &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#951; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#942; &#942; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#954;&#951;&#961;&#965;&#967;&#952;&#949;&#943; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#951; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#942; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#951;&#962; &#969;&#962; &#963;&#965;&#957;&#941;&#960;&#949;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; (&#954;&#945;&#953; &#960;&#959;&#965; &#949;&#953;&#948;&#953;&#954;&#940; &#947;&#953;&#945; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#969;&#957; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; 1.000.000 &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#940; &#942; &#964;&#959; &#953;&#963;&#972;&#960;&#959;&#963;&#959; &#963;&#949; &#964;&#965;&#967;&#972;&#957; &#940;&#955;&#955;&#959; &#957;&#972;&#956;&#953;&#963;&#956;&#945;) &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#943;&#963;&#964;&#969;&#963;&#951;, &#948;&#940;&#957;&#949;&#953;&#959;, &#949;&#947;&#947;&#973;&#951;&#963;&#951;, &#941;&#954;&#948;&#959;&#963;&#951; &#959;&#956;&#959;&#955;&#972;&#947;&#969;&#957;, &#949;&#957;&#941;&#947;&#947;&#965;&#945; &#960;&#943;&#963;&#964;&#969;&#963;&#951;, &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965; &#949;&#943;&#948;&#959;&#965;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#945;&#957;&#964;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#942; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#960;&#945;&#961;&#945;&#947;&#974;&#947;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#933;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965; (&#954;&#945;&#953; &#960;&#959;&#965; &#949;&#953;&#948;&#953;&#954;&#940; &#947;&#953;&#945; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953; &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#969;&#957; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; 1.000.000 &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#940; &#942; &#964;&#959; &#953;&#963;&#972;&#960;&#959;&#963;&#959; &#963;&#949; &#964;&#965;&#967;&#972;&#957; &#940;&#955;&#955;&#959; &#957;&#972;&#956;&#953;&#963;&#956;&#945;) &#960;&#945;&#973;&#963;&#949;&#953; &#942; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#952;&#949;&#943; &#942; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#942; &#951; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#964;&#951;&#962; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#945;&#957; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#960;&#945;&#961;&#959;&#967;&#942; &#954;&#945;&#955;&#973;&#956;&#956;&#945;&#964;&#959;&#962; &#963;&#949; &#956;&#949;&#964;&#961;&#951;&#964;&#940; &#942; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#972; &#957;&#945; &#950;&#951;&#964;&#951;&#952;&#949;&#943; &#964;&#941;&#964;&#959;&#953;&#959; &#954;&#940;&#955;&#965;&#956;&#956;&#945; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#947;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#964;&#945;&#953;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#945;&#957;&#943;&#954;&#945;&#957;&#959; &#957;&#945; &#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#953;&#962; &#959;&#966;&#949;&#953;&#955;&#941;&#962; &#964;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#949;&#954;&#940;&#963;&#964;&#951;&#962; &#949;&#958; &#945;&#965;&#964;&#974;&#957; &#942;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3) &#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#973;&#957;&#948;&#953;&#954;&#959;&#962; &#960;&#964;&#974;&#967;&#949;&#965;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#956;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#943;&#945; &#942; &#941;&#957;&#945; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#964;&#959;&#965; &#942;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(8) &#954;&#945;&#964;&#945;&#964;&#943;&#952;&#949;&#964;&#945;&#953; &#945;&#943;&#964;&#951;&#963;&#951; &#960;&#964;&#969;&#967;&#949;&#973;&#963;&#949;&#969;&#962; &#942; &#949;&#954;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942; &#945;&#960;&#972;&#966;&#945;&#963;&#951; &#942; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#956;&#941;&#964;&#961;&#945; &#945;&#960;&#972; &#960;&#953;&#963;&#964;&#969;&#964;&#942; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965; (&#959; &#959;&#960;&#959;&#943;&#959;&#962; &#948;&#949;&#957; &#954;&#945;&#964;&#941;&#967;&#949;&#953; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; 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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(9) &#941;&#957;&#945; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#928;&#961;&#972;&#963;&#969;&#960;&#959; &#942; &#959;&#953; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#941;&#962; &#964;&#959;&#965; &#960;&#961;&#959;&#946;&#959;&#973;&#957; &#963;&#949; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962; (&#960;.&#967;. &#954;&#945;&#964;&#940;&#952;&#949;&#963;&#951; &#945;&#943;&#964;&#951;&#963;&#951;&#962; &#963;&#949; &#948;&#953;&#954;&#945;&#963;&#964;&#942;&#961;&#953;&#959; &#942; &#960;&#945;&#961;&#959;&#965;&#963;&#943;&#945;&#963;&#951; &#963;&#967;&#949;&#948;&#943;&#959;&#965; &#960;&#961;&#959;&#964;&#949;&#953;&#957;&#972;&#956;&#949;&#957;&#969;&#957; &#972;&#961;&#969;&#957; &#954;.&#955;&#960;) &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#951;&#952;&#949;&#943; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#928;&#961;&#972;&#963;&#969;&#960;&#959; &#942; &#940;&#955;&#955;&#959; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#928;&#961;&#972;&#963;&#969;&#960;&#959; &#945;&#957;&#945;&#963;&#964;&#959;&#955;&#942; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957;, &#945;&#957;&#945;&#948;&#953;&#959;&#961;&#947;&#940;&#957;&#969;&#963;&#951; &#967;&#961;&#941;&#959;&#965;&#962; (&#942; &#956;&#941;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#973;) &#942; &#948;&#953;&#945;&#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972;&#962; &#956;&#949; &#972;&#955;&#959;&#965;&#962; &#942; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#972; &#956;&#941;&#961;&#959;&#962; (&#945;&#961;&#953;&#952;&#956;&#951;&#964;&#953;&#954;&#940; &#942; &#946;&#940;&#963;&#949;&#953; &#959;&#966;&#949;&#953;&#955;&#974;&#957; &#960;&#961;&#959;&#962; &#945;&#965;&#964;&#959;&#973;&#962;) &#964;&#969;&#957; &#960;&#953;&#963;&#964;&#969;&#964;&#974;&#957; &#942; &#945;&#957; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#945; &#945;&#957;&#945;&#963;&#964;&#959;&#955;&#942; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; &#942; &#945;&#957;&#945;&#948;&#953;&#959;&#961;&#947;&#940;&#957;&#969;&#963;&#951; &#967;&#961;&#941;&#959;&#965;&#962; &#948;&#953;&#945;&#964;&#945;&#967;&#952;&#949;&#943; &#956;&#949; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942; &#945;&#960;&#972;&#966;&#945;&#963;&#951; &#942; &#963;&#965;&#956;&#946;&#949;&#943; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(10) &#963;&#965;&#947;&#954;&#955;&#951;&#952;&#949;&#943; &#942; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#941;&#955;&#949;&#965;&#963;&#951; &#964;&#969;&#957; &#956;&#949;&#964;&#972;&#967;&#969;&#957; &#942; &#964;&#969;&#957; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#974;&#957; &#942; &#964;&#951;&#962; &#945;&#957;&#974;&#964;&#945;&#964;&#951;&#962; &#948;&#953;&#959;&#943;&#954;&#951;&#963;&#951;&#962; &#949;&#957;&#972;&#962; &#931;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#928;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#956;&#949; &#952;&#941;&#956;&#945; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#945;&#960;&#972;&#966;&#945;&#963;&#951;&#962; &#942; &#964;&#951;&#957; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#956;&#941;&#964;&#961;&#969;&#957; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#940; &#960;&#949;&#961;&#953;&#947;&#961;&#940;&#966;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#953;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;&#962; (4) &#941;&#969;&#962; (9) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#942; &#956;&#941;&#964;&#961;&#945; &#960;&#961;&#959;&#960;&#945;&#961;&#945;&#963;&#954;&#949;&#965;&#945;&#963;&#964;&#953;&#954;&#940; &#945;&#965;&#964;&#974;&#957; &#942; (&#956;&#949; &#942; &#967;&#969;&#961;&#943;&#962; &#957;&#945; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#963;&#965;&#957;&#941;&#955;&#949;&#965;&#963;&#951;) &#959;&#953; &#956;&#941;&#964;&#959;&#967;&#959;&#953;, &#959;&#953; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#941;&#962; &#942; &#951; &#945;&#957;&#974;&#964;&#945;&#964;&#951; &#948;&#953;&#959;&#943;&#954;&#951;&#963;&#951; &#945;&#960;&#959;&#966;&#945;&#963;&#943;&#963;&#949;&#953; &#942; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#972;&#964;&#953; &#964;&#941;&#964;&#959;&#953;&#945; &#956;&#941;&#964;&#961;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#955;&#951;&#966;&#952;&#959;&#973;&#957; &#945;&#957; &#965;&#960;&#940;&#961;&#958;&#959;&#965;&#957; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#949;&#962; &#963;&#965;&#957;&#952;&#942;&#954;&#949;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(11) &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#942; &#947;&#943;&#957;&#959;&#965;&#957; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#941;&#962; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962; &#942; &#955;&#951;&#966;&#952;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#964;&#961;&#959; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#974;&#961;&#945; &#949;&#954;&#964;&#972;&#962; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#945;&#962; &#960;&#959;&#965;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#949;&#943;&#957;&#945;&#953; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#959; &#956;&#949; &#964;&#945; &#960;&#949;&#961;&#953;&#947;&#961;&#945;&#966;&#972;&#956;&#949;&#957;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(12) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#960;&#945;&#973;&#963;&#949;&#953; &#942; &#945;&#957;&#945;&#963;&#964;&#949;&#943;&#955;&#949;&#953; &#964;&#953;&#962; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#964;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#962; &#945;&#965;&#964;&#974;&#957; &#964;&#959; &#959;&#960;&#959;&#943;&#959;, &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#949;&#943;&#957;&#945;&#953; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(13) &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#959; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#931;&#967;&#949;&#964;&#953;&#954;&#942; &#916;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#945; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#942;&#964;&#959;&#953;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(14) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#955;&#940;&#946;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#951; &#941;&#947;&#954;&#961;&#953;&#963;&#951; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945;, &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#942; &#957;&#945;&#973;&#955;&#969;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#942; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#963;&#965;&#956;&#956;&#959;&#961;&#966;&#969;&#952;&#949;&#943; &#951; &#943;&#948;&#953;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#956;&#949; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#949;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#949;&#969;&#961;&#949;&#943; &#959;&#965;&#963;&#953;&#974;&#948;&#949;&#953;&#962; &#942; &#945;&#957; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#941;&#947;&#954;&#961;&#953;&#963;&#951; &#955;&#942;&#958;&#949;&#953; &#942; &#945;&#957;&#945;&#954;&#955;&#951;&#952;&#949;&#943; &#942; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#945;&#957;&#945;&#954;&#955;&#951;&#952;&#949;&#943; &#949;&#960;&#949;&#953;&#948;&#942; &#948;&#949;&#957; &#960;&#955;&#951;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#960;&#955;&#941;&#959;&#957; &#959;&#953; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#953;&#963;&#967;&#973;&#959;&#962; &#964;&#951;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(15) &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 10.14 (&#945;) &#942; 10.14 (&#946;) &#942;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(17) &#964;&#943;&#952;&#949;&#964;&#945;&#953; &#963;&#949; &#954;&#943;&#957;&#948;&#965;&#957;&#959; &#951; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(18) &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#948;&#949;&#963;&#956;&#949;&#973;&#963;&#949;&#969;&#957; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 22&#913; &#956;&#949; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#949;&#957;&#963;&#969;&#956;&#945;&#964;&#974;&#957;&#949;&#964;&#945;&#953; &#951; &#949;&#947;&#947;&#973;&#951;&#963;&#951; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(19) &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#947;&#949;&#947;&#959;&#957;&#972;&#962;, &#972;&#960;&#969;&#962; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#964;&#959; &#959;&#960;&#959;&#943;&#959;&nbsp; (&#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;) &#957;&#945; &#941;&#967;&#949;&#953; &#927;&#965;&#963;&#953;&#974;&#948;&#949;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#972; &#913;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(20) &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#952;&#949;&#943; &#942; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#955;&#965;&#952;&#949;&#943; &#960;&#961;&#972;&#969;&#961;&#945; &#964;&#959; &#945;&#960;&#972; 3.6.2022 &#957;&#945;&#965;&#955;&#959;&#963;&#973;&#956;&#966;&#969;&#957;&#959; (&#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#941;&#957; &#964;&#951;&#957; 15.2.2023) &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#8220;ASYAD LINE LLC&#8221; &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953; &#948;&#949;&#957; &#952;&#945; &#965;&#960;&#940;&#961;&#967;&#949;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#945;&#957; &#956;&#949;&#964;&#940; &#945;&#960;&#972; &#964;&#965;&#967;&#972;&#957; &#964;&#941;&#964;&#959;&#953;&#945; &#955;&#973;&#963;&#951; &#942; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#960;&#961;&#959;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#949;&#957;&#964;&#972;&#962; &#964;&#961;&#953;&#940;&#957;&#964;&#945; (30) &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#964;&#959;&#953;&#945;&#973;&#964;&#951; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#942; &#955;&#973;&#963;&#951; &#963;&#964;&#951;&#957; &#957;&#945;&#973;&#955;&#969;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#956;&#949; &#941;&#964;&#949;&#961;&#959; &#957;&#945;&#965;&#955;&#969;&#964;&#942; &#947;&#953;&#945; &#967;&#961;&#959;&#957;&#953;&#954;&#972; &#948;&#953;&#940;&#963;&#964;&#951;&#956;&#945; &#954;&#945;&#953; &#947;&#953;&#945; &#957;&#945;&#973;&#955;&#959; &#964;&#951;&#962; &#945;&#960;&#959;&#955;&#973;&#964;&#959;&#965; &#949;&#947;&#954;&#961;&#943;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.2. &#917;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;. </b>&#922;&#945;&#964;&#940; &#964;&#951;&#957; &#963;&#964;&#953;&#947;&#956;&#942; &#942; &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#967;&#961;&#972;&#957;&#959; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#949;&#957;&#972;&#962; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#945;&#960;&#972;&#955;&#965;&#964;&#951; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#953;&#962; &#954;&#940;&#964;&#969;&#952;&#953; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962;, &#942;&#964;&#959;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#949;&#960;&#953;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#958;&#974;&#948;&#953;&#954;&#951; &#948;&#942;&#955;&#969;&#963;&#951; &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#957;&#945; &#948;&#951;&#955;&#974;&#957;&#949;&#953; &#972;&#964;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#960;&#945;&#973;&#959;&#965;&#957; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#949;&#960;&#953;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#958;&#974;&#948;&#953;&#954;&#951; &#948;&#942;&#955;&#969;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#957;&#945; &#954;&#951;&#961;&#973;&#963;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;, &#964;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#964;&#972;&#954;&#959;&#965;&#962; &#954;&#945;&#953; &#972;&#955;&#945; &#964;&#945; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#946;&#940;&#963;&#949;&#953; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#945; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#940; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#957;&#945; &#949;&#960;&#953;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#958;&#974;&#948;&#953;&#954;&#951; &#948;&#942;&#955;&#969;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#957;&#945; &#948;&#951;&#955;&#974;&#957;&#949;&#953; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#949;&#960;&#941;&#955;&#952;&#949;&#953; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#953; &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#953;&#966;&#965;&#955;&#940;&#963;&#963;&#949;&#964;&#945;&#953; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#954;&#945;&#953; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953;/&#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#956;&#941;&#964;&#961;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#942; &#964;&#969;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.3. &#923;&#942;&#958;&#951; &#964;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;. </b>&#924;&#949; &#964;&#951;&#957; &#949;&#960;&#943;&#948;&#959;&#963;&#951; &#964;&#951;&#962; &#949;&#958;&#974;&#948;&#953;&#954;&#951;&#962; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; (&#945;) &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 18.2., &#951; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#947;&#953;&#945; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#949;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#960;&#945;&#973;&#959;&#965;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.4. &#922;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;</b><b> </b>&#924;&#949; &#964;&#951;&#957; &#949;&#960;&#943;&#948;&#959;&#963;&#951; &#964;&#951;&#962; &#949;&#958;&#974;&#948;&#953;&#954;&#951;&#962; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; (&#946;) &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 18.2, &#972;&#955;&#945; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#954;&#945;&#952;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#945; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#940;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.5. &#928;&#959;&#955;&#955;&#945;&#960;&#955;&#941;&#962; &#949;&#958;&#974;&#948;&#953;&#954;&#949;&#962; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962;. </b>&#928;&#961;&#940;&#958;&#949;&#953;&#962;<b> </b>&#967;&#969;&#961;&#943;&#962;<b> </b>&#957;&#945;<b> </b>&#941;&#967;&#949;&#953;<b> </b>&#960;&#961;&#959;&#951;&#947;&#951;&#952;&#949;&#943;<b> </b>&#949;&#958;&#974;&#948;&#953;&#954;&#951;<b> </b>&#948;&#942;&#955;&#969;&#963;&#951;<b>. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#960;&#953;&#948;&#974;&#963;&#949;&#953; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#949;&#962; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#969;&#957; (&#945;) &#954;&#945;&#953; (&#946;) &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 18.2 &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#945; &#942; &#963;&#949; &#948;&#953;&#945;&#966;&#959;&#961;&#949;&#964;&#953;&#954;&#972; &#967;&#961;&#972;&#957;&#959; &#954;&#945;&#953; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#960;&#961;&#940;&#958;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#940;&#961;&#952;&#961;&#959; &#945;&#954;&#972;&#956;&#951; &#954;&#945;&#953; &#960;&#961;&#959; &#964;&#951;&#962; &#949;&#960;&#943;&#948;&#959;&#963;&#951;&#962; &#964;&#951;&#962; &#942; &#964;&#969;&#957; &#949;&#958;&#969;&#948;&#943;&#954;&#969;&#957; &#948;&#951;&#955;&#974;&#963;&#949;&#969;&#957; &#942; &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#943;&#948;&#959;&#963;&#942; &#964;&#959;&#965;&#962; &#942; &#956;&#949; &#964;&#951;&#957; &#949;&#960;&#943;&#948;&#959;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#958; &#945;&#965;&#964;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.6. &#928;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#972;&#962; &#917;&#965;&#952;&#973;&#957;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;. </b>&#927;&#973;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#959;&#973;&#964;&#949; &#959;&#960;&#959;&#953;&#959;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#945;&#967;&#949;&#953;&#961;&#953;&#963;&#964;&#942;&#962; &#948;&#953;&#959;&#961;&#953;&#963;&#964;&#949;&#943; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#966;&#941;&#961;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#965;&#952;&#973;&#957;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#965;&#962; &#947;&#953;&#945; &#964;&#945; &#954;&#940;&#964;&#969;&#952;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#950;&#951;&#956;&#943;&#945; &#960;&#961;&#959;&#954;&#955;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#940;&#963;&#954;&#951;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#942; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#956;&#941;&#964;&#961;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962; &#956;&#943;&#945;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#942; &#945;&#960;&#972; &#964;&#951;&#957; &#956;&#951; &#940;&#963;&#954;&#951;&#963;&#951; &#942; &#954;&#945;&#952;&#965;&#963;&#964;&#941;&#961;&#951;&#963;&#951; &#963;&#964;&#951;&#957; &#940;&#963;&#954;&#951;&#963;&#951; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#942; &#941;&#957;&#945;&#961;&#958;&#951; &#960;&#961;&#940;&#958;&#949;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#969;&#962; &#954;&#945;&#964;&#941;&#967;&#969;&#957; &#949;&#957;&#965;&#960;&#972;&#952;&#951;&#954;&#959;&#962; &#948;&#945;&#957;&#949;&#953;&#963;&#964;&#942;&#962; &#942; &#965;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#953;&#948;&#953;&#972;&#964;&#951;&#964;&#945;, &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#963;&#959;&#948;&#959; &#942; &#960;&#959;&#963;&#972; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#960;&#959;&#965; &#952;&#945; &#956;&#960;&#959;&#961;&#959;&#973;&#963;&#949; &#957;&#945; &#941;&#967;&#949;&#953; &#949;&#953;&#963;&#960;&#961;&#945;&#967;&#952;&#949;&#943; &#942; &#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#972; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959; &#954;&#945;&#955;&#973;&#960;&#964;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#942; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; &#964;&#951;&#962; &#945;&#958;&#943;&#945;&#962; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#959;&#973; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#959;&#965;, &#972;&#960;&#969;&#962; &#954;&#945;&#953; &#945;&#957; &#945;&#965;&#964;&#942; &#960;&#961;&#959;&#942;&#955;&#952;&#949;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#932;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#948;&#949;&#957; &#945;&#960;&#945;&#955;&#955;&#940;&#963;&#963;&#959;&#965;&#957; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#941;&#957;&#964;&#945; &#945;&#965;&#964;&#942;&#962; &#945;&#960;&#972; &#949;&#965;&#952;&#973;&#957;&#951; &#947;&#953;&#945; &#950;&#951;&#956;&#943;&#945; &#960;&#959;&#965; &#960;&#961;&#959;&#942;&#955;&#952;&#949; &#945;&#960;&#972; &#948;&#972;&#955;&#959; &#942; &#946;&#945;&#961;&#953;&#940; &#945;&#956;&#941;&#955;&#949;&#953;&#945; &#964;&#969;&#957; &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#941;&#957;&#964;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.7. &#931;&#967;&#949;&#964;&#953;&#954;&#940; &#928;&#961;&#972;&#963;&#969;&#960;&#945;. </b>&#915;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 18, &#171;&#931;&#967;&#949;&#964;&#953;&#954;&#940; &#928;&#961;&#972;&#963;&#969;&#960;&#945;&#187; &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#964;&#953;&#962; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#941;&#962; &#945;&#965;&#964;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>18.8.</b> <b>&#917;&#960;&#945;&#957;&#945;&#966;&#959;&#961;&#940; &#963;&#949; &#928;&#961;&#972;&#964;&#949;&#961;&#951; &#922;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;</b>. &#917;&#940;&#957; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#964;&#949;&#955;&#953;&#954;&#942; &#960;&#974;&#955;&#951;&#963;&#951; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#960;&#961;&#959;&#964;&#949;&#943;&#957;&#949;&#953; &#957;&#945; &#952;&#949;&#961;&#945;&#960;&#949;&#973;&#963;&#949;&#953; &#960;&#955;&#942;&#961;&#969;&#962; &#954;&#940;&#952;&#949; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#953; &#957;&#945; &#949;&#958;&#959;&#966;&#955;&#942;&#963;&#949;&#953; &#972;&#955;&#945; &#964;&#945; &#941;&#958;&#959;&#948;&#945;, &#964;&#953;&#962; &#948;&#945;&#960;&#940;&#957;&#949;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#950;&#951;&#956;&#943;&#949;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#942;&#955;&#952;&#945;&#957; &#945;&#960;&#972; &#964;&#959; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#955;&#941;&#959;&#957; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#959;&#966;&#949;&#953;&#955;&#972;&#956;&#949;&#957;&#969;&#957; &#964;&#972;&#954;&#969;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#964;&#972;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#965;&#960;&#972; &#964;&#951;&#957; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945; &#957;&#945; &#945;&#960;&#959;&#948;&#949;&#967;&#964;&#949;&#943; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#960;&#961;&#972;&#964;&#945;&#963;&#951; &#954;&#945;&#953; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#954;&#945;&#953; &#957;&#945; &#945;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#960;&#961;&#972;&#964;&#949;&#961;&#951; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;, &#957;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953; &#964;&#965;&#967;&#972;&#957; &#964;&#941;&#964;&#959;&#953;&#945; &#945;&#960;&#959;&#948;&#959;&#967;&#942; &#948;&#949;&#957; &#952;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#953; &#964;&#965;&#967;&#972;&#957; &#956;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#959;&#973;&#964;&#949; &#952;&#945; &#960;&#945;&#961;&#945;&#946;&#955;&#940;&#960;&#964;&#949;&#953; &#964;&#951;&#957; &#940;&#963;&#954;&#951;&#963;&#942; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#931;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#949;&#960;&#945;&#957;&#945;&#966;&#959;&#961;&#940;&#962; &#964;&#969;&#957; &#960;&#961;&#945;&#947;&#956;&#940;&#964;&#969;&#957; &#963;&#964;&#951;&#957; &#960;&#961;&#972;&#964;&#949;&#961;&#951; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#945;&#954;&#972;&#956;&#945; &#954;&#945;&#953; &#945;&#957; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#947;&#943;&#957;&#949;&#953; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951;, &#960;&#945;&#973;&#963;&#951; &#942; &#945;&#960;&#972;&#961;&#961;&#953;&#968;&#951; &#964;&#965;&#967;&#972;&#957; &#957;&#959;&#956;&#953;&#954;&#974;&#957; &#942; &#940;&#955;&#955;&#969;&#957; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#953;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#955;&#949;&#965;&#961;&#940; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;,&nbsp; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#960;&#945;&#957;&#941;&#955;&#952;&#949;&#953; &#963;&#949; &#972;&#955;&#945; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#964;&#953;&#962; &#949;&#958;&#959;&#965;&#963;&#943;&#949;&#962; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#949; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#971;&#960;&#942;&#961;&#967;&#945;&#957; &#963;&#945;&#957; &#957;&#945; &#956;&#951;&#957; &#949;&#943;&#967;&#945;&#957; &#947;&#943;&#957;&#949;&#953; &#954;&#945;&#952;&#972;&#955;&#959;&#965; &#959;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#949;&#962; &#942; &#951; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951;, &#960;&#945;&#973;&#963;&#951; &#942; &#945;&#960;&#972;&#961;&#961;&#953;&#968;&#951; &#945;&#965;&#964;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19. &#913;&#924;&#927;&#921;&#914;&#917;&#931; &#922;&#913;&#921; &#917;&#926;&#927;&#916;&#913;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19.1. &#913;&#956;&#959;&#953;&#946;&#941;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#956;&#943;&#945; &#945;&#956;&#959;&#953;&#946;&#942; &#960;&#959;&#963;&#959;&#973; &#943;&#963;&#959;&#965; &#956;&#949; &#964;&#959; 1% &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.&nbsp; &#919; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#956;&#959;&#953;&#946;&#942; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#945; &#963;&#964;&#959; &#963;&#973;&#957;&#959;&#955;&#972; &#964;&#951;&#962; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;, &#945;&#957;&#949;&#958;&#940;&#961;&#964;&#951;&#964;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#964;&#965;&#967;&#972;&#957; &#956;&#951; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959;&#965;&#962; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#955;&#972;&#947;&#959;&#965;&#962; &#942; &#964;&#951; &#956;&#951; &#955;&#942;&#968;&#951; &#945;&#965;&#964;&#959;&#973; &#949;&#957; &#972;&#955;&#969; &#942; &#949;&#957; &#956;&#941;&#961;&#949;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#956;&#949;&#964;&#940; &#948;&#949; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#951;&#962; &#948;&#949;&#957; &#949;&#960;&#953;&#963;&#964;&#961;&#941;&#966;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19.2. &#904;&#958;&#959;&#948;&#945; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#949;&#965;&#963;&#951;&#962;, &#960;&#961;&#959;&#949;&#964;&#959;&#953;&#956;&#945;&#963;&#943;&#945;&#962; &#954;.&#955;&#960;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#972;&#955;&#945; &#964;&#945; &#941;&#958;&#959;&#948;&#945; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#945;&#956;&#959;&#953;&#946;&#974;&#957; &#945;&#957;&#949;&#958;&#940;&#961;&#964;&#951;&#964;&#969;&#957; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957;, &#957;&#959;&#956;&#953;&#954;&#974;&#957; &#945;&#956;&#959;&#953;&#946;&#974;&#957; &#954;&#945;&#953; &#934;&#928;&#913; (&#972;&#960;&#959;&#965; &#953;&#963;&#967;&#973;&#949;&#953;) &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#954;&#945;&#964;&#941;&#946;&#945;&#955;&#949; &#942; &#964;&#965;&#967;&#972;&#957; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#949;&#965;&#963;&#951;, &#960;&#961;&#959;&#949;&#964;&#959;&#953;&#956;&#945;&#963;&#943;&#945;, &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942; &#942; &#954;&#945;&#964;&#945;&#967;&#974;&#961;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#941;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#941;&#947;&#947;&#961;&#945;&#966;&#959; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#945;&#956;&#959;&#953;&#946;&#974;&#957; &#960;&#961;&#959;&#962; &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#951;&#964;&#941;&#962; &#960;&#955;&#959;&#943;&#969;&#957;, &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957; &#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962;, &#954;&#955;&#960;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19.3. &#904;&#958;&#959;&#948;&#945; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#957;, &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962; &#954;.&#955;&#960;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#960;&#945;&#961;&#959;&#967;&#942;&#962; &#964;&#969;&#957; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#969;&#957; &#960;&#945;&#961;&#945;&#963;&#964;&#945;&#964;&#953;&#954;&#974;&#957; &#954;&#945;&#953; &#964;&#953;&#956;&#959;&#955;&#959;&#947;&#943;&#969;&#957;, &#964;&#945; &#941;&#958;&#959;&#948;&#945; &#960;&#959;&#965; &#954;&#945;&#964;&#941;&#946;&#945;&#955;&#949; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#963;&#965;&#956;&#960;&#955;&#942;&#961;&#969;&#956;&#945; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#940; &#964;&#951;&#962; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#957; &#945;&#960;&#972; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;&#962; &#951; &#959;&#960;&#959;&#943;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#942; &#941;&#967;&#949;&#953; &#960;&#945;&#961;&#945;&#963;&#967;&#949;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 14 &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#950;&#942;&#964;&#951;&#956;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#964;&#951;&#957; &#956;&#949;&#955;&#941;&#964;&#951; &#964;&#969;&#957; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#969;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 12.18, &#972;&#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#961;&#943;&#957;&#949;&#953; (&#954;&#945;&#964;&#940; &#964;&#951;&#957; &#945;&#960;&#972;&#955;&#965;&#964;&#951; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945;) &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#965;&#960;&#940;&#961;&#958;&#949;&#953; &#959;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#964;&#953;&#962; &#913;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#955;&#951;&#966;&#952;&#959;&#973;&#957; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#964;&#959;&#973;&#957; &#956;&#949; &#956;&#941;&#961;&#953;&#956;&#957;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#949;&#960;&#949;&#955;&#949;&#973;&#963;&#949;&#969;&#962; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#964;&#940; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957; &#955;&#953;&#956;&#941;&#957;&#959;&#962; &#942; &#954;&#945;&#964;&#940; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#953;&#957;&#948;&#973;&#957;&#969;&#957;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#949;&#962; &#954;&#940;&#957;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#960;&#961;&#959;&#963;&#964;&#945;&#964;&#949;&#973;&#963;&#949;&#953;,&nbsp; &#957;&#945; &#945;&#963;&#954;&#942;&#963;&#949;&#953; &#942; &#957;&#945; &#949;&#954;&#964;&#949;&#955;&#941;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#940; &#964;&#951;&#962; &#942; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#942; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#966;&#942; &#963;&#954;&#959;&#960;&#972;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#950;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#959;&#956;&#953;&#954;&#940; &#941;&#958;&#959;&#948;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19.4. &#934;&#972;&#961;&#959;&#953;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#972;&#955;&#959;&#965;&#962; &#964;&#959;&#965;&#962; &#966;&#972;&#961;&#959;&#965;&#962; &#960;&#959;&#965; &#949;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#942; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#945;&#955;&#955;&#940; &#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#963;&#949; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973; &#966;&#972;&#961;&#959;&#965; &#949;&#960;&#943; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#945;&#952;&#945;&#961;&#959;&#973; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#942; &#964;&#951;&#962; &#956;&#951;&#964;&#961;&#953;&#954;&#942;&#962; &#945;&#965;&#964;&#942;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962;), &#954;&#945;&#953; &#956;&#972;&#955;&#953;&#962; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#964;&#951;&#957; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#958;&#959;&#948;&#945; &#942; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#960;&#961;&#959;&#941;&#954;&#965;&#968;&#945;&#957; &#949;&#957;&#945;&#957;&#964;&#943;&#959;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#962; &#956;&#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#942; &#964;&#951;&#962; &#954;&#945;&#952;&#965;&#963;&#964;&#949;&#961;&#951;&#956;&#941;&#957;&#951;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969; &#966;&#972;&#961;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>19.5. &#922;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#949;&#958;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#959;&#965;&#963;&#945; &#964;&#965;&#967;&#972;&#957;, &#954;&#945;&#943;&#964;&#959;&#953; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953;, &#964;&#945; &#954;&#945;&#964;&#8217; &#940;&#961;&#952;&#961;&#959; 19.3 &#954;&#945;&#953;/&#942; 19.4 &#960;&#959;&#963;&#940;, &#949;&#966;&#972;&#963;&#959;&#957; &#948;&#949;&#957; &#949;&#958;&#959;&#966;&#955;&#951;&#952;&#959;&#973;&#957; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#952;&#945; &#967;&#961;&#949;&#974;&#957;&#949;&#953; &#956;&#949; &#945;&#965;&#964;&#940; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#956;&#949; &#964;&#972;&#954;&#959; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#950;&#972;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#964;&#951;&#962; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#965;&#964;&#942;&#962;: (i) <u>&#949;</u><u>&#966;</u><u>&#972;</u><u>&#963;</u><u>&#959;</u><u>&#957;</u><u> </u><u>&#960;</u><u>&#961;</u><u>&#972;</u><u>&#954;</u><u>&#949;</u><u>&#953;</u><u>&#964;</u><u>&#945;</u><u>&#953;</u><u> </u><u>&#947;</u><u>&#953;</u><u>&#945;</u><u> </u><u>&#941;</u><u>&#958;</u><u>&#959;</u><u>&#948;</u><u>&#945;</u><u> </u><u>&#954;</u><u>&#945;</u><u>&#964;</u><u>&#945;</u><u>&#946;</u><u>&#955;</u><u>&#951;</u><u>&#964;</u><u>&#941;</u><u>&#945;</u><u> </u><u>&#963;</u><u>&#949;</u><u> </u><u>&#963;</u><u>&#965;</u><u>&#957;</u><u>&#940;</u><u>&#955;</u><u>&#955;</u><u>&#945;</u><u>&#947;</u><u>&#956;</u><u>&#945;</u>, &#956;&#949; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#954;&#945;&#964;&#940; &#948;&#973;&#959; &#949;&#954;&#945;&#964;&#959;&#963;&#964;&#953;&#945;&#943;&#949;&#962; &#956;&#959;&#957;&#940;&#948;&#949;&#962; (2%) &#945;&#957;&#974;&#964;&#949;&#961;&#959; &#964;&#959;&#965; &#945;&#952;&#961;&#959;&#943;&#963;&#956;&#945;&#964;&#959;&#962; &#964;&#959;&#965; &#960;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965;, &#954;&#945;&#953; &#964;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; OVERNIGHT &#942; &#964;&#959;&#965; &#951;&#956;&#949;&#961;&#951;&#963;&#943;&#959;&#965; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965;, &#964;&#945; &#959;&#960;&#959;&#943;&#945; (&#949;&#960;&#953;&#964;&#972;&#954;&#953;&#945;) &#952;&#945; &#945;&#957;&#964;&#955;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#960;&#943;&#957;&#945;&#954;&#945; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#952;&#951;&#956;&#949;&#961;&#953;&#957;&#940;, &#947;&#953;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#959; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#960;&#959;&#963;&#972; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#949;&#958;&#972;&#948;&#969;&#957; &#954;&#945;&#953; (ii) <u>&#949;</u><u>&#966;</u><u>&#972;</u><u>&#963;</u><u>&#959;</u><u>&#957;</u><u> </u><u>&#960;</u><u>&#961;</u><u>&#972;</u><u>&#954;</u><u>&#949;</u><u>&#953;</u><u>&#964;</u><u>&#945;</u><u>&#953;</u><u> </u><u>&#947;</u><u>&#953;</u><u>&#945;</u><u> </u><u>&#941;</u><u>&#958;</u><u>&#959;</u><u>&#948;</u><u>&#945;</u><u> </u><u>&#954;</u><u>&#945;</u><u>&#964;</u><u>&#945;</u><u>&#946;</u><u>&#955;</u><u>&#951;</u><u>&#964;</u><u>&#941;</u><u>&#945;</u><u> </u><u>&#963;</u><u>&#949;</u><u> </u><u>&#917;</u><u>&#933;</u><u>&#929;</u><u>&#937;</u>, &#956;&#949; &#964;&#959; &#945;&#957;&#974;&#964;&#945;&#964;&#959; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#949;&#958;&#969;&#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#972; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#965;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;, &#960;&#959;&#965; &#963;&#942;&#956;&#949;&#961;&#945; &#945;&#957;&#941;&#961;&#967;&#949;&#964;&#945;&#953; &#963;&#949; 7,25%.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#927; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#964;&#972;&#954;&#959;&#962; &#952;&#945; &#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#964;&#945;&#953; &#945;&#957;&#940; &#949;&#958;&#940;&#956;&#951;&#957;&#959; &#954;&#945;&#953; &#952;&#945; &#965;&#960;&#959;&#955;&#959;&#947;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#946;&#940;&#963;&#951; &#964;&#959;&#957; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#953;&#954;&#972; &#945;&#961;&#953;&#952;&#956;&#972; &#951;&#956;&#949;&#961;&#974;&#957; &#954;&#940;&#952;&#949; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#954;&#945;&#953; &#941;&#964;&#959;&#962; 360 &#951;&#956;&#949;&#961;&#974;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20. &#913;&#928;&#927;&#918;&#919;&#924;&#921;&#937;&#931;&#919;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.1. &#913;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959;&#957; &#948;&#945;&#957;&#949;&#953;&#963;&#956;&#972; &#954;&#945;&#953; &#945;&#960;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#960;&#955;&#942;&#961;&#969;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#972;&#955;&#945; &#964;&#945; &#941;&#958;&#959;&#948;&#945;, &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#941;&#955;&#945;&#946;&#949; &#954;&#945;&#953; &#950;&#951;&#956;&#943;&#949;&#962; &#960;&#959;&#965; &#965;&#960;&#941;&#963;&#964;&#951; &#942; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#954;&#964;&#953;&#956;&#940; &#972;&#964;&#953; &#952;&#945; &#965;&#960;&#959;&#963;&#964;&#949;&#943; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#956;&#951; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#964;&#951;&#962; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#945;&#957;&#945;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#951; &#916;&#942;&#955;&#969;&#963;&#951; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#972;&#947;&#959; &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#947;&#953;&#945; &#955;&#972;&#947;&#959; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#940; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#964;&#951;&#962; &#949;&#943;&#963;&#960;&#961;&#945;&#958;&#951;&#962; &#972;&#955;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#941;&#967;&#949;&#953; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959; &#954;&#945;&#953; &#945;&#960;&#945;&#953;&#964;&#951;&#964;&#972; &#945;&#957; &#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#959;&#965; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#947;&#943;&#957;&#949;&#953; &#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#951;&#956;&#941;&#961;&#945; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#942; &#940;&#955;&#955;&#951;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#960;&#949;&#961;&#953;&#972;&#948;&#959;&#965;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#942;&#955;&#951; &#951;&#956;&#941;&#961;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#964;&#959;&#965; &#942;, &#945;&#957; &#949;&#943;&#957;&#945;&#953; &#960;&#955;&#951;&#961;&#969;&#964;&#941;&#959; &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951;, &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#952;&#945; &#964;&#940;&#958;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">(&#948;) &#964;&#951;&#962; &#949;&#960;&#941;&#955;&#949;&#965;&#963;&#951;&#962; &#942; &#963;&#965;&#957;&#941;&#967;&#953;&#963;&#951;&#962; &#949;&#957;&#972;&#962; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#959;&#973; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#954;&#945;&#953;/&#942; &#964;&#951;&#962; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 18,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#966;&#972;&#961;&#959;&#965; (&#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#964;&#959;&#957; &#966;&#972;&#961;&#959; &#949;&#960;&#943; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#945;&#952;&#945;&#961;&#959;&#973; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#942; &#945;&#965;&#964;&#959;&#973; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#949;&#964;&#945;&#953; &#956;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA) &#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#964;&#959;&#965; &#959;&#960;&#959;&#943;&#959;&#965; &#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#943; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#942; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#972;&#947;&#959;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.2 &#922;&#972;&#963;&#964;&#959;&#962; &#917;&#960;&#945;&#957;&#949;&#960;&#941;&#957;&#948;&#965;&#963;&#951;&#962; (Breakage Costs)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#949;&#957;&#964;&#972;&#962; &#964;&#961;&#953;&#974;&#957; &#917;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#965;&#960;&#959;&#946;&#959;&#955;&#942;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#945;&#953;&#964;&#942;&#956;&#945;&#964;&#959;&#962;, &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#922;&#972;&#963;&#964;&#959;&#962; &#917;&#960;&#945;&#957;&#949;&#960;&#941;&#957;&#948;&#965;&#963;&#951;&#962; &#964;&#951;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945;&#962; &#960;&#959;&#965; &#964;&#965;&#967;&#972;&#957; &#960;&#961;&#959;&#941;&#954;&#965;&#968;&#949; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#964;&#951;&#962; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#913;&#957;&#949;&#958;&#972;&#966;&#955;&#951;&#964;&#959;&#965; &#928;&#959;&#963;&#959;&#973; &#963;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#948;&#953;&#940;&#966;&#959;&#961;&#951; &#964;&#951;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945;&#962; &#951;&#956;&#941;&#961;&#945;&#962; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#928;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#950;&#951;&#956;&#943;&#945;, &#941;&#958;&#959;&#948;&#959; &#942; &#945;&#960;&#974;&#955;&#949;&#953;&#945; &#965;&#960;&#959;&#963;&#964;&#949;&#943; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#945;&#957;&#964;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#957;&#959;&#956;&#943;&#963;&#956;&#945;&#964;&#959;&#962; &#942; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#960;&#959;&#965; &#963;&#965;&#957;&#942;&#966;&#952;&#951; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#945;&#957;&#964;&#953;&#963;&#964;&#945;&#952;&#956;&#953;&#963;&#964;&#949;&#943; &#959; &#954;&#943;&#957;&#948;&#965;&#957;&#959;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#964;&#953;&#962; &#964;&#965;&#967;&#972;&#957; &#950;&#951;&#956;&#943;&#949;&#962; &#942; &#941;&#958;&#959;&#948;&#945; &#954;&#945;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#972;&#964;&#953; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#960;&#961;&#959;&#954;&#973;&#968;&#959;&#965;&#957;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#948;&#953;&#945;&#966;&#965;&#947;&#972;&#957;&#964;&#969;&#957; &#954;&#949;&#961;&#948;&#974;&#957;, &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#947;&#947;&#949;&#955;&#943;&#945; &#949;&#957;&#972;&#962; &#945;&#961;&#953;&#952;&#956;&#959;&#973; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#974;&#957; &#945;&#957;&#964;&#953;&#963;&#964;&#940;&#952;&#956;&#953;&#963;&#951;&#962; &#954;&#953;&#957;&#948;&#973;&#957;&#959;&#965;, &#956;&#943;&#945; &#949;&#954; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#949;&#943;&#957;&#945;&#953; &#951; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.3. &#902;&#955;&#955;&#949;&#962; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#955;&#942;&#961;&#969;&#962; &#947;&#953;&#945; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#950;&#951;&#956;&#943;&#949;&#962;, &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;, &#966;&#972;&#961;&#959;&#965;&#962;, &#945;&#960;&#974;&#955;&#949;&#953;&#949;&#962; &#954;&#945;&#953; &#941;&#958;&#959;&#948;&#945; &#960;&#940;&#963;&#951;&#962; &#966;&#973;&#963;&#949;&#969;&#962; (&#171;&#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#964;&#941;&#945;<b> </b>&#960;&#959;&#963;&#940;&#187;) &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#965;&#960;&#959;&#963;&#964;&#949;&#943; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#940;&#964;&#959;&#962;, &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#940;&#958;&#951; &#942; &#960;&#945;&#961;&#940;&#955;&#949;&#953;&#968;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#941;&#957;&#964;&#959;&#962; &#945;&#965;&#964;&#942;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#922;&#965;&#961;&#974;&#963;&#949;&#969;&#957; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#959;&#956;&#941;&#957;&#951; &#942; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#931;&#967;&#949;&#964;&#953;&#954;&#972; &#918;&#942;&#964;&#951;&#956;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#964;&#941;&#945; &#960;&#959;&#963;&#940; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#954;&#965;&#961;&#943;&#969;&#962; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#948;&#972;&#955;&#959;&#965; &#942; &#946;&#945;&#961;&#953;&#940;&#962; &#945;&#956;&#941;&#955;&#949;&#953;&#945;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#960;&#961;&#959;&#963;&#964;&#951;&#952;&#941;&#957;&#964;&#969;&#957; &#945;&#965;&#964;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#935;&#969;&#961;&#943;&#962; &#960;&#949;&#961;&#953;&#959;&#961;&#953;&#963;&#956;&#972; &#964;&#951;&#962; &#947;&#949;&#957;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962; &#964;&#959;&#965;, &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#954;&#945;&#955;&#973;&#960;&#964;&#949;&#953; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#949;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962;, &#941;&#958;&#959;&#948;&#945;, &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#945;&#960;&#974;&#955;&#949;&#953;&#949;&#962; &#964;&#965;&#967;&#972;&#957; &#945;&#957;&#945;&#954;&#973;&#968;&#959;&#965;&#957; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#963;&#966;&#940;&#955;&#949;&#953;&#945; &#963;&#964;&#951;&#957; &#952;&#940;&#955;&#945;&#963;&#963;&#945;, &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISM, &#964;&#959;&#957; &#922;&#974;&#948;&#953;&#954;&#945; ISPS &#942; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#949;&#961;&#953;&#946;&#945;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#972; &#925;&#972;&#956;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.4. &#913;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#957;&#959;&#956;&#943;&#963;&#956;&#945;&#964;&#959;&#962;.</b> &#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#952;&#949;&#943; &#957;&#945; &#956;&#949;&#964;&#945;&#964;&#961;&#941;&#968;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#972;, &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#948;&#965;&#957;&#940;&#956;&#949;&#953; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953;/&#942; &#964;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; 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&#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#945;&#966;&#959;&#961;&#940; &#956;&#949;&#964;&#945;&#958;&#973;: i) &#964;&#951;&#962; &#964;&#953;&#956;&#942;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962; &#947;&#953;&#945; &#964;&#951; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#945;&#965;&#964;&#959;&#973; &#945;&#960;&#972; &#964;&#959; &#928;&#961;&#974;&#964;&#959; &#925;&#972;&#956;&#953;&#963;&#956;&#945; &#963;&#964;&#959; &#916;&#949;&#973;&#964;&#949;&#961;&#959; &#925;&#972;&#956;&#953;&#963;&#956;&#945; &#954;&#945;&#953; ii) &#964;&#951;&#962; &#964;&#953;&#956;&#942;&#962; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962;, &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#964;&#940; &#964;&#951; &#963;&#965;&#957;&#942;&#952;&#951; &#960;&#959;&#961;&#949;&#943;&#945; &#964;&#969;&#957; &#949;&#961;&#947;&#945;&#963;&#953;&#974;&#957; &#964;&#951;&#962; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#947;&#959;&#961;&#940;&#963;&#949;&#953; &#964;&#959; &#928;&#961;&#974;&#964;&#959; &#925;&#972;&#956;&#953;&#963;&#956;&#945; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#959;&#965; &#916;&#949;&#965;&#964;&#941;&#961;&#959;&#965; &#925;&#959;&#956;&#943;&#963;&#956;&#945;&#964;&#959;&#962;, &#972;&#964;&#945;&#957; &#949;&#953;&#963;&#960;&#961;&#940;&#958;&#949;&#953; &#941;&#957;&#945; &#960;&#959;&#963;&#972; &#964;&#959; &#959;&#960;&#959;&#943;&#959; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#947;&#953;&#945; &#964;&#951; &#956;&#949;&#961;&#953;&#954;&#942; &#942; &#959;&#955;&#953;&#954;&#942; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#945;&#962; &#948;&#953;&#945;&#964;&#945;&#947;&#942;&#962;, &#945;&#960;&#959;&#966;&#940;&#963;&#949;&#969;&#962;, &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#962;, &#945;&#957;&#945;&#947;&#947;&#949;&#955;&#943;&#945;&#962; &#942; &#945;&#947;&#969;&#947;&#942;&#962;. &#931;&#964;&#959;&#957; &#972;&#961;&#959; &#8220;&#964;&#953;&#956;&#942; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962;&#8221; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#964;&#945;&#953; &#954;&#940;&#952;&#949; &#960;&#959;&#963;&#972; &#954;&#945;&#953; &#941;&#958;&#959;&#948;&#959; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#960;&#959;&#965; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#949;&#943; &#947;&#953;&#945; &#964;&#951;&#957; &#945;&#947;&#959;&#961;&#940; &#954;&#945;&#953; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942; &#964;&#959;&#965; &#928;&#961;&#974;&#964;&#959;&#965; &#925;&#959;&#956;&#943;&#963;&#956;&#945;&#964;&#959;&#962; &#963;&#964;&#959; &#916;&#949;&#973;&#964;&#949;&#961;&#959; &#925;&#972;&#956;&#953;&#963;&#956;&#945;, &#956;&#949; &#964;&#951;&#957; &#964;&#953;&#956;&#942; &#963;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#952;&#945; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#949;&#953; &#945;&#960;&#972; &#964;&#959; &#916;&#949;&#955;&#964;&#943;&#959; &#932;&#953;&#956;&#974;&#957; &#931;&#965;&#957;&#945;&#955;&#955;&#940;&#947;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.5. </b>&#922;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#951;&#962; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951;&#962; &#955;&#972;&#947;&#969; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#957;&#959;&#956;&#943;&#963;&#956;&#945;&#964;&#959;&#962; &#953;&#963;&#967;&#973;&#959;&#965;&#957; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 19.5 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>20.6. &#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#941;&#962; &#916;&#945;&#960;&#940;&#957;&#949;&#962;. </b>&nbsp;&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;, &#952;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#951; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#946;&#949;&#946;&#945;&#953;&#974;&#957;&#949;&#953; &#963;&#949; &#948;&#942;&#955;&#969;&#963;&#942; &#964;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#972;&#964;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#945;&#955;&#972;&#960;&#953;&#963;&#964;&#951; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#952;&#945; &#945;&#960;&#945;&#953;&#964;&#951;&#952;&#949;&#943; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#945;&#957;&#945;&#955;&#959;&#947;&#953;&#954;&#940; &#960;&#961;&#959;&#962; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#955;&#972;&#947;&#969; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942;&#962; &#964;&#951;&#962; &#960;&#961;&#959;&#962; &#964;&#959; &#949;&#955;&#940;&#967;&#953;&#963;&#964;&#959; &#945;&#960;&#959;&#952;&#949;&#956;&#945;&#964;&#953;&#954;&#972; (&#942; &#940;&#955;&#955;&#949;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#946;&#955;&#941;&#960;&#959;&#965;&#957; &#963;&#964;&#959;&#957; &#943;&#948;&#953;&#959; &#963;&#954;&#959;&#960;&#972;)&nbsp; &#960;&#959;&#965; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#964;&#951;&#961;&#949;&#943; &#954;&#945;&#964;&#8217; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942;&#962; &#922;&#949;&#957;&#964;&#961;&#953;&#954;&#942;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#945;&#961;&#967;&#942;&#962; &#964;&#951;&#957; &#945;&#957;&#964;&#953;&#954;&#945;&#952;&#953;&#963;&#964;&#940;, &#947;&#953;&#945; &#964;&#951;&#957; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#956;&#941;&#963;&#969; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#949;&#957;&#964;&#972;&#962; &#949;&#957;&#972;&#962; &#931;&#965;&#956;&#956;&#949;&#964;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#922;&#961;&#940;&#964;&#959;&#965;&#962;-&#924;&#941;&#955;&#959;&#965;&#962;, &#947;&#953;&#945; &#948;&#940;&#957;&#949;&#953;&#945; &#960;&#959;&#965; &#967;&#959;&#961;&#951;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959; &#965;&#960;&#959;&#954;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21. &#928;&#917;&#929;&#921; &#924;&#919; &#931;&#933;&#924;&#936;&#919;&#934;&#921;&#931;&#924;&#927;&#933; &#905; &#924;&#917;&#921;&#937;&#931;&#919;&#931; &#923;&#927;&#915;&#937; &#934;&#927;&#929;&#927;&#933;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.1. &#913;&#960;&#959;&#965;&#963;&#943;&#945; &#945;&#960;&#945;&#955;&#955;&#945;&#947;&#974;&#957;. </b>&#908;&#955;&#945; &#964;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#952;&#959;&#973;&#957; (&#945;) &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#959;&#961;&#966;&#942;&#962; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973;, &#945;&#957;&#964;&#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;&#962; &#942; &#945;&#943;&#961;&#949;&#963;&#951;&#962; &#954;&#945;&#953; (&#946;) &#940;&#957;&#949;&#965; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#956;&#949;&#943;&#969;&#963;&#951;&#962; &#955;&#972;&#947;&#969; &#966;&#972;&#961;&#959;&#965;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#943;&#957;&#945;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#956;&#941;&#957;&#951; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#956;&#949;&#943;&#969;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.2. &#913;&#957;&#945;&#947;&#969;&#947;&#942; &#947;&#953;&#945; &#966;&#972;&#961;&#959;&#965;&#962;. </b>&#913;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#956;&#949;&#943;&#969;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#945;&#955;&#955;&#972;&#956;&#949;&#957;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#955;&#972;&#947;&#969; &#966;&#972;&#961;&#959;&#965; &#949;&#960;&#900; &#945;&#965;&#964;&#959;&#973;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#972;&#955;&#953;&#962; &#955;&#940;&#946;&#949;&#953; &#947;&#957;&#974;&#963;&#951;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#964;&#959;&#957; &#949;&#960;&#943; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#966;&#972;&#961;&#959; &#963;&#964;&#951;&#957; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942; &#945;&#961;&#967;&#942; &#954;&#945;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#949;&#960;&#953;&#946;&#959;&#955;&#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#964;&#943;&#956;&#959;&#965; &#942; &#960;&#959;&#953;&#957;&#942;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#945;&#965;&#958;&#951;&#952;&#949;&#943; &#954;&#945;&#964;&#940; &#964;&#959; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#960;&#959;&#963;&#972; &#959;&#973;&#964;&#969;&#962; &#974;&#963;&#964;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#964;&#959; &#960;&#955;&#942;&#961;&#949;&#962; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#964;&#951;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.3. &#913;&#960;&#972;&#948;&#949;&#953;&#958;&#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#966;&#972;&#961;&#969;&#957;. </b>&#917;&#957;&#964;&#972;&#962; 1 &#956;&#951;&#957;&#972;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#959;&#965; &#966;&#972;&#961;&#959;&#965;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#955;&#959;&#947;&#951;&#964;&#953;&#954;&#940; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#940; &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#965; &#952;&#945; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#959;&#965;&#957; &#964;&#951;&#957; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#959;&#965; &#966;&#972;&#961;&#959;&#965; &#963;&#964;&#951;&#957; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942; &#945;&#961;&#967;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.4. &#917;&#958;&#945;&#943;&#961;&#949;&#963;&#951; &#964;&#959;&#965; &#966;&#972;&#961;&#959;&#965; &#949;&#960;&#943; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#945;&#952;&#945;&#961;&#959;&#973; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962;. </b>&#931;&#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; 21 &#959; &#972;&#961;&#959;&#962; <b>&#956;&#949;&#943;&#969;&#963;&#951; &#955;&#972;&#947;&#969; &#966;&#972;&#961;&#959;&#965;</b> &#963;&#951;&#956;&#945;&#943;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#941;&#954;&#960;&#964;&#969;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951; &#947;&#953;&#945; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#942; &#956;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#959;&#973; &#966;&#972;&#961;&#959;&#965; &#949;&#954;&#964;&#972;&#962; &#945;&#960;&#972; &#964;&#959;&#957; &#966;&#972;&#961;&#959; &#949;&#960;&#943; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#945;&#952;&#945;&#961;&#959;&#973; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.5 &#917;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942; &#934;&#972;&#961;&#969;&#957;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#913;&#957; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#956;&#949;&#943;&#969;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#945;&#955;&#955;&#972;&#956;&#949;&#957;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#955;&#972;&#947;&#969; &#966;&#972;&#961;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 21.2,&nbsp; &#947;&#943;&#957;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942; &#964;&#959;&#965; &#966;&#972;&#961;&#959;&#965; &#960;&#959;&#965;&nbsp; &#954;&#945;&#964;&#945;&#946;&#955;&#942;&#952;&#951;&#954;&#949;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#967;&#969;&#961;&#943;&#962; &#957;&#945; &#964;&#943;&#952;&#949;&#964;&#945;&#953; &#963;&#949; &#948;&#953;&#945;&#954;&#953;&#957;&#948;&#973;&#957;&#949;&#965;&#963;&#951; &#964;&#959; &#960;&#955;&#942;&#961;&#949;&#962; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#964;&#951;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#967;&#969;&#961;&#943;&#962; &#957;&#945; &#945;&#960;&#959;&#954;&#955;&#949;&#943;&#949;&#964;&#945;&#953; &#957;&#945; &#955;&#940;&#946;&#949;&#953; &#954;&#945;&#953; &#964;&#965;&#967;&#972;&#957; &#940;&#955;&#955;&#945; &#956;&#941;&#964;&#961;&#945;, &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#959; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#957;&#945;&#955;&#959;&#947;&#959;&#973;&#957; &#960;&#959;&#963;&#972; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942;&#962; &#966;&#972;&#961;&#959;&#965; &#941;&#964;&#963;&#953; &#974;&#963;&#964;&#949; &#963;&#964;&#959; &#964;&#941;&#955;&#959;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#956;&#951;&#957; &#949;&#943;&#957;&#945;&#953; &#963;&#949; &#967;&#949;&#953;&#961;&#972;&#964;&#949;&#961;&#951; &#952;&#941;&#963;&#951; &#945;&#960;&#972; &#945;&#965;&#964;&#942; &#960;&#959;&#965; &#952;&#945; &#942;&#964;&#945;&#957; &#945;&#957; &#948;&#949;&#957; &#949;&#943;&#967;&#949; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#951; &#956;&#949;&#943;&#969;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 21.2. &#919; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#952;&#945; &#947;&#943;&#957;&#949;&#953; &#945;&#966;&#959;&#973; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#972;&#964;&#953; &#960;&#961;&#940;&#947;&#956;&#945;&#964;&#953; &#949;&#953;&#963;&#941;&#960;&#961;&#945;&#958;&#949; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#949;&#960;&#953;&#963;&#964;&#961;&#959;&#966;&#942; &#966;&#972;&#961;&#959;&#965;. &#932;&#959; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#940;&#961;&#952;&#961;&#959; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#964;&#953;&#962; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#941;&#962; &#964;&#951;&#962; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#941;&#962; &#942; &#957;&#945; &#960;&#945;&#961;&#940;&#963;&#967;&#949;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#947;&#953;&#945; &#945;&#965;&#964;&#941;&#962;. &#917;&#960;&#943;&#963;&#951;&#962; &#951; &#916;&#945;&#957;&#949;&#943;&#963;&#964;&#961;&#953;&#945; &#948;&#949;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#961;&#969;&#964;&#940; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#953;&#962; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#941;&#962; &#964;&#951;&#962; &#960;&#961;&#945;&#954;&#964;&#953;&#954;&#941;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.6. &#928;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; FATCA</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#947;) &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#954;&#940;&#952;&#949; &#924;&#941;&#961;&#959;&#962; &#949;&#957;&#964;&#972;&#962; &#948;&#941;&#954;&#945; (10) &#917;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#919;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#949;&#973;&#955;&#959;&#947;&#951; &#945;&#943;&#964;&#951;&#963;&#951; &#949;&#957;&#972;&#962; &#940;&#955;&#955;&#959;&#965; &#924;&#941;&#961;&#959;&#965;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#957;&#945; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#963;&#964;&#959; &#969;&#962; &#940;&#957;&#969; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#945;&#957; &#949;&#943;&#957;&#945;&#953; &#942; &#972;&#967;&#953; &#917;&#958;&#945;&#953;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#924;&#941;&#961;&#959;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#957;&#945; &#960;&#945;&#961;&#945;&#948;&#974;&#963;&#949;&#953; &#963;&#964;&#959; &#969;&#962; &#940;&#957;&#969; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#972;&#955;&#945; &#964;&#945; &#941;&#957;&#964;&#965;&#960;&#945;, &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#955;&#959;&#947;&#951;&#964;&#953;&#954;&#940; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#954;&#945;&#953; &#940;&#955;&#955;&#949;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#954;&#945;&#952;&#949;&#963;&#964;&#974;&#962; &#964;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; FATCA (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#959;&#965; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959;&#965; &#963;&#949; &#945;&#965;&#964;&#972; &#8220;&#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973; &#949;&#957;&#948;&#953;&#940;&#956;&#949;&#963;&#969;&#957; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; (passthru payments)&#8221; &#942; &#940;&#955;&#955;&#951;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962; &#964;&#959;&#965; &#933;&#960;&#959;&#965;&#961;&#947;&#949;&#943;&#959;&#965; &#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957; &#964;&#969;&#957; &#919;&#928;&#913; &#942; &#956;&#949; &#940;&#955;&#955;&#949;&#962; &#949;&#960;&#943;&#963;&#951;&#956;&#949;&#962; &#954;&#945;&#964;&#949;&#965;&#952;&#965;&#957;&#964;&#942;&#961;&#953;&#949;&#962; &#959;&#948;&#951;&#947;&#943;&#949;&#962; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#959;&#965; &#964;&#959;&#965; &#925;. 4493/2017 &#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953; &#955;&#959;&#953;&#960;&#974;&#957; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#945;&#954;&#961;&#945;&#964;&#953;&#954;&#974;&#957; &#963;&#965;&#956;&#966;&#969;&#957;&#953;&#974;&#957;) &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#949;&#965;&#955;&#972;&#947;&#969;&#962; &#950;&#951;&#964;&#940; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#964;&#949;&#955;&#949;&#943; &#963;&#949; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951; &#956;&#949; &#964;&#951;&#957; FATCA.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#913;&#957; &#941;&#957;&#945; &#924;&#941;&#961;&#959;&#962; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#963;&#949; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#945;)(1) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#972;&#964;&#953; &#949;&#943;&#957;&#945;&#953; &#917;&#958;&#945;&#953;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#924;&#941;&#961;&#959;&#962; &#954;&#945;&#953; &#963;&#964;&#951;&#957; &#963;&#965;&#957;&#941;&#967;&#949;&#953;&#945; &#945;&#957;&#964;&#953;&#955;&#951;&#966;&#952;&#949;&#943; &#972;&#964;&#953; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#942; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#960;&#945;&#973;&#963;&#949;&#953; &#957;&#945; &#949;&#943;&#957;&#945;&#953;, &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#924;&#941;&#961;&#959;&#962; &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#941;&#947;&#954;&#945;&#953;&#961;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#919; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; (&#945;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#960;&#961;&#940;&#958;&#949;&#953; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#949;&#973;&#955;&#959;&#947;&#951; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#949;&#957;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#953;&#963;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#957;&#972;&#956;&#959;&#965; &#942; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973; &#942; &#960;&#959;&#955;&#953;&#964;&#953;&#954;&#942;&#962; &#964;&#959;&#965; &#924;&#941;&#961;&#959;&#965;&#962; &#945;&#965;&#964;&#959;&#973;, &#942; &#954;&#945;&#952;&#942;&#954;&#959;&#957;&#964;&#959;&#962; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962; &#942; &#945;&#960;&#959;&#961;&#961;&#942;&#964;&#959;&#965; &#942; &#957;&#945; &#959;&#948;&#951;&#947;&#942;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#945;&#960;&#959;&#954;&#940;&#955;&#965;&#968;&#951; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#974;&#957; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957;, &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#948;&#951;&#955;&#974;&#963;&#949;&#969;&#957; &#966;&#972;&#961;&#959;&#965; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#974;&#957;) &#933;&#928;&#927; &#932;&#927;&#925; &#927;&#929;&#927; &#949;&#957;&#964;&#959;&#973;&#964;&#959;&#953;&#962; &#972;&#964;&#953; &#959;&#953; &#949;&#957; &#955;&#972;&#947;&#969; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#950;&#951;&#964;&#974;&#957;&#964;&#945;&#953; (&#942; &#959;&#964;&#953;&#948;&#942;&#960;&#959;&#964;&#949; &#953;&#963;&#959;&#948;&#973;&#957;&#945;&#956;&#959; &#956;&#949; &#945;&#965;&#964;&#941;&#962;) &#945;&#960;&#972; &#964;&#945; &#941;&#957;&#964;&#965;&#960;&#945; W-8 &#942; W-9 (&#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#957;&#964;&#943;&#963;&#964;&#959;&#953;&#967;&#945; &#941;&#957;&#964;&#965;&#960;&#945; &#964;&#965;&#967;&#972;&#957; &#964;&#945; &#948;&#953;&#945;&#948;&#949;&#967;&#952;&#959;&#973;&#957;) &#964;&#951;&#962; &#934;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942;&#962; &#913;&#961;&#967;&#942;&#962; &#964;&#969;&#957; &#919;&#928;&#913; &#948;&#949;&#957; &#952;&#945; &#952;&#949;&#969;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#969;&#962; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#945;&#965;&#964;&#959;&#973; &#964;&#959;&#965; &#924;&#941;&#961;&#959;&#965;&#962;, &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; (&#947;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#913;&#957; &#941;&#957;&#945; &#924;&#941;&#961;&#959;&#962; &#948;&#949;&#957; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#964;&#959; &#954;&#945;&#952;&#949;&#963;&#964;&#974;&#962; &#964;&#959;&#965; &#942; &#948;&#949;&#957; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#964;&#945; &#941;&#957;&#964;&#965;&#960;&#945;, &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#942; &#940;&#955;&#955;&#951; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945; &#960;&#959;&#965; &#950;&#951;&#964;&#942;&#952;&#951;&#954;&#949; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#945;) &#945;&#957;&#969;&#964;&#941;&#961;&#969; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#954;&#945;&#953; &#964;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#972;&#964;&#945;&#957; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942;&#962; &#951; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; (&#947;)) &#964;&#972;&#964;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#945;&#957; &#945;&#965;&#964;&#972; &#964;&#959; &#924;&#941;&#961;&#959;&#962; &#948;&#949;&#957; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#972;&#964;&#953; &#949;&#943;&#957;&#945;&#953; (&#954;&#945;&#953;/&#942; &#960;&#945;&#961;&#945;&#956;&#941;&#957;&#949;&#953;) &#917;&#958;&#945;&#953;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#924;&#941;&#961;&#959;&#962;, &#964;&#972;&#964;&#949; &#964;&#959; &#924;&#941;&#961;&#959;&#962; &#945;&#965;&#964;&#972; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#969;&#962; &#956;&#951; &#917;&#958;&#945;&#953;&#961;&#959;&#973;&#956;&#949;&#957;&#959; &#945;&#960;&#972; &#964;&#951;&#957; FATCA &#924;&#941;&#961;&#959;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#945;&#957; &#945;&#965;&#964;&#972; &#964;&#959; &#924;&#941;&#961;&#959;&#962; &#948;&#949;&#957; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953; &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#171;&#960;&#959;&#963;&#959;&#963;&#964;&#972; &#949;&#957;&#948;&#953;&#940;&#956;&#949;&#963;&#969;&#957; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; (passthru payments)&#187;, &#964;&#972;&#964;&#949; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#960;&#955;&#951;&#961;&#969;&#956;&#974;&#957; &#960;&#959;&#965; &#947;&#943;&#957;&#959;&#957;&#964;&#945;&#953; &#956;&#949; &#946;&#940;&#963;&#951; &#945;&#965;&#964;&#940;, &#972;&#964;&#953; &#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#945;&#965;&#964;&#972; &#949;&#943;&#957;&#945;&#953; 100%,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#941;&#969;&#962; &#972;&#964;&#959;&#965; (&#963;&#949; &#945;&#956;&#966;&#972;&#964;&#949;&#961;&#949;&#962; &#964;&#953;&#962; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#965;&#960;&#972; (1) &#954;&#945;&#953; (2) &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962;) &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#924;&#941;&#961;&#959;&#962; &#957;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#963;&#949;&#953; &#964;&#951;&#957; &#950;&#951;&#964;&#959;&#973;&#956;&#949;&#957;&#951; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951;, &#941;&#957;&#964;&#965;&#960;&#945;, &#948;&#953;&#954;&#945;&#953;&#959;&#955;&#959;&#947;&#951;&#964;&#953;&#954;&#940; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#954;&#945;&#953; &#940;&#955;&#955;&#949;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.7. &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#954;&#945;&#953; &#945;&#957;&#945;&#947;&#969;&#947;&#942; &#945;&#960;&#972; &#933;&#960;&#972;&#967;&#961;&#949;&#959;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#913;&#957; &#941;&#957;&#945;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA, &#959; &#949;&#957; &#955;&#972;&#947;&#969; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#952;&#945; &#954;&#940;&#957;&#949;&#953; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#949;&#957;&#964;&#972;&#962; &#964;&#959;&#965; &#967;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#948;&#953;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#954;&#945;&#964;&#940; &#964;&#959; &#949;&#955;&#940;&#967;&#953;&#963;&#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; FATCA.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#913;&#957; &#941;&#957;&#945;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#956;&#943;&#945; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#964;&#959; &#960;&#959;&#963;&#972; &#964;&#951;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#945;&#965;&#964;&#972;&#957; &#952;&#945; &#945;&#965;&#958;&#951;&#952;&#949;&#943; &#963;&#949; &#960;&#959;&#963;&#972; &#960;&#959;&#965;, &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA, &#953;&#963;&#959;&#973;&#964;&#945;&#953; &#956;&#949; &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#959;&#966;&#949;&#953;&#955;&#972;&#964;&#945;&#957; &#949;&#958; &#945;&#961;&#967;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#956;&#972;&#955;&#953;&#962; &#955;&#940;&#946;&#949;&#953; &#947;&#957;&#974;&#963;&#951; &#972;&#964;&#953; &#941;&#957;&#945;&#962; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#959;&#966;&#949;&#943;&#955;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA (&#942; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#965;&#960;&#940;&#961;&#958;&#949;&#953; &#945;&#955;&#955;&#945;&#947;&#942; &#963;&#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#942; &#964;&#951;&#957; &#946;&#940;&#963;&#951; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#964;&#951;&#962; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; FATCA) &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#959;&#965;&#957; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;. &#913;&#957;&#964;&#953;&#963;&#964;&#959;&#943;&#967;&#969;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#956;&#972;&#955;&#953;&#962; &#955;&#940;&#946;&#949;&#953; &#947;&#957;&#974;&#963;&#949;&#953; &#972;&#964;&#953; &#964;&#959; &#943;&#948;&#953;&#959; &#963;&#965;&#956;&#946;&#945;&#943;&#957;&#949;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#917;&#957;&#964;&#972;&#962; &#964;&#961;&#953;&#940;&#957;&#964;&#945; (30) &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#945;&#965;&#964;&#942;, &#959; &#933;&#960;&#972;&#967;&#961;&#949;&#959;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#945;&#943;&#957;&#949;&#953; &#963;&#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#942; &#964;&#951;&#957; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#952;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#943;&#950;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#940; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#972;&#964;&#953; &#951; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#941;&#967;&#949;&#953; &#947;&#943;&#957;&#949;&#953; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#967;&#949;&#964;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#941;&#967;&#949;&#953; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#954;&#965;&#946;&#949;&#961;&#957;&#951;&#964;&#953;&#954;&#942; &#942; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942; &#945;&#961;&#967;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.8. &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#945;<b>) </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#957;&#945; &#954;&#940;&#957;&#949;&#953; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#954;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#945;&#965;&#958;&#942;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#942; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#957;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#963;&#949;&#953; &#964;&#959;&#957; &#955;&#942;&#960;&#964;&#951; &#964;&#951;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA.&nbsp; &#913;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#957;&#964;&#953;&#955;&#951;&#966;&#952;&#949;&#943; &#972;&#964;&#953; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#961;&#959;&#962; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#942; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#965;&#960;&#940;&#961;&#958;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973; &#942; &#964;&#951;&#962; &#946;&#940;&#963;&#951;&#962; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; FATCA, &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#946;<b>)</b> &#913;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#972; &#941;&#957;&#945;&#957; &#933;&#960;&#972;&#967;&#961;&#949;&#959;, &#964;&#959; &#960;&#959;&#963;&#972; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#952;&#945; &#945;&#965;&#958;&#951;&#952;&#949;&#943; &#963;&#949; &#960;&#959;&#963;&#972; &#964;&#941;&#964;&#959;&#953;&#959; &#974;&#963;&#964;&#949; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#960;&#959;&#965; &#952;&#945; &#941;&#967;&#949;&#953; &#954;&#940;&#957;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#957;&#945; &#945;&#960;&#959;&#956;&#941;&#957;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#956;&#949; &#964;&#951;&#957; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#965; &#952;&#945; &#949;&#943;&#967;&#949; &#947;&#943;&#957;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#957; &#948;&#949;&#957; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#959; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#947;<b>) </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#972;&#955;&#953;&#962; &#945;&#957;&#964;&#953;&#955;&#951;&#966;&#952;&#949;&#943; &#972;&#964;&#953; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#960;&#972; &#941;&#957;&#945;&#957; &#933;&#960;&#972;&#967;&#961;&#949;&#959; &#942; &#972;&#964;&#953; &#965;&#960;&#942;&#961;&#958;&#949; &#945;&#955;&#955;&#945;&#947;&#942; &#963;&#964;&#959; &#960;&#959;&#963;&#959;&#963;&#964;&#972; &#942; &#964;&#951;&#957; &#946;&#940;&#963;&#951; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#963;&#956;&#959;&#973; &#964;&#951;&#962; &#949;&#957; &#955;&#972;&#947;&#969; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; FATCA &#952;&#945; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#945;&#956;&#949;&#955;&#955;&#951;&#964;&#943; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#959;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#933;&#960;&#972;&#967;&#961;&#949;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#948;<b>)</b> &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#957;&#964;&#972;&#962; 3 &#949;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#964;&#959; &#950;&#951;&#964;&#942;&#963;&#949;&#953;, &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#959;&#963;&#972; &#943;&#963;&#959; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#950;&#951;&#956;&#943;&#945;, &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#942; &#948;&#945;&#960;&#940;&#957;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#972;&#964;&#953; &#941;&#967;&#949;&#953; &#942; &#952;&#945; &#941;&#967;&#949;&#953; &#945;&#956;&#941;&#963;&#969;&#962; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#965;&#960;&#959;&#963;&#964;&#949;&#943; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#956;&#943;&#945;&#962; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951;&#962; FATCA &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#956;&#943;&#945; &#960;&#955;&#951;&#961;&#969;&#956;&#942; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;. &#919; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959;&#962; &#948;&#949;&#957; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#972;&#964;&#945;&#957; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#950;&#951;&#956;&#943;&#945;, &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#942; &#948;&#945;&#960;&#940;&#957;&#951; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#952;&#949;&#943; &#956;&#941;&#963;&#969; &#964;&#951;&#962; &#945;&#965;&#958;&#951;&#956;&#941;&#957;&#951;&#962; &#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#946;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>(</b>&#949;<b>)</b> &#913;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#961;&#959;&#946;&#940;&#955;&#949;&#953; &#942; &#960;&#961;&#959;&#964;&#943;&#952;&#949;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#946;&#940;&#955;&#949;&#953; &#956;&#943;&#945; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#940;&#947;&#961;&#945;&#966;&#959; (&#948;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#952;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#945;&#956;&#949;&#955;&#955;&#951;&#964;&#943; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#947;&#953;&#945; &#964;&#951;&#957; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#945;&#960;&#972; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#960;&#945;&#943;&#964;&#951;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>21.9. &#931;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#942; &#945;&#957;&#945;&#947;&#957;&#974;&#961;&#953;&#963;&#951; &#964;&#951;&#962; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969;. </b>&#922;&#945;&#964;&#940; &#960;&#945;&#961;&#941;&#954;&#954;&#955;&#953;&#963;&#951; &#940;&#955;&#955;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#943;&#945;&#962;, &#948;&#953;&#949;&#965;&#952;&#941;&#964;&#951;&#963;&#951;&#962; &#942; &#963;&#965;&#957;&#949;&#957;&#957;&#972;&#951;&#963;&#951;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#924;&#949;&#961;&#974;&#957;, &#954;&#940;&#952;&#949; &#924;&#941;&#961;&#959;&#962; &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#949;&#953; &#954;&#945;&#953; &#948;&#941;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#965;&#952;&#973;&#957;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#924;&#941;&#961;&#959;&#965;&#962; &#960;&#961;&#959;&#962; &#941;&#957;&#945; &#940;&#955;&#955;&#959; &#924;&#941;&#961;&#959;&#962; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#963;&#945; &#945;&#960;&#972; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#965;&#960;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#963;&#949; &#917;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#945;&#960;&#972; &#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#913;&#961;&#967;&#942; &#917;&#958;&#965;&#947;&#943;&#945;&#957;&#963;&#951;&#962; &#954;&#945;&#953; &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#949;&#953; &#954;&#945;&#953; &#948;&#941;&#967;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#948;&#949;&#963;&#956;&#949;&#973;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; &#945;&#957;&#964;&#943;&#954;&#964;&#965;&#960;&#959; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;)&nbsp; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#957;&#941;&#961;&#947;&#949;&#953;&#945;&#962; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;, &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; (1) &#964;&#951;&#962; &#956;&#949;&#943;&#969;&#963;&#951;&#962; &#949;&#957; &#972;&#955;&#969; &#942; &#949;&#957; &#956;&#941;&#961;&#949;&#953; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965;, &#942; &#964;&#959;&#965; &#945;&#957;&#949;&#958;&#972;&#966;&#955;&#951;&#964;&#959;&#965; &#959;&#966;&#949;&#953;&#955;&#972;&#956;&#949;&#957;&#959;&#965; &#960;&#959;&#963;&#959;&#973; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#947;&#949;&#947;&#949;&#957;&#951;&#956;&#941;&#957;&#969;&#957; &#945;&#955;&#955;&#940; &#956;&#951; &#954;&#945;&#964;&#945;&#946;&#949;&#946;&#955;&#951;&#956;&#941;&#957;&#969;&#957; &#964;&#972;&#954;&#969;&#957;) &#949;&#960;&#943; &#964;&#951;&#962; &#969;&#962; &#940;&#957;&#969; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; (&#946;) &#964;&#951;&#962; &#956;&#949;&#964;&#945;&#964;&#961;&#959;&#960;&#942;&#962; &#964;&#959;&#965; &#963;&#965;&#957;&#972;&#955;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#945;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#963;&#949; &#956;&#949;&#964;&#959;&#967;&#941;&#962; &#942; &#940;&#955;&#955;&#945; &#967;&#961;&#949;&#974;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#949;&#954;&#948;&#959;&#952;&#959;&#973;&#957; &#942; &#957;&#945; &#948;&#953;&#945;&#957;&#949;&#956;&#951;&#952;&#959;&#973;&#957; &#954;&#945;&#953; (&#947;) &#964;&#951;&#962; &#945;&#954;&#973;&#961;&#969;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#945;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#964;&#951;&#962; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#972;&#961;&#959;&#965; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#964;&#959;&#957; &#946;&#945;&#952;&#956;&#972; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#957;&#941;&#961;&#947;&#949;&#953;&#945;&#962; &#916;&#953;&#940;&#963;&#969;&#963;&#951;&#962; &#949;&#954; &#964;&#969;&#957; &#941;&#963;&#969; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#945; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22. &#931;&#933;&#925;&#917;&#928;&#917;&#921;&#917;&#931; &#928;&#913;&#929;&#913;&#925;&#927;&#924;&#927;&#933;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22.1. &#928;&#945;&#961;&#940;&#957;&#959;&#956;&#959;. </b>&#931;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#942;&#963;&#949;&#953; &#942; &#957;&#945; &#949;&#954;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#960;&#972; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#959; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#964;&#961;&#972;&#960;&#959; &#949;&#958;&#945;&#953;&#964;&#943;&#945;&#962; &#964;&#959;&#965; &#972;&#964;&#953; &#949;&#943;&#964;&#949; &#949;&#943;&#957;&#945;&#953; &#960;&#955;&#941;&#959;&#957; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#959; &#942; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#949;&#964;&#945;&#953;, &#942; &#960;&#961;&#972;&#954;&#949;&#953;&#964;&#945;&#953; &#957;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#959; &#942; &#957;&#945; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#965;&#952;&#949;&#943;, (&#972;&#960;&#959;&#965; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#954;&#945;&#953; &#959;&#953; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951;&#962; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 10.17 &#954;&#945;&#953; 10.18 &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;) &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#962; &#949;&#953;&#963;&#945;&#947;&#969;&#947;&#942;&#962; &#949;&#957;&#972;&#962; &#957;&#941;&#959;&#965; &#957;&#972;&#956;&#959;&#965;, &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#965;&#960;&#940;&#961;&#967;&#959;&#957;&#964;&#959;&#962; &#957;&#972;&#956;&#959;&#965; &#942; &#945;&#955;&#955;&#945;&#947;&#942; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#963;&#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#942; &#949;&#961;&#956;&#951;&#957;&#949;&#943;&#945; &#949;&#957;&#972;&#962; &#957;&#972;&#956;&#959;&#965; &#949;&#943;&#964;&#949; &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#964;&#943;&#952;&#949;&#964;&#959; &#942; &#948;&#949;&#957; &#963;&#965;&#957;&#940;&#948;&#949;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#972;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22.2 &#928;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;, &#955;&#942;&#958;&#951; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;.</b> &#924;&#949; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#951;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965;, &#960;&#945;&#973;&#949;&#953; &#951; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#967;&#959;&#961;&#951;&#947;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951; &#954;&#945;&#953; &#964;&#945;&#965;&#964;&#972;&#967;&#961;&#959;&#957;&#945; &#942; &#963;&#949; &#945;&#961;&#947;&#972;&#964;&#949;&#961;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#952;&#945; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#951;&#957; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#947;&#961;&#940;&#966;&#959;&#965; 22.1, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#954;&#945;&#964;&#940; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 7.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#925;&#959;&#959;&#965;&#956;&#941;&#957;&#959;&#965; &#972;&#964;&#953;, &#963;&#949; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#947;&#949;&#957;&#957;&#940;&#964;&#945;&#953; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#940;&#961;&#952;&#961;&#945; 22.1 &#954;&#945;&#953; 22.2 &#964;&#972;&#964;&#949; &#960;&#961;&#953;&#957; &#960;&#961;&#959;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#955;&#949;&#953; &#954;&#940;&#952;&#949; &#948;&#965;&#957;&#945;&#964;&#942; &#949;&#960;&#953;&#956;&#941;&#955;&#949;&#953;&#945; &#974;&#963;&#964;&#949; &#957;&#945; &#956;&#949;&#964;&#945;&#966;&#949;&#961;&#952;&#959;&#973;&#957; &#959;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;, &#949;&#965;&#952;&#973;&#957;&#949;&#962; &#954;&#945;&#953; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#964;&#951;&#962; &#948;&#945;&#957;&#949;&#953;&#945;&#954;&#942;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#940;&#955;&#955;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#963;&#949; &#940;&#955;&#955;&#959; &#965;&#960;&#959;&#954;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945; &#942; &#947;&#961;&#945;&#966;&#949;&#943;&#959; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#960;&#959;&#965; &#948;&#949;&#957; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#953;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#960;&#949;&#961;&#953;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#945;&#955;&#955;&#940; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#952;&#945; &#965;&#960;&#959;&#967;&#961;&#949;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#963;&#949; &#964;&#941;&#964;&#959;&#953;&#945; &#956;&#949;&#964;&#945;&#966;&#959;&#961;&#940; &#945;&#957; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#945;&#965;&#964;&#972; &#952;&#945; &#963;&#965;&#957;&#949;&#960;&#940;&#947;&#949;&#964;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#945;) &#945;&#961;&#957;&#951;&#964;&#953;&#954;&#941;&#962; &#963;&#965;&#957;&#941;&#960;&#949;&#953;&#949;&#962; &#963;&#964;&#953;&#962; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962;, &#964;&#953;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#964;&#951;&#962; &#942; &#964;&#951;&#957; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#964;&#951;&#962; &#952;&#941;&#963;&#951;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#946;) &#964;&#951;&#957; &#945;&#957;&#940;&#956;&#949;&#953;&#958;&#951; &#964;&#951;&#962; &#963;&#949; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#949;&#962; &#942; &#945;&#960;&#945;&#947;&#959;&#961;&#949;&#973;&#959;&#957;&#964;&#945;&#953; &#942; &#945;&#957;&#964;&#943;&#954;&#949;&#953;&#957;&#964;&#945;&#953; &#963;&#949; &#954;&#945;&#957;&#959;&#957;&#953;&#963;&#956;&#959;&#973;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#947;) &#941;&#958;&#959;&#948;&#945; (&#949;&#954;&#964;&#972;&#962; &#945;&#957; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#969;&#952;&#949;&#943; &#947;&#953;&#945; &#945;&#965;&#964;&#940;) &#942;&nbsp; &#966;&#959;&#961;&#959;&#955;&#959;&#947;&#953;&#954;&#942; &#949;&#960;&#953;&#946;&#940;&#961;&#965;&#957;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.&nbsp;&nbsp;&nbsp; &#917;&#915;&#915;&#933;&#919;&#931;&#919;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.1.</b><b> </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#947;&#947;&#965;&#940;&#964;&#945;&#953; &#945;&#957;&#949;&#960;&#953;&#966;&#965;&#955;&#940;&#954;&#964;&#969;&#962; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#957; &#949;&#956;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#951; &#954;&#945;&#953; &#959;&#955;&#959;&#954;&#955;&#951;&#961;&#969;&#964;&#953;&#954;&#942; &#949;&#958;&#972;&#966;&#955;&#951;&#963;&#951; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962;, &#949;&#957;&#949;&#967;&#972;&#956;&#949;&#957;&#959;&#953; &#963;&#949; &#959;&#955;&#972;&#954;&#955;&#951;&#961;&#959;&nbsp; &#956;&#949; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#969;&#962; &#945;&#965;&#964;&#959;&#966;&#949;&#953;&#955;&#941;&#964;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.2. </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#949;&#965;&#952;&#973;&#957;&#949;&#964;&#945;&#953; &#945;&#957;&#949;&#958;&#945;&#961;&#964;&#942;&#964;&#969;&#962; &#964;&#959;&#965; &#957;&#959;&#956;&#959;&#964;&#973;&#960;&#959;&#965; &#964;&#951;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#955;&#951;&#966;&#952;&#949;&#943;&#963;&#945;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#969;&#962;, &#953;&#948;&#953;&#945;&#943;&#964;&#949;&#961;&#945; &#948;&#949; &#945;&#957;&#949;&#958;&#945;&#961;&#964;&#942;&#964;&#969;&#962; &#949;&#955;&#945;&#964;&#964;&#969;&#956;&#940;&#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957;&nbsp; &#949;&#954;&#960;&#961;&#959;&#963;&#974;&#960;&#951;&#963;&#951; &#945;&#965;&#964;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.3. </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#964;&#951;&#962; &#949;&#957;&#963;&#964;&#940;&#963;&#949;&#969;&#962; &#948;&#953;&#950;&#942;&#963;&#949;&#969;&#962;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#954;&#945;&#964;' &#940;&#961;&#952;&#961;&#959; 853 &#913;.&#922;. &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#957;&#945; &#960;&#961;&#959;&#964;&#949;&#943;&#957;&#949;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#949;&#957;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;. &#917;&#960;&#943;&#963;&#951;&#962;, &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#959;&#965; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#957;&#945; &#945;&#963;&#954;&#942;&#963;&#949;&#953; &#964;&#945; &#964;&#965;&#967;&#972;&#957; &#949;&#958; &#945;&#957;&#945;&#947;&#969;&#947;&#942;&#962; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#940; &#964;&#959;&#965; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#949;&#966;&#972;&#963;&#959;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#945;&#957;&#949;&#958;&#972;&#966;&#955;&#951;&#964;&#959; &#956;&#941;&#961;&#959;&#962; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962;. &#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#959;&#965; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#974;&#962; &#964;&#959;&#965; &#963;&#964;&#945; &#960;&#945;&#961;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#949;&#956;&#960;&#961;&#940;&#947;&#956;&#945;&#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#945;&#965;&#964;&#942;&#962;, &#956;&#941;&#967;&#961;&#953; &#951; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951; &#927;&#966;&#949;&#953;&#955;&#942; &#957;&#945; &#949;&#958;&#959;&#966;&#955;&#951;&#952;&#949;&#943; &#959;&#955;&#959;&#963;&#967;&#949;&#961;&#974;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.4. </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#949;&#957; &#949;&#955;&#949;&#965;&#952;&#949;&#961;&#974;&#957;&#949;&#964;&#945;&#953; &#941;&#963;&#964;&#969; &#954;&#945;&#953; &#945;&#957; &#949;&#958; &#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#972;&#947;&#959;&#965; &#946;&#945;&#961;&#973;&#957;&#959;&#957;&#964;&#959;&#962; &#942; &#956;&#951; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#954;&#945;&#964;&#941;&#963;&#964;&#951; &#945;&#948;&#973;&#957;&#945;&#964;&#951; &#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;&nbsp; &#959;&#973;&#964;&#949; &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#949;&#958; &#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#972;&#947;&#959;&#965;, &#960;&#945;&#961;&#945;&#953;&#964;&#942;&#952;&#951;&#954;&#949; &#945;&#963;&#966;&#945;&#955;&#949;&#953;&#974;&#957; &#965;&#960;&#941;&#961; &#964;&#951;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#974;&#962; &#964;&#951;&#962;, &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#948;&#949; &#945;&#960;&#972; &#964;&#959;&#973;&#948;&#949; &#945;&#957;&#949;&#954;&#954;&#955;&#942;&#964;&#969;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#957; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#951; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#942; &#964;&#959;&#965; &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953;, &#959;&#960;&#959;&#964;&#949;&#948;&#942;&#960;&#959;&#964;&#949;, &#964;&#969;&#957; &#963;&#949; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962; &#965;&#960;&#941;&#961; &#945;&#965;&#964;&#942;&#962; &#945;&#963;&#966;&#945;&#955;&#949;&#953;&#974;&#957;, &#949;&#956;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#969;&#957; &#942; &#960;&#961;&#959;&#963;&#969;&#960;&#953;&#954;&#974;&#957;, &#960;&#959;&#965; &#949;&#955;&#942;&#966;&#952;&#951;&#963;&#945;&#957; &#942; &#952;&#945; &#955;&#951;&#966;&#952;&#959;&#973;&#957; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957;. &#932;&#965;&#967;&#972;&#957; &#945;&#960;&#972;&#963;&#946;&#949;&#963;&#951; &#964;&#951;&#962; &#954;&#965;&#961;&#943;&#945;&#962; &#959;&#966;&#949;&#953;&#955;&#942;&#962; &#940;&#957;&#949;&#965; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#945;&#960;&#941;&#950;&#951;&#962; (&#945;&#961;&#952;&#961;. 864 &#913;.&#922;.) &#942; &#964;&#965;&#967;&#972;&#957; &#954;&#945;&#952;&#965;&#963;&#964;&#941;&#961;&#951;&#963;&#951; &#942; &#945;&#956;&#941;&#955;&#949;&#953;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957; &#945;&#957;&#940;&#955;&#951;&#968;&#951; &#954;&#945;&#953; &#963;&#965;&#957;&#941;&#967;&#953;&#963;&#951; &#965;&#960;&#972; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#951;&#962; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#960;&#953;&#948;&#953;&#974;&#958;&#949;&#969;&#962; &#964;&#951;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#974;&#962; &#964;&#951;&#962; (&#945;&#961;&#952;&#961;. 866 868 &#913;.&#922;.) &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953;, &#972;&#964;&#953; &#948;&#949;&#957; &#945;&#960;&#959;&#964;&#949;&#955;&#959;&#973;&#957; &#955;&#972;&#947;&#959; &#949;&#955;&#949;&#965;&#952;&#949;&#961;&#974;&#963;&#949;&#969;&#962; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.5. </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#954;&#940;&#952;&#949; &#941;&#957;&#963;&#964;&#945;&#963;&#951; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#964;&#959;&nbsp; &#940;&#961;&#952;&#961;&#959; 439 &#913;.&#922;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.6. </b>&#922;&#940;&#952;&#949; &#945;&#957;&#945;&#947;&#957;&#974;&#961;&#953;&#963;&#951; &#964;&#951;&#962; &#917;&#947;&#947;&#965;&#951;&#956;&#941;&#957;&#951;&#962; &#927;&#966;&#949;&#953;&#955;&#942;&#962;, &#960;&#959;&#965; &#952;&#945; &#947;&#943;&#957;&#949;&#953; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#949;&#954; &#956;&#941;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;, &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#957;&#949;&#953; &#954;&#945;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>22&#913;.7. </b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#961;&#951;&#964;&#940;, &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#945; &#954;&#945;&#953; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#945; &#945;&#960;&#959;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#954;&#945;&#953; &#963;&#965;&#957;&#945;&#953;&#957;&#949;&#943; &#963;&#949; &#959;&#953;&#945;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#972;&#961;&#959;&#965; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#942;&#952;&#949;&#955;&#949; &#955;&#940;&#946;&#949;&#953; &#967;&#974;&#961;&#945; &#963;&#964;&#959; &#956;&#941;&#955;&#955;&#959;&#957; &#956;&#949; &#964;&#951;&#957; &#963;&#973;&#956;&#966;&#969;&#957;&#951; &#947;&#957;&#974;&#956;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#959;&#956;&#941;&#957;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23. &#913;&#933;&#926;&#919;&#924;&#917;&#925;&#927; &#922;&#927;&#931;&#932;&#927;&#931; (INCREASED COST)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23.1. &#913;&#965;&#958;&#951;&#956;&#941;&#957;&#959; &#954;&#972;&#963;&#964;&#959;&#962;. </b>&#932;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; &#949;&#966;&#945;&#961;&#956;&#972;&#950;&#949;&#964;&#945;&#953; &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#972;&#964;&#953; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#954;&#945;&#955;&#972;&#960;&#953;&#963;&#964;&#951; &#954;&#961;&#943;&#963;&#951; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#969;&#962; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945;:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#956;&#949;&#943;&#969;&#963;&#951; &#964;&#959;&#965; &#954;&#941;&#961;&#948;&#959;&#965;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#954;&#959;&#956;&#943;&#950;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#967;&#942; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#956;&#949;&#943;&#969;&#963;&#951; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#959;&#965; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#942; &#964;&#969;&#957; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#974;&#957; &#964;&#951;&#962;)</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#949;&#960;&#953;&#960;&#961;&#972;&#963;&#952;&#949;&#964;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#956;&#949;&#943;&#969;&#963;&#951; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#959;&#963;&#959;&#973; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#954;&#945;&#964;&#945;&#946;&#955;&#951;&#964;&#941;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#960;&#959;&#965; &#965;&#966;&#943;&#963;&#964;&#945;&#964;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#959;&#966;&#949;&#943;&#955;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#952;&#965;&#947;&#945;&#964;&#961;&#953;&#954;&#942; &#964;&#951;&#962; &#948;&#949;&#963;&#956;&#949;&#973;&#964;&#951;&#954;&#949; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#974;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#967;&#942; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#945;&#955;&#955;&#940; &#949;&#958;&#945;&#953;&#961;&#959;&#965;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#969;&#957; &#960;&#959;&#965; &#945;&#966;&#959;&#961;&#959;&#973;&#957; &#963;&#949; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973; &#966;&#972;&#961;&#959;&#965; &#949;&#960;&#943; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#955;&#953;&#954;&#959;&#973; &#954;&#945;&#952;&#945;&#961;&#959;&#973; &#949;&#953;&#963;&#959;&#948;&#942;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#942; &#964;&#951;&#962; &#956;&#951;&#964;&#961;&#953;&#954;&#942;&#962; &#945;&#965;&#964;&#942;&#962; &#949;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962;), &#942; &#960;&#959;&#965; &#954;&#945;&#955;&#973;&#960;&#964;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#945;&#960;&#959;&#950;&#951;&#956;&#943;&#969;&#963;&#951; &#947;&#953;&#945; &#966;&#972;&#961;&#959; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 20.1 &#942; 21 &#942; &#960;&#959;&#965; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#954;&#945;&#955;&#959;&#960;&#943;&#963;&#964;&#969;&#962; &#957;&#945; &#948;&#953;&#945;&#957;&#949;&#943;&#956;&#949;&#953; &#942; &#954;&#945;&#964;&#945;&#957;&#949;&#943;&#956;&#949;&#953; &#954;&#972;&#963;&#964;&#951; &#954;&#945;&#953;/&#942; &#950;&#951;&#956;&#943;&#949;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#960;&#945;&#947;&#943;&#969;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; &#954;&#945;&#953; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; (&#942; &#956;&#943;&#945;&#962; &#954;&#945;&#964;&#951;&#947;&#959;&#961;&#943;&#945;&#962; &#945;&#965;&#964;&#974;&#957;) &#949;&#960;&#943; &#964;&#951; &#946;&#940;&#963;&#949;&#953; &#960;&#959;&#965; &#951; &#943;&#948;&#953;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#954;&#945;&#964;&#940;&#955;&#955;&#951;&#955;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23.2.</b> <b>&#928;&#955;&#951;&#961;&#969;&#956;&#942; &#945;&#965;&#958;&#951;&#956;&#941;&#957;&#959;&#965; &#954;&#972;&#963;&#964;&#959;&#965;&#962;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#954;&#945;&#964;&#945;&#946;&#940;&#955;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#963;&#949; &#960;&#961;&#974;&#964;&#951; &#950;&#942;&#964;&#951;&#963;&#951; &#964;&#951;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945;&#962;, &#964;&#945; &#960;&#959;&#963;&#940; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#954;&#945;&#953;&#961;&#959;&#973;&#962; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#949;&#953; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#972;&#964;&#953; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965; &#957;&#945; &#945;&#957;&#945;&#954;&#964;&#942;&#963;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#945;&#965;&#958;&#951;&#956;&#941;&#957;&#959; &#954;&#972;&#963;&#964;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23.3. &#916;&#942;&#955;&#969;&#963;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#913;&#957; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#960;&#961;&#959;&#964;&#943;&#952;&#949;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#949;&#967;&#943;&#963;&#949;&#953; &#957;&#945; &#945;&#960;&#959;&#950;&#951;&#956;&#953;&#974;&#957;&#949;&#953; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#947;&#953;&#945; &#964;&#959; &#945;&#965;&#958;&#951;&#956;&#941;&#957;&#959; &#954;&#972;&#963;&#964;&#959;&#962; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 23.2, &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#948;&#951;&#955;&#974;&#963;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#957; &#946;&#959;&#973;&#955;&#951;&#963;&#942; &#964;&#951;&#962; &#957;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#954;&#945;&#964;&#940; &#964;&#951; &#955;&#942;&#958;&#951; &#956;&#943;&#945;&#962; &#928;&#949;&#961;&#953;&#972;&#948;&#959;&#965; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973;. &#919; &#949;&#957; &#955;&#972;&#947;&#969; &#948;&#942;&#955;&#969;&#963;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962; &#952;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#955;&#951;&#966;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959;&#965;&#955;&#940;&#967;&#953;&#963;&#964;&#959;&#957; 14 &#951;&#956;&#941;&#961;&#949;&#962; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#963;&#954;&#959;&#960;&#959;&#973;&#956;&#949;&#957;&#951; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23.4. &#928;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;, &#955;&#942;&#958;&#951; &#964;&#951;&#962; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951;&#962; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951;&#962;. </b>&#919; &#948;&#942;&#955;&#969;&#963;&#951; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 23.3. &#949;&#943;&#957;&#945;&#953; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#951; &#954;&#945;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#959;&#965; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#969;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#974;&#963;&#949;&#953; (&#940;&#957;&#949;&#965; &#949;&#960;&#953;&#946;&#945;&#961;&#973;&#957;&#963;&#949;&#969;&#962; &#942; &#960;&#961;&#959;&#963;&#964;&#943;&#956;&#959;&#965;) &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959; &#956;&#949; &#964;&#959;&#965;&#962; &#949;&#960;&#8217; &#945;&#965;&#964;&#959;&#973; &#964;&#972;&#954;&#959;&#965;&#962; &#965;&#960;&#959;&#955;&#959;&#947;&#953;&#950;&#972;&#956;&#949;&#957;&#959;&#965;&#962; &#956;&#949; &#964;&#959; &#949;&#966;&#945;&#961;&#956;&#959;&#963;&#964;&#941;&#959; &#949;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#960;&#955;&#941;&#959;&#957; &#964;&#959;&#965; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#969;&#957; &#933;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#974;&#957; &#916;&#945;&#960;&#945;&#957;&#974;&#957; (&#949;&#940;&#957; &#965;&#966;&#943;&#963;&#964;&#945;&#957;&#964;&#945;&#953;) &#954;&#945;&#953; &#956;&#949; &#972;&#955;&#945; &#964;&#945; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#945; &#960;&#959;&#963;&#940; &#960;&#959;&#965; &#941;&#967;&#959;&#965;&#957; &#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943; &#942; &#959;&#966;&#949;&#943;&#955;&#959;&#957;&#964;&#945;&#953; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>23.5. &#922;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;. </b>&#932;&#959; &#940;&#961;&#952;&#961;&#959; 7 &#953;&#963;&#967;&#973;&#949;&#953; &#954;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#951;&#962; &#960;&#961;&#959;&#960;&#955;&#951;&#961;&#969;&#956;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>24. &#931;&#933;&#924;&#936;&#919;&#934;&#921;&#931;&#924;&#927;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>24.1. &#922;&#945;&#964;&#945;&#955;&#959;&#947;&#953;&#963;&#956;&#972;&#962; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#974;&#957; &#965;&#960;&#959;&#955;&#959;&#943;&#960;&#969;&#957;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#917;&#960;&#941;&#955;&#949;&#965;&#963;&#951; &#915;&#949;&#947;&#959;&#957;&#972;&#964;&#959;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#967;&#943;&#950;&#949;&#964;&#945;&#953;, &#940;&#957;&#949;&#965; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#962;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#954;&#945;&#964;&#945;&#955;&#959;&#947;&#943;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#960;&#953;&#963;&#964;&#969;&#956;&#941;&#957;&#959; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953;/&#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#965;&#960;&#959;&#954;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#961;&#940;&#964;&#959;&#962; &#963;&#949; &#942; &#941;&#957;&#945;&#957;&#964;&#953; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#959;&#965; &#954;&#945;&#964;&#8217; &#949;&#954;&#949;&#943;&#957;&#959;&#957; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#960;&#959;&#963;&#959;&#973; &#959;&#966;&#949;&#953;&#955;&#959;&#956;&#941;&#957;&#959;&#965; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#947;&#953;&#945; &#964;&#959;&#957; &#963;&#954;&#959;&#960;&#972; &#945;&#965;&#964;&#972;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(1) &#957;&#945; &#948;&#953;&#945;&#954;&#972;&#968;&#949;&#953; &#942; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#955;&#942;&#958;&#951;&#962; &#964;&#959;&#965; &#963;&#965;&#957;&#972;&#955;&#959;&#965; &#942; &#956;&#941;&#961;&#959;&#965;&#962; &#956;&#943;&#945;&#962; &#954;&#945;&#964;&#940;&#952;&#949;&#963;&#951;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953;/&#942; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(2) &#957;&#945; &#956;&#949;&#964;&#945;&#964;&#961;&#941;&#968;&#949;&#953; &#964;&#959; &#963;&#973;&#957;&#959;&#955;&#959; &#942; &#956;&#941;&#961;&#959;&#962; &#956;&#943;&#945;&#962; &#954;&#945;&#964;&#940;&#952;&#949;&#963;&#951;&#962; &#942; &#940;&#955;&#955;&#959;&#965; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#954;&#945;&#964;&#945;&#955;&#959;&#943;&#960;&#959;&#965; &#963;&#949; &#916;&#959;&#955;&#940;&#961;&#953;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(3) &#957;&#945; &#963;&#965;&#957;&#940;&#968;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#963;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#942; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#954;&#945;&#964;&#945;&#967;&#974;&#961;&#953;&#963;&#951; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#959; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#972; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#959;, &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#954;&#945;&#964;&#940;&#955;&#955;&#951;&#955;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>24.2. &#916;&#949;&#957; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#959;&#957;&#964;&#945;&#953; &#965;&#960;&#940;&#961;&#967;&#959;&#957;&#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#949;&#943;&#957;&#945;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#956;&#941;&#957;&#951; &#957;&#945; &#945;&#963;&#954;&#942;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 24.1 &#954;&#945;&#953; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#945;&#965;&#964;&#940; &#964;&#949;&#955;&#959;&#973;&#957; &#965;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#954;&#945;&#953; &#949;&#960;&#953;&#960;&#961;&#959;&#963;&#952;&#941;&#964;&#969;&#962; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973;, &#963;&#965;&#957;&#948;&#965;&#945;&#963;&#956;&#959;&#973; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957;, &#946;&#940;&#961;&#959;&#965;&#962;, &#960;&#961;&#959;&#957;&#959;&#956;&#943;&#959;&#965; &#942; &#940;&#955;&#955;&#959;&#965; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#959;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#959;&#973; &#942; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>24.3. &#916;&#949;&#957; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#959;&#973;&#957;&#964;&#945;&#953; &#917;&#958;&#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962;. </b>&#932;&#959; &#940;&#961;&#952;&#961;&#959; 24 &#960;&#945;&#961;&#941;&#967;&#949;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#959; &#963;&#965;&#956;&#946;&#945;&#964;&#953;&#954;&#972; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973; &#954;&#945;&#953; &#956;&#972;&#957;&#959;&#957; &#954;&#945;&#953; &#948;&#949;&#957; &#948;&#951;&#956;&#953;&#959;&#965;&#961;&#947;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#946;&#940;&#961;&#959;&#962; &#942; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#949;&#960;&#943; &#964;&#959;&#965; &#960;&#953;&#963;&#964;&#969;&#964;&#953;&#954;&#959;&#973; &#954;&#945;&#964;&#945;&#955;&#959;&#943;&#960;&#959;&#965; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25. &#924;&#917;&#932;&#913;&#914;&#921;&#914;&#913;&#931;&#917;&#921;&#931; &#922;&#913;&#921; &#913;&#923;&#923;&#913;&#915;&#917;&#931; &#933;&#928;&#927;&#922;&#913;&#932;&#913;&#931;&#932;&#919;&#924;&#913;&#932;&#937;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.1. &#924;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;. </b>&#919;<b> </b>&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953;, &#940;&#957;&#949;&#965; &#964;&#951;&#962; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#951;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#964;&#945; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#942;&#964;&#959;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#957;&#945; &#956;&#949;&#964;&#945;&#946;&#953;&#946;&#940;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#942; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#942; &#964;&#951;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#957;&#945; &#963;&#965;&#947;&#967;&#969;&#957;&#949;&#965;&#952;&#949;&#943;, &#945;&#960;&#959;&#963;&#960;&#945;&#963;&#964;&#949;&#943;, &#945;&#957;&#945;&#948;&#953;&#959;&#961;&#947;&#945;&#957;&#969;&#952;&#949;&#943; &#942; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#957;&#941;&#961;&#947;&#949;&#953;&#945; &#964;&#959; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#942; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#957;&#945; &#956;&#949;&#964;&#945;&#946;&#953;&#946;&#945;&#963;&#952;&#949;&#943; &#963;&#949; &#940;&#955;&#955;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.2. &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#954;&#945;&#953; &#956;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;.</b> &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#954;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#954;&#945;&#953;/&#942; &#956;&#949;&#964;&#945;&#946;&#953;&#946;&#940;&#963;&#949;&#953; (&#949;&#943;&#964;&#949; &#956;&#941;&#963;&#969; &#949;&#953;&#963;&#945;&#947;&#969;&#947;&#942;&#962; &#954;&#959;&#953;&#957;&#959;&#960;&#961;&#945;&#954;&#964;&#953;&#954;&#959;&#973; &#963;&#967;&#942;&#956;&#945;&#964;&#959;&#962; &#949;&#943;&#964;&#949; &#940;&#955;&#955;&#969;&#962;) &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#942; &#964;&#959; &#963;&#973;&#957;&#959;&#955;&#959; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957;, &#963;&#965;&#956;&#966;&#949;&#961;&#972;&#957;&#964;&#969;&#957; &#954;&#945;&#953; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;. &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#954;&#945;&#953;/&#942; &#956;&#949;&#964;&#945;&#946;&#943;&#946;&#945;&#963;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#957;&#964;&#959;&#962; &#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#967;&#974;&#961;&#945; &#940;&#957;&#949;&#965; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#945;&#955;&#955;&#940; &#956;&#949; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#945;&#965;&#964;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.3. &#917;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#955;&#972;&#947;&#969; &#949;&#957;&#949;&#967;&#973;&#961;&#959;&#965; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962;. </b>&#919;&nbsp; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#949;&#953; &#954;&#945;&#953; &#945;&#960;&#959;&#948;&#941;&#967;&#949;&#964;&#945;&#953; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#964;&#951;&#962; &#928;&#961;&#940;&#958;&#951;&#962; &#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965; &#925;&#959;&#956;&#953;&#963;&#956;&#945;&#964;&#953;&#954;&#942;&#962; &#928;&#959;&#955;&#953;&#964;&#953;&#954;&#942;&#962; (&#928;&#931;&#925;&#928; &#965;&#960;&#8217; &#945;&#961;&#953;&#952;&#956;. 96/22.4.2015, &#972;&#960;&#969;&#962; &#945;&#965;&#964;&#942; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#952;&#951;&#954;&#949; &#948;&#953;&#945;&#948;&#959;&#967;&#953;&#954;&#940; &#956;&#949; &#964;&#953;&#962; &#965;&#960;&#8217; &#945;&#961;&#953;&#952;&#956;. 98/23.10.2015, 99/15.1.2016, 101/19.12.2016, 103/24.3.2017, 104/11.7.2017 &#954;&#945;&#953; 109/29.7.2019 &#928;&#961;&#940;&#958;&#949;&#953;&#962;), &#954;&#945;&#953; &#972;&#960;&#969;&#962; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#953;&#963;&#967;&#973;&#949;&#953;, &#972;&#964;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953;, &#948;&#943;&#967;&#969;&#962; &#957;&#945; &#945;&#960;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#942; &#948;&#953;&#945;&#964;&#973;&#960;&#969;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#957;&#945; &#949;&#954;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#955;&#972;&#947;&#969; &#949;&#957;&#949;&#967;&#973;&#961;&#959;&#965; &#964;&#953;&#962; &#949;&#954; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962; &#969;&#962; &#945;&#963;&#966;&#940;&#955;&#949;&#953;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#964;&#969;&#957; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#959;&#956;&#941;&#957;&#969;&#957; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#942;&#963;&#949;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.4. &#931;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;. </b>&#931;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#945;&#960;&#959;&#964;&#949;&#955;&#941;&#963;&#949;&#953; &#945;&#957;&#964;&#953;&#954;&#949;&#943;&#956;&#949;&#957;&#959; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#945; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#965;&#957;&#945;&#953;&#957;&#949;&#943; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#945;: &#945;) &#963;&#964;&#951;&#957; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#955;&#972;&#947;&#969; &#949;&#957;&#949;&#967;&#973;&#961;&#959;&#965; &#964;&#969;&#957; &#949;&#954; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962;, &#946;) &#963;&#964;&#951;&#957; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962;, &#964;&#953;&#962; &#955;&#959;&#953;&#960;&#941;&#962; &#949;&#952;&#957;&#953;&#954;&#941;&#962; &#954;&#949;&#957;&#964;&#961;&#953;&#954;&#941;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#963;&#965;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#953; &#964;&#951;&#957; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942; 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&#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#972;&#963;&#959; &#954;&#945;&#953; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#947;) &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#949;&#954;&#967;&#974;&#961;&#951;&#963;&#951; &#964;&#969;&#957; &#949;&#954; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#951;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#969;&#957; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959;, &#948;) &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#945;&#953;&#964;&#941;&#961;&#969; &#967;&#959;&#961;&#942;&#947;&#951;&#963;&#951; &#956;&#949; &#963;&#965;&#947;&#954;&#949;&#957;&#964;&#961;&#969;&#964;&#953;&#954;&#942; &#956;&#959;&#961;&#966;&#942; &#942; /&#954;&#945;&#953; &#945;&#957;&#945;&#955;&#965;&#964;&#953;&#954;&#940;, &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; &#954;&#945;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962; &#963;&#964;&#959;&#965;&#962; &#940;&#956;&#949;&#963;&#959;&#965;&#962; &#942; / &#954;&#945;&#953; &#945;&#960;&#974;&#964;&#949;&#961;&#959;&#965;&#962; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#972;&#967;&#959;&#965;&#962; &#964;&#951;&#962; &#954;&#945;&#953; &#945;&#960;&#972; &#949;&#954;&#949;&#943;&#957;&#959;&#965;&#962; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#972;&#967;&#959; &#964;&#959;&#965;&#962;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#960;&#961;&#959;&#962; &#964;&#951;&#957; &#917;&#965;&#961;&#969;&#960;&#945;&#970;&#954;&#942; &#922;&#949;&#957;&#964;&#961;&#953;&#954;&#942; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#964;&#953;&#962; &#955;&#959;&#953;&#960;&#941;&#962; &#954;&#949;&#957;&#964;&#961;&#953;&#954;&#941;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#949;&#962; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#963;&#965;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962; &#954;&#945;&#964;&#940; &#964;&#945; &#960;&#961;&#959;&#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.5. &#916;&#949;&#957; &#967;&#969;&#961;&#949;&#943; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#972;&#962;. </b>&#929;&#951;&#964;&#974;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#948;&#949;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#964;&#949;&#943;&#957;&#949;&#953; &#963;&#949; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#972; &#942; &#949;&#960;&#943;&#963;&#967;&#949;&#963;&#951; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#964;&#951;&#962; &#917;&#955;&#955;&#940;&#948;&#959;&#962;, &#964;&#969;&#957; &#955;&#959;&#953;&#960;&#974;&#957; &#954;&#949;&#957;&#964;&#961;&#953;&#954;&#974;&#957; &#932;&#961;&#945;&#960;&#949;&#950;&#974;&#957; &#964;&#959;&#965; &#917;&#965;&#961;&#969;&#963;&#965;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962;, &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#945;&#948;&#972;&#967;&#969;&#957; &#964;&#959;&#965;&#962;, &#945;&#957;&#964;&#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#942; &#954;&#945;&#964;&#940; &#964;&#969;&#957; &#964;&#965;&#967;&#972;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#960;&#945;&#961;&#972;&#967;&#969;&#957; &#945;&#965;&#964;&#942;&#962;, &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#953;&#964;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#974;&#961;&#945; &#945;&#960;&#972; &#954;&#940;&#952;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#940; &#964;&#951;&#962; &#963;&#965;&#956;&#968;&#951;&#966;&#953;&#963;&#956;&#959;&#973; &#942; &#949;&#960;&#953;&#963;&#967;&#941;&#963;&#949;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.6. &#904;&#956;&#956;&#949;&#963;&#951; &#963;&#965;&#956;&#956;&#949;&#964;&#959;&#967;&#942; (sub-participation) </b>&#954;&#945;&#953;<b> </b>&#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#942;<b> </b>&#965;&#960;&#959;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;<b>. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945;<b> </b>&#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#963;&#965;&#957;&#940;&#968;&#949;&#953; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#941;&#956;&#956;&#949;&#963;&#951;&#962; &#963;&#965;&#956;&#956;&#949;&#964;&#959;&#967;&#942;&#962; &#964;&#961;&#943;&#964;&#959;&#965; &#963;&#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#954;&#945;&#953; &#964;&#953;&#962; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#967;&#969;&#961;&#943;&#962; &#964;&#951;&#957; &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#959;&#962; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; (&#945;&#955;&#955;&#940; &#956;&#949; &#964;&#951;&#957; &#941;&#947;&#947;&#961;&#945;&#966;&#951; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#945;&#965;&#964;&#974;&#957;), &#949;&#960;&#943;&#963;&#951;&#962; &#948;&#949; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#954;&#967;&#969;&#961;&#942;&#963;&#949;&#953; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959; &#954;&#945;&#953; &#972;&#961;&#959;&#965;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#949;&#953; &#972;&#955;&#945; &#942; &#956;&#941;&#961;&#959;&#962; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#960;&#961;&#959;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#942; &#954;&#945;&#953; &#957;&#945; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#945;&#952;&#949;&#943; &#945;&#960;&#972; &#945;&#965;&#964;&#972;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.7. &#913;&#960;&#959;&#954;&#940;&#955;&#965;&#968;&#951; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#945;&#960;&#959;&#954;&#945;&#955;&#973;&#968;&#949;&#953; &#960;&#961;&#959;&#962; &#965;&#960;&#959;&#968;&#942;&#966;&#953;&#959; &#949;&#954;&#948;&#959;&#967;&#941;&#945; &#942; &#948;&#953;&#940;&#948;&#959;&#967;&#959; &#942; &#949;&#956;&#956;&#941;&#963;&#969;&#962; &#963;&#965;&#956;&#956;&#949;&#964;&#941;&#967;&#959;&#957; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#945; &#941;&#967;&#949;&#953; &#955;&#940;&#946;&#949;&#953; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#942; &#964;&#953;&#962; &#949;&#961;&#947;&#945;&#963;&#943;&#949;&#962; &#964;&#959;&#965;&#962; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962;. &#908;&#955;&#949;&#962; &#959;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#952;&#945; &#945;&#960;&#959;&#954;&#945;&#955;&#965;&#966;&#952;&#959;&#973;&#957; &#956;&#949; &#964;&#959;&#957; &#964;&#961;&#972;&#960;&#959; &#945;&#965;&#964;&#972; &#952;&#945; &#960;&#945;&#961;&#945;&#956;&#941;&#957;&#959;&#965;&#957; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#941;&#962; &#941;&#957;&#945;&#957;&#964;&#953; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#943;&#964;&#959;&#965; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#960;&#941;&#961;&#945;&#957; &#945;&#965;&#964;&#974;&#957; &#963;&#964;&#945; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#945;&#960;&#959;&#954;&#945;&#955;&#965;&#966;&#952;&#959;&#973;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.8. &#913;&#955;&#955;&#945;&#947;&#942; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#959;&#973;&#957;&#964;&#959;&#962; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#945;&#955;&#955;&#940;&#958;&#949;&#953; &#964;&#959; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#974;&#957; &#954;&#945;&#964;&#940;&#963;&#964;&#951;&#956;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#957;&#964;&#945;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#942; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#963;&#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#955;&#955;&#945;&#947;&#942; &#960;&#945;&#961;&#940;&#947;&#949;&#953; &#945;&#960;&#959;&#964;&#949;&#955;&#941;&#963;&#956;&#945;&#964;&#945; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#954; &#964;&#969;&#957; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#953;&#974;&#957; &#964;&#965;&#947;&#967;&#940;&#957;&#949;&#953; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951;, &#942;&#964;&#959;&#953;: (&#945;) &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#955;&#942;&#968;&#951;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#964;&#951;&#962; &#969;&#962; &#940;&#957;&#969; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#942; (&#946;) &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;, &#945;&#957; &#965;&#960;&#940;&#961;&#967;&#949;&#953;, &#960;&#959;&#965; &#960;&#961;&#959;&#963;&#948;&#953;&#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#969;&#962; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#941;&#957;&#945;&#961;&#958;&#951;&#962; &#964;&#951;&#962; &#953;&#963;&#967;&#973;&#959;&#962; &#964;&#951;&#962; &#945;&#955;&#955;&#945;&#947;&#942;&#962; &#965;&#960;&#959;&#954;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#959;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>25.9. &#931;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951; &#963;&#964;&#951;&#957; &#945;&#960;&#959;&#954;&#940;&#955;&#965;&#968;&#951;. </b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#959;&#964;&#949;&#943; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#957;&#945; &#945;&#960;&#959;&#954;&#945;&#955;&#973;&#968;&#949;&#953; &#972;&#955;&#949;&#962; &#964;&#953;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#960;&#959;&#965; &#963;&#967;&#949;&#964;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#956;&#949;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#960;&#955;&#959;&#943;&#959; &#945;&#957;&#942;&#954;&#949;&#953; &#954;&#945;&#964;&#940; &#954;&#965;&#961;&#953;&#972;&#964;&#951;&#964;&#945; &#942; &#951; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945; &#964;&#959;&#965; &#945;&#963;&#954;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#954;&#940;&#960;&#959;&#953;&#959; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#964;&#951;&#957; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#949;&#965;&#963;&#951;, &#963;&#973;&#957;&#964;&#945;&#958;&#951; &#954;&#945;&#953; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#959; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#960;&#961;&#959;&#962; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#940;&#961;&#959;&#967;&#959; &#965;&#960;&#951;&#961;&#949;&#963;&#953;&#974;&#957; (&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#949;&#957;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940;, &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957;, &#959;&#961;&#954;&#969;&#964;&#974;&#957; &#949;&#955;&#949;&#947;&#954;&#964;&#974;&#957;, &#948;&#953;&#954;&#951;&#947;&#972;&#961;&#969;&#957;, &#955;&#959;&#947;&#953;&#963;&#964;&#974;&#957;, &#949;&#960;&#953;&#952;&#949;&#969;&#961;&#951;&#964;&#974;&#957;, &#949;&#954;&#964;&#953;&#956;&#951;&#964;&#974;&#957;, &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#974;&#957;, &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#969;&#957; &#954;&#945;&#953; &#956;&#949;&#963;&#953;&#964;&#974;&#957;) &#972;&#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#948;&#953;&#945;&#954;&#961;&#953;&#964;&#953;&#954;&#942; &#964;&#951;&#962; &#949;&#965;&#967;&#941;&#961;&#949;&#953;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#942; &#949;&#960;&#953;&#952;&#965;&#956;&#951;&#964;&#972; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953;/&#942; &#964;&#951;&#957; &#960;&#961;&#959;&#963;&#964;&#945;&#963;&#943;&#945; &#942; &#949;&#960;&#953;&#946;&#959;&#955;&#942; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#960;&#959;&#965; &#964;&#951;&#962; &#960;&#945;&#961;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#945;&#965;&#964;&#940; &#954;&#945;&#953; (&#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#951;&#962; &#945;&#960;&#959;&#954;&#940;&#955;&#965;&#968;&#951;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957; &#960;&#949;&#961;&#943; &#964;&#969;&#957; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#969;&#957; (&#945;) &#954;&#945;&#953; (&#947;) &#945;&#957;&#969;&#964;&#941;&#961;&#969;) &#963;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#947;&#967;&#974;&#961;&#953;&#945; &#942; &#945;&#955;&#955;&#959;&#948;&#945;&#960;&#942; &#931;&#965;&#947;&#947;&#949;&#957;&#942; &#964;&#959;&#965;&#962; &#917;&#964;&#945;&#953;&#961;&#949;&#943;&#945; &#960;&#940;&#957;&#964;&#945; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#963;&#967;&#949;&#964;&#953;&#954;&#959;&#973; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#949;&#956;&#960;&#953;&#963;&#964;&#949;&#965;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>26. &#932;&#929;&#927;&#928;&#927;&#928;&#927;&#921;&#919;&#931;&#917;&#921;&#931; &#922;&#913;&#921; &#928;&#913;&#929;&#913;&#921;&#932;&#919;&#931;&#917;&#921;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>26.1. &#932;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962;, &#960;&#945;&#961;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#954;.&#955;&#960;. &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;. </b>&#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#959;&#965; &#940;&#961;&#952;&#961;&#959;&#965; 26.2. &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969;, &#941;&#957;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;, &#945;&#957;&#945;&#963;&#964;&#949;&#943;&#955;&#949;&#953;, &#942; &#960;&#949;&#961;&#953;&#959;&#961;&#943;&#963;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#972;&#961;&#959; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#964;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#945;&#965;&#964;&#972; &#942; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965; &#956;&#972;&#957;&#959; &#945;&#957; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#941;&#967;&#949;&#953; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943; &#942; &#941;&#967;&#949;&#953; &#949;&#953;&#948;&#953;&#954;&#974;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#951;&#952;&#949;&#943; &#956;&#941;&#963;&#969; &#966;&#945;&#958; &#942; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#945;&#955;&#955;&#951;&#955;&#959;&#947;&#961;&#945;&#966;&#943;&#945;&#962; &#945;&#960;&#972; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#969;&#956;&#941;&#957;&#951; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#956;&#949;&#961;&#974;&#957; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953;, &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#964;&#959; &#949;&#957; &#955;&#972;&#947;&#969; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#945;&#966;&#959;&#961;&#940; &#963;&#949; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#954;.&#955;&#960;. &#954;&#940;&#960;&#959;&#953;&#959;&#965; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#945;&#960;&#972; &#964;&#959; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#949; &#945;&#965;&#964;&#972;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>26.2. &#913;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#956;&#972;&#962; &#940;&#955;&#955;&#969;&#957; &#942; &#956;&#951; &#961;&#951;&#964;&#974;&#957; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#957;. </b>&#913;&#957; &#941;&#957;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#948;&#949;&#957; &#960;&#955;&#951;&#961;&#959;&#943; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 26.1. &#954;&#945;&#953; 26.2, &#959;&#973;&#964;&#949; &#964;&#959; &#943;&#948;&#953;&#959; &#959;&#973;&#964;&#949; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#940;&#958;&#951;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#966;&#959;&#961;&#940;, &#960;&#945;&#961;&#940;&#955;&#949;&#953;&#968;&#951;, &#954;&#945;&#952;&#965;&#963;&#964;&#941;&#961;&#951;&#963;&#951; &#942; &#963;&#965;&#947;&#954;&#945;&#964;&#940;&#946;&#945;&#963;&#951; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#955;&#949;&#965;&#961;&#940; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#959;&#963;&#974;&#960;&#959;&#965; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#962;) &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#949;&#954;&#955;&#951;&#966;&#952;&#949;&#943; &#969;&#962; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; (&#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#949;&#957;&#949;&#961;&#947;&#949;&#943; &#947;&#953;&#945; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#964;&#951;&#962;) &#957;&#945; &#941;&#967;&#949;&#953; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;, &#960;&#945;&#961;&#945;&#953;&#964;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945;, &#945;&#957;&#945;&#963;&#964;&#949;&#943;&#955;&#949;&#953; &#942; &#960;&#949;&#961;&#953;&#959;&#961;&#943;&#963;&#949;&#953; &#942; &#949;&#956;&#960;&#959;&#948;&#953;&#963;&#964;&#949;&#943; (&#956;&#972;&#957;&#953;&#956;&#945; &#942; &#960;&#961;&#959;&#963;&#969;&#961;&#953;&#957;&#940;) &#945;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#946;&#959;&#955;&#942;, &#967;&#961;&#942;&#963;&#951; &#942; &#940;&#963;&#954;&#951;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#964;&#951;&#962; &#960;&#959;&#965; (&#945;) &#960;&#949;&#961;&#953;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#963;&#949; &#948;&#953;&#940;&#964;&#945;&#958;&#951; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; (&#946;) &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#941;&#957;&#945; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#964;&#951;&#957; &#956;&#951; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#945;&#960;&#972; &#964;&#951; &#942; &#941;&#957;&#945; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#964;&#969;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#964;&#959;&#965;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#941;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#964;&#959;&#957; &#957;&#972;&#956;&#959; &#942; (&#947;) &#960;&#959;&#965; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#959;&#957;&#964;&#945;&#953; &#969;&#962; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#945;&#960;&#972; &#964;&#959;&#957; &#957;&#972;&#956;&#959;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#954;&#945;&#953; &#963;&#949; &#954;&#945;&#956;&#943;&#945; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#948;&#949;&#957; &#965;&#960;&#959;&#957;&#959;&#949;&#943;&#964;&#945;&#953; &#945;&#960;&#972; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#972;&#964;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#941;&#964;&#959;&#953;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#945;&#963;&#954;&#951;&#952;&#949;&#943; &#949;&#957;&#964;&#972;&#962; &#963;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#959;&#965; &#942; &#949;&#965;&#955;&#972;&#947;&#959;&#965; &#967;&#961;&#972;&#957;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>26.3. &#932;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#945;&#960;&#972; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#951;&#957; FATCA. </b>&#922;&#945;&#964;&#940; &#960;&#945;&#961;&#941;&#954;&#954;&#955;&#953;&#963;&#951; &#964;&#969;&#957; &#945;&#957;&#969;&#964;&#941;&#961;&#969;, &#945;&#957; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#949;&#969;&#961;&#949;&#943; &#972;&#964;&#953; &#956;&#943;&#945; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#945;&#960;&#959;&#964;&#949;&#955;&#941;&#963;&#949;&#953; &#171;&#959;&#965;&#963;&#953;&#974;&#948;&#951; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942;&#187; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#951;&#962; FATCA, &#960;&#959;&#965; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#941;&#967;&#949;&#953; &#969;&#962; &#940;&#956;&#949;&#963;&#959; &#942; &#941;&#956;&#956;&#949;&#963;&#959; &#945;&#960;&#959;&#964;&#941;&#955;&#949;&#963;&#956;&#945; &#964;&#951;&#957; &#965;&#960;&#959;&#967;&#961;&#941;&#969;&#963;&#951; &#949;&#957;&#972;&#962; &#924;&#941;&#961;&#959;&#965;&#962; &#957;&#945; &#960;&#961;&#959;&#946;&#949;&#943; &#963;&#949; &#913;&#960;&#959;&#956;&#949;&#943;&#969;&#963;&#951; FATCA &#954;&#945;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#962; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#951; &#949;&#957; &#955;&#972;&#947;&#969; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#942; &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#948;&#949;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#945;&#947;&#956;&#945;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#940;&#957;&#949;&#965; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>26.4 &#913;&#955;&#955;&#945;&#947;&#941;&#962; &#963;&#964;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962;. </b>(&#945;)<b> </b>&#931;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#913;&#957;&#964;&#953;&#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951;&#962; &#917;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965; &#914;&#940;&#963;&#951;&#962;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#953; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#952;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#959;&#965;&#957; &#963;&#949; &#941;&#957;&#945; &#940;&#955;&#955;&#959; &#917;&#960;&#953;&#964;&#972;&#954;&#953;&#959; &#914;&#940;&#963;&#951;&#962;, &#949;&#966;&#945;&#961;&#956;&#959;&#950;&#959;&#956;&#941;&#957;&#969;&#957; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#945;&#965;&#964;&#942; &#945;&#957;&#945;&#955;&#959;&#947;&#953;&#954;&#974;&#962; &#964;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 5.4.&#913;.3 &#954;&#945;&#953; 7.7 (&#947;) &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27. &#917;&#921;&#916;&#927;&#928;&#927;&#921;&#919;&#931;&#917;&#921;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.1. &#915;&#949;&#957;&#953;&#954;&#940;. </b>&#908;&#960;&#959;&#965; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#947;&#943;&#957;&#949;&#964;&#945;&#953; &#955;&#972;&#947;&#959;&#962; &#947;&#953;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#945;&#957; &#948;&#949;&#957; &#959;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#949;&#953;&#948;&#953;&#954;&#974;&#962; &#954;&#940;&#964;&#953; &#940;&#955;&#955;&#959;, &#959;&#953; &#949;&#957; &#955;&#972;&#947;&#969; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#952;&#945; &#949;&#943;&#957;&#945;&#953; &#941;&#947;&#947;&#961;&#945;&#966;&#949;&#962; &#954;&#945;&#953; &#952;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#959;&#957;&#964;&#945;&#953; &#949;&#943;&#964;&#949; &#956;&#949; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#953;&#954;&#942; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#949;&#943;&#964;&#949; &#956;&#949; &#966;&#945;&#958; &#949;&#943;&#964;&#949; &#956;&#949; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#972; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.2. &#916;&#953;&#949;&#965;&#952;&#973;&#957;&#963;&#949;&#953;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#957;.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#915;&#953;&#945; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">c/o EUROBULK LTD.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#924;&#949;&#963;&#959;&#947;&#949;&#943;&#959;&#965; 4 &amp; &#917;&#965;&#961;&#974;&#960;&#951;&#962;, 115 24, &#924;&#945;&#961;&#959;&#973;&#963;&#953; &#913;&#964;&#964;&#953;&#954;&#942;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Email:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#947;&#953;&#945; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">c/o EUROBULK LTD.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#924;&#949;&#963;&#959;&#947;&#949;&#943;&#959;&#965; 4 &amp; &#917;&#965;&#961;&#974;&#960;&#951;&#962;, 115 24, &#924;&#945;&#961;&#959;&#973;&#963;&#953; &#913;&#964;&#964;&#953;&#954;&#942;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Email:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#947;&#953;&#945; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;: &#959;&#948;&#972;&#962; &#924;&#960;&#959;&#965;&#956;&#960;&#959;&#965;&#955;&#943;&#957;&#945;&#962; &#945;&#961;. 2 &#954;&#945;&#953; &#913;&#954;&#964;&#942; &#924;&#953;&#945;&#959;&#973;&#955;&#951;, 185 35 &#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Email: tsagarakis.em@nbg.gr, katsoulas.panagiotis@nbg.gr &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#952;&#945; &#947;&#957;&#969;&#963;&#964;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#962; &#964;&#959; &#924;&#941;&#961;&#959;&#962; &#960;&#959;&#965; &#945;&#955;&#955;&#940;&#950;&#949;&#953; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#945; &#965;&#960;&#972;&#955;&#959;&#953;&#960;&#945; &#924;&#941;&#961;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.3. &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#945;&#961;&#945;&#955;&#945;&#946;&#942;&#962; &#964;&#969;&#957; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#969;&#957;.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#933;&#960;&#972; &#964;&#951;&#957; &#949;&#960;&#953;&#966;&#973;&#955;&#945;&#958;&#951; &#964;&#969;&#957; &#940;&#961;&#952;&#961;&#969;&#957; 27.4 &#954;&#945;&#953; 27.5:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#956;&#943;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#960;&#959;&#965; &#960;&#945;&#961;&#945;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#953;&#948;&#953;&#959;&#967;&#949;&#943;&#961;&#969;&#962; &#942; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#949;&#964;&#945;&#953; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#953;&#954;&#974;&#962; &#952;&#945; &#953;&#963;&#967;&#973;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#960;&#945;&#961;&#945;&#955;&#945;&#946;&#942;&#962; &#964;&#951;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#956;&#943;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#960;&#959;&#965; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#949;&#964;&#945;&#953; &#956;&#949; &#966;&#945;&#958; &#942; &#956;&#941;&#963;&#969; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#945;&#955;&#955;&#951;&#955;&#959;&#947;&#961;&#945;&#966;&#943;&#945;&#962; &#945;&#960;&#972; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#969;&#956;&#941;&#957;&#951; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#956;&#949;&#961;&#974;&#957; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#960;&#945;&#961;&#949;&#955;&#942;&#966;&#952;&#951; &#948;&#973;&#959; &#974;&#961;&#949;&#962; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#955;&#942;&#958;&#951; &#964;&#951;&#962; &#956;&#949;&#964;&#940;&#948;&#959;&#963;&#951;&#962; &#954;&#945;&#953; &#963;&#949; &#954;&#940;&#952;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#949;&#957;&#964;&#972;&#962; &#964;&#951;&#962; &#943;&#948;&#953;&#945;&#962; &#949;&#961;&#947;&#940;&#963;&#953;&#956;&#951;&#962; &#951;&#956;&#941;&#961;&#945;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#945;&#960;&#959;&#963;&#964;&#941;&#955;&#955;&#949;&#964;&#945;&#953;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.4. &#904;&#947;&#954;&#965;&#961;&#949;&#962; &#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#924;&#943;&#945; &#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#942; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#941;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#952;&#945; &#952;&#949;&#969;&#961;&#949;&#943;&#964;&#945;&#953; &#941;&#947;&#954;&#965;&#961;&#951; &#945;&#954;&#972;&#956;&#951; &#954;&#953; &#945;&#957; &#964;&#959; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#972; &#964;&#951;&#962; &#942; &#959; &#964;&#961;&#972;&#960;&#959;&#962; &#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942;&#962; &#964;&#951;&#962; &#948;&#949;&#957; &#963;&#965;&#956;&#966;&#969;&#957;&#959;&#973;&#957; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;, &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; (&#945;) &#945;&#957; &#951; &#956;&#951; &#945;&#960;&#959;&#963;&#964;&#959;&#955;&#942; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#942; &#940;&#955;&#955;&#959; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#948;&#949;&#957; &#949;&#960;&#941;&#966;&#949;&#961;&#949; &#963;&#951;&#956;&#945;&#957;&#964;&#953;&#954;&#942; &#950;&#951;&#956;&#943;&#945; &#963;&#964;&#959;&#957; &#960;&#945;&#961;&#945;&#955;&#942;&#960;&#964;&#951; &#942; (&#946;) &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#964;&#959;&#965; &#955;&#945;&#957;&#952;&#945;&#963;&#956;&#941;&#957;&#959;&#965; &#942; &#949;&#955;&#955;&#953;&#960;&#959;&#973;&#962; &#960;&#949;&#961;&#953;&#949;&#967;&#959;&#956;&#941;&#957;&#959;&#965;, &#945;&#957; &#949;&#943;&#957;&#945;&#953; &#949;&#965;&#955;&#972;&#947;&#969;&#962; &#945;&#957;&#964;&#953;&#955;&#951;&#960;&#964;&#972; &#963;&#964;&#959;&#957; &#960;&#945;&#961;&#945;&#955;&#942;&#960;&#964;&#951; &#964;&#959; &#959;&#961;&#952;&#972; &#942; &#959;&#955;&#959;&#954;&#955;&#951;&#961;&#969;&#956;&#941;&#957;&#959; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#959;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.5. &#904;&#957;&#957;&#959;&#953;&#945; &#171;&#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962;&#187;. </b>&#927; &#972;&#961;&#959;&#962; &#171;&#949;&#953;&#948;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#187; &#960;&#959;&#965; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#963;&#964;&#959; &#960;&#945;&#961;&#972;&#957; &#940;&#961;&#952;&#961;&#959; 27 &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#945;&#943;&#964;&#951;&#956;&#945;, &#963;&#965;&#957;&#945;&#943;&#957;&#949;&#963;&#951;, &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#972;&#964;&#951;&#963;&#951;, &#941;&#947;&#954;&#961;&#953;&#963;&#951;, &#959;&#948;&#951;&#947;&#943;&#945;, &#960;&#945;&#961;&#945;&#943;&#964;&#951;&#963;&#951; &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>27.6. &#917;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945; &#956;&#941;&#963;&#969; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965;. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945;, &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#963;&#965;&#956;&#966;&#969;&#957;&#959;&#973;&#957; &#972;&#964;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#956;&#960;&#959;&#961;&#959;&#973;&#957; &#957;&#945; &#945;&#960;&#959;&#963;&#964;&#945;&#955;&#959;&#973;&#957; &#956;&#941;&#963;&#969; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#959;&#965;&#962; &#942; &#945;&#960;&#972; &#942; &#960;&#961;&#959;&#962; &#964;&#961;&#943;&#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#960;&#959;&#965; &#960;&#945;&#961;&#941;&#967;&#959;&#965;&#957; &#965;&#960;&#951;&#961;&#949;&#963;&#943;&#949;&#962;.&nbsp; &#931;&#965;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#945; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#959;&#965;&#957; &#972;&#964;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#945;) &#959;&#953; &#956;&#951; &#954;&#961;&#965;&#960;&#964;&#959;&#947;&#961;&#945;&#966;&#951;&#956;&#941;&#957;&#949;&#962; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#956;&#949;&#964;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#956;&#941;&#963;&#969; &#945;&#957;&#959;&#953;&#954;&#964;&#959;&#973; &#948;&#953;&#954;&#964;&#973;&#959;&#965; &#960;&#961;&#959;&#963;&#946;&#940;&#963;&#953;&#956;&#959;&#965; &#963;&#949; &#972;&#955;&#959;&#965;&#962; &#954;&#945;&#953; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;, &#957;&#945; &#945;&#957;&#945;&#947;&#957;&#969;&#963;&#964;&#959;&#973;&#957; &#945;&#960;&#972; &#940;&#955;&#955;&#959;&#965;&#962; &#959;&#953; &#959;&#960;&#959;&#943;&#959;&#953; &#960;&#953;&#952;&#945;&#957;&#974;&#962; &#957;&#945; &#954;&#945;&#964;&#945;&#955;&#942;&#958;&#959;&#965;&#957; &#963;&#949; &#963;&#965;&#956;&#960;&#949;&#961;&#940;&#963;&#956;&#945;&#964;&#945; &#947;&#953;&#945; &#964;&#953;&#962; &#964;&#961;&#945;&#960;&#949;&#950;&#953;&#954;&#941;&#962; &#964;&#951;&#962; &#963;&#967;&#941;&#963;&#949;&#953;&#962;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#946;) &#959;&#953; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#943;&#949;&#962; &#948;&#973;&#957;&#945;&#957;&#964;&#945;&#953; &#957;&#945; &#964;&#961;&#959;&#960;&#959;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#942; &#957;&#945; &#960;&#945;&#961;&#945;&#960;&#959;&#953;&#951;&#952;&#959;&#973;&#957; &#945;&#960;&#972; &#964;&#961;&#943;&#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#947;) &#964;&#961;&#943;&#964;&#959;&#962; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#960;&#961;&#959;&#963;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#942; &#957;&#945; &#960;&#945;&#961;&#945;&#960;&#959;&#953;&#942;&#963;&#949;&#953; &#964;&#951;&#957; &#964;&#945;&#965;&#964;&#972;&#964;&#951;&#964;&#945; &#964;&#959;&#965; &#945;&#960;&#959;&#963;&#964;&#959;&#955;&#941;&#945;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#948;) &#951; &#945;&#957;&#964;&#945;&#955;&#955;&#945;&#947;&#942; &#960;&#955;&#951;&#961;&#959;&#966;&#959;&#961;&#953;&#974;&#957; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#954;&#945;&#952;&#965;&#963;&#964;&#949;&#961;&#942;&#963;&#949;&#953; &#942; &#957;&#945; &#948;&#953;&#945;&#954;&#959;&#960;&#949;&#943; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#955;&#945;&#952;&#974;&#957; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#945;&#962;, &#964;&#949;&#967;&#957;&#953;&#954;&#974;&#957; &#955;&#972;&#947;&#969;&#957;, &#948;&#965;&#963;&#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#953;&#974;&#957;, &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#969;&#957; &#960;&#945;&#961;&#949;&#956;&#946;&#940;&#963;&#949;&#969;&#957;, &#965;&#960;&#949;&#961;&#966;&#972;&#961;&#964;&#969;&#963;&#951;&#962; &#948;&#953;&#954;&#964;&#973;&#959;&#965;, &#954;&#945;&#954;&#972;&#946;&#959;&#965;&#955;&#959; &#949;&#956;&#960;&#959;&#948;&#953;&#963;&#956;&#972; &#964;&#951;&#962; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#960;&#961;&#972;&#963;&#946;&#945;&#963;&#951;&#962; &#945;&#960;&#972; &#964;&#961;&#943;&#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#942; &#940;&#955;&#955;&#945; &#949;&#955;&#945;&#964;&#964;&#974;&#956;&#945;&#964;&#945; &#964;&#959;&#965; &#960;&#945;&#961;&#972;&#967;&#959;&#965; &#948;&#953;&#954;&#964;&#973;&#959;&#965;. &#931;&#949; &#959;&#961;&#953;&#963;&#956;&#941;&#957;&#949;&#962; &#960;&#949;&#961;&#953;&#960;&#964;&#974;&#963;&#949;&#953;&#962; &#949;&#943;&#957;&#945;&#953; &#960;&#953;&#952;&#945;&#957;&#972;&#957; &#957;&#945; &#956;&#951;&#957; &#949;&#943;&#957;&#945;&#953; &#948;&#965;&#957;&#945;&#964;&#942; &#951; &#941;&#947;&#954;&#945;&#953;&#961;&#951; &#949;&#960;&#949;&#958;&#949;&#961;&#947;&#945;&#963;&#943;&#945; &#949;&#957;&#964;&#959;&#955;&#974;&#957; &#954;&#945;&#953; &#959;&#948;&#951;&#947;&#953;&#974;&#957; &#960;&#959;&#965; &#949;&#943;&#957;&#945;&#953; &#954;&#945;&#943;&#961;&#953;&#945;&#962; &#963;&#951;&#956;&#945;&#963;&#943;&#945;&#962; &#957;&#945; &#960;&#949;&#961;&#953;&#941;&#955;&#952;&#959;&#965;&#957; &#949;&#947;&#954;&#945;&#943;&#961;&#969;&#962; &#963;&#964;&#959;&#957; &#960;&#945;&#961;&#945;&#955;&#942;&#960;&#964;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#949;) &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#949;&#957; &#966;&#941;&#961;&#949;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#949;&#965;&#952;&#973;&#957;&#951; &#947;&#953;&#945; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#950;&#951;&#956;&#943;&#945; &#965;&#960;&#959;&#963;&#964;&#949;&#943; &#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#960;&#945;&#961;&#945;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#951;&#962; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#942;&#962; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951;&#962; &#942; &#964;&#959;&#965; &#960;&#949;&#961;&#953;&#949;&#967;&#959;&#956;&#941;&#957;&#959;&#965; &#964;&#959;&#965; &#956;&#951;&#957;&#973;&#956;&#945;&#964;&#959;&#962; &#959;&#973;&#964;&#949; &#949;&#958; &#945;&#953;&#964;&#943;&#945;&#962; &#959;&#960;&#959;&#953;&#945;&#963;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#945;&#954;&#959;&#960;&#942;&#962; &#942; &#954;&#945;&#952;&#965;&#963;&#964;&#941;&#961;&#951;&#963;&#951;&#962; &#956;&#949;&#964;&#940;&#948;&#959;&#963;&#951;&#962; &#947;&#953;&#945; &#964;&#949;&#967;&#957;&#953;&#954;&#959;&#973;&#962; &#955;&#972;&#947;&#959;&#965;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">(&#963;&#964;) &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#954;&#945;&#953;&#959;&#973;&#964;&#945;&#953; &#957;&#945; &#952;&#949;&#969;&#961;&#949;&#943; &#972;&#964;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#959;&#948;&#951;&#947;&#943;&#949;&#962; &#954;&#945;&#953; &#949;&#957;&#964;&#959;&#955;&#941;&#962; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#949;&#957; &#947;&#941;&#957;&#949;&#953; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#949;&#962; &#960;&#959;&#965; &#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#942; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#942; &#964;&#961;&#943;&#964;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#941;&#967;&#959;&#965;&#957; &#945;&#960;&#959;&#963;&#964;&#945;&#955;&#949;&#943; &#945;&#960;&#972; &#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#959;&#964;&#951;&#956;&#941;&#957;&#959; &#960;&#961;&#972;&#963;&#969;&#960;&#959; &#945;&#957;&#949;&#958;&#945;&#961;&#964;&#942;&#964;&#969;&#962; &#964;&#969;&#957; &#965;&#960;&#945;&#961;&#967;&#972;&#957;&#964;&#969;&#957; &#948;&#953;&#954;&#945;&#953;&#969;&#956;&#940;&#964;&#969;&#957; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965; &#964;&#951;&#961;&#959;&#973;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#956;&#951;&#964;&#961;&#974;&#959; &#949;&#964;&#945;&#953;&#961;&#949;&#953;&#974;&#957; (&#942; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#941;&#947;&#947;&#961;&#945;&#966;&#959;) &#942; &#964;&#959; &#948;&#949;&#943;&#947;&#956;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962; &#960;&#959;&#965; &#941;&#967;&#949;&#953; &#960;&#945;&#961;&#945;&#963;&#967;&#949;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945;. &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#952;&#945; &#956;&#949;&#961;&#953;&#956;&#957;&#942;&#963;&#959;&#965;&#957; &#949;&#960;&#943;&#963;&#951;&#962; &#974;&#963;&#964;&#949; &#972;&#955;&#945; &#964;&#945; &#964;&#961;&#943;&#964;&#945; &#960;&#961;&#972;&#963;&#969;&#960;&#945; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#957;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#963;&#959;&#965;&#957; &#956;&#949; &#964;&#945; &#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#945; &#963;&#967;&#949;&#964;&#953;&#954;&#940; &#956;&#949; &#949;&#960;&#953;&#954;&#959;&#953;&#957;&#969;&#957;&#943;&#949;&#962; &#956;&#941;&#963;&#969; &#951;&#955;&#949;&#954;&#964;&#961;&#959;&#957;&#953;&#954;&#959;&#973; &#964;&#945;&#967;&#965;&#948;&#961;&#959;&#956;&#949;&#943;&#959;&#965; &#960;&#959;&#965; &#945;&#957;&#945;&#966;&#941;&#961;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>28. &#931;&#933;&#924;&#928;&#923;&#919;&#929;&#937;&#924;&#913;&#932;&#921;&#922;&#917;&#931; &#916;&#921;&#913;&#932;&#913;&#926;&#917;&#921;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>28.1. &#916;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945;. </b>&#932;&#945; &#948;&#953;&#954;&#945;&#953;&#974;&#956;&#945;&#964;&#945; &#960;&#959;&#965; &#945;&#960;&#959;&#955;&#945;&#956;&#946;&#940;&#957;&#949;&#953; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#956;&#960;&#959;&#961;&#959;&#973;&#957; &#957;&#945; &#945;&#963;&#954;&#951;&#952;&#959;&#973;&#957; &#945;&#952;&#961;&#959;&#953;&#963;&#964;&#953;&#954;&#940; &#954;&#945;&#953; &#954;&#940;&#952;&#949; &#966;&#959;&#961;&#940; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#961;&#943;&#957;&#949;&#953; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#959; &#942; &#949;&#960;&#953;&#952;&#965;&#956;&#951;&#964;&#972; &#954;&#945;&#953;, &#949;&#954;&#964;&#972;&#962; &#945;&#957; &#940;&#955;&#955;&#969;&#962; &#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953; &#963;&#949; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;, &#948;&#949;&#957; &#945;&#960;&#959;&#954;&#955;&#949;&#943;&#959;&#965;&#957; &#959;&#973;&#964;&#949; &#960;&#949;&#961;&#953;&#959;&#961;&#943;&#950;&#959;&#965;&#957; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#954; &#964;&#959;&#965; &#957;&#972;&#956;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>28.2. &#913;&#954;&#965;&#961;&#972;&#964;&#951;&#964;&#945; &#948;&#953;&#940;&#964;&#945;&#958;&#951;&#962;. </b>&#913;&#957; &#956;&#943;&#945; &#948;&#953;&#940;&#964;&#945;&#958;&#951; &#949;&#957;&#972;&#962; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#949;&#943;&#957;&#945;&#953; &#942; &#954;&#945;&#964;&#945;&#963;&#964;&#949;&#943; &#940;&#954;&#965;&#961;&#951; &#942; &#945;&#957;&#949;&#966;&#940;&#961;&#956;&#959;&#963;&#964;&#951; &#942; &#960;&#945;&#961;&#940;&#957;&#959;&#956;&#951; &#948;&#949;&#957; &#952;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#964;&#945;&#953; &#951; &#949;&#947;&#954;&#965;&#961;&#972;&#964;&#951;&#964;&#945;, &#949;&#954;&#964;&#949;&#955;&#949;&#963;&#964;&#972;&#964;&#951;&#964;&#945; &#942; &#957;&#959;&#956;&#953;&#956;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#965;&#960;&#959;&#955;&#959;&#943;&#960;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#959;&#965; &#949;&#957; &#955;&#972;&#947;&#969; &#917;&#947;&#947;&#961;&#940;&#966;&#959;&#965; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#942; &#959;&#960;&#959;&#953;&#959;&#965;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>28.3. &#913;&#957;&#964;&#943;&#964;&#965;&#960;&#945;. </b>&#904;&#957;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#959; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#956;&#960;&#959;&#961;&#949;&#943; &#957;&#945; &#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943; &#963;&#949; &#960;&#949;&#961;&#953;&#963;&#963;&#972;&#964;&#949;&#961;&#945; &#945;&#957;&#964;&#943;&#964;&#965;&#960;&#945;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>28.4. &#917;&#953;&#948;&#953;&#954;&#942; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#949;&#965;&#963;&#951;</b>. &#908;&#955;&#959;&#953; &#959;&#953; &#972;&#961;&#959;&#953; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#954;&#945;&#953; &#959;&#953; &#948;&#949;&#963;&#956;&#949;&#973;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#945;&#957;&#945;&#955;&#942;&#966;&#952;&#951;&#954;&#945;&#957;, &#963;&#965;&#956;&#966;&#969;&#957;&#942;&#952;&#951;&#954;&#945;&#957; &#961;&#951;&#964;&#974;&#962; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#963;&#965;&#956;&#946;&#945;&#955;&#955;&#959;&#956;&#941;&#957;&#969;&#957; &#954;&#945;&#964;&#972;&#960;&#953;&#957; &#949;&#953;&#948;&#953;&#954;&#942;&#962; &#948;&#953;&#945;&#960;&#961;&#945;&#947;&#956;&#940;&#964;&#949;&#965;&#963;&#951;&#962;. &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#972;&#964;&#953;, &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#958;&#942;&#947;&#951;&#963;&#949; &#954;&#945;&#953; &#960;&#945;&#961;&#941;&#963;&#967;&#949; &#963;&#949; &#945;&#965;&#964;&#959;&#973;&#962; &#964;&#953;&#962; &#945;&#957;&#945;&#947;&#954;&#945;&#943;&#949;&#962; &#948;&#953;&#949;&#965;&#954;&#961;&#953;&#957;&#943;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#950;&#942;&#964;&#951;&#963;&#945;&#957;, &#954;&#945;&#964;&#945;&#957;&#972;&#951;&#963;&#945;&#957; &#948;&#949; &#960;&#955;&#942;&#961;&#969;&#962; &#964;&#959; &#959;&#965;&#963;&#953;&#945;&#963;&#964;&#953;&#954;&#972; &#960;&#949;&#961;&#953;&#949;&#967;&#972;&#956;&#949;&#957;&#959; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#941;&#957;&#957;&#959;&#956;&#949;&#962; &#963;&#965;&#957;&#941;&#960;&#949;&#953;&#949;&#962; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#960;&#959;&#965; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951;, &#964;&#951; &#948;&#949;&#963;&#956;&#949;&#965;&#964;&#953;&#954;&#972;&#964;&#951;&#964;&#945; &#964;&#969;&#957; &#959;&#960;&#959;&#943;&#969;&#957; &#945;&#960;&#959;&#948;&#941;&#967;&#959;&#957;&#964;&#945;&#953; &#945;&#957;&#949;&#960;&#953;&#966;&#965;&#955;&#940;&#954;&#964;&#969;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>29. &#917;&#934;&#913;&#929;&#924;&#927;&#931;&#932;&#917;&#927; &#916;&#921;&#922;&#913;&#921;&#927; - &#916;&#921;&#922;&#913;&#921;&#927;&#916;&#927;&#931;&#921;&#913;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>29.1.</b>&nbsp;&nbsp;&nbsp; &#919; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#948;&#953;&#941;&#960;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#972; &#916;&#943;&#954;&#945;&#953;&#959;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#964;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#964;&#959;&#965; &#957;.&#948;/&#964;&#959;&#962; &#964;&#951;&#962; 17&#951;&#962; &#921;&#959;&#965;&#955;&#943;&#959;&#965; 1923 &#171;&#960;&#949;&#961;&#943; &#949;&#953;&#948;&#953;&#954;&#974;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#949;&#960;&#943; &#913;&#957;&#969;&#957;&#973;&#956;&#969;&#957; &#917;&#964;&#945;&#953;&#961;&#949;&#953;&#974;&#957;&#187;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>29.2.</b>&nbsp; &nbsp; (&#945;) &#922;&#940;&#952;&#949; &#948;&#953;&#945;&#966;&#959;&#961;&#940; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#949;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#956;&#949;&#964;&#945;&#958;&#973; &#964;&#969;&#957; &#963;&#965;&#956;&#946;&#945;&#955;&#955;&#959;&#956;&#941;&#957;&#969;&#957; &#956;&#949;&#961;&#974;&#957; &#965;&#960;&#940;&#947;&#949;&#964;&#945;&#953; &#963;&#964;&#951;&#957; &#948;&#953;&#954;&#945;&#953;&#959;&#948;&#959;&#963;&#943;&#945; &#964;&#969;&#957; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#974;&#957; &#916;&#953;&#954;&#945;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#954;&#945;&#953; &#948;&#951; &#964;&#969;&#957; &#945;&#961;&#956;&#959;&#948;&#943;&#969;&#957; &#948;&#953;&#954;&#945;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#964;&#959;&#965; &#928;&#949;&#953;&#961;&#945;&#953;&#940;, &#951; &#959;&#960;&#959;&#943;&#945; &#963;&#965;&#956;&#966;&#969;&#957;&#949;&#943;&#964;&#945;&#953; &#969;&#962; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#953; &#969;&#962; &#956;&#951; &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#942; &#947;&#953;&#945; &#964;&#953;&#962; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#954;&#945;&#964;&#940; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(&#946;) &#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#953;&#945;&#964;&#951;&#961;&#949;&#943; &#964;&#959; &#948;&#953;&#954;&#945;&#943;&#969;&#956;&#945; &#949;&#960;&#953;&#948;&#943;&#954;&#945;&#963;&#951;&#962; &#954;&#945;&#953; &#949;&#957; &#947;&#941;&#957;&#949;&#953; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#960;&#953;&#948;&#943;&#969;&#958;&#951;&#962; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#960;&#959;&#965; &#945;&#960;&#959;&#961;&#961;&#941;&#959;&#965;&#957; &#945;&#960;&#972; &#964;&#951; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#945; &#904;&#947;&#947;&#961;&#945;&#966;&#945; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962; &#954;&#945;&#953;/&#942; &#955;&#942;&#968;&#951;&#962; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#974;&#957; &#956;&#941;&#964;&#961;&#969;&#957; &#954;&#945;&#953;/&#942; &#941;&#957;&#945;&#961;&#958;&#951;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#945;&#957;&#945;&#947;&#954;&#945;&#963;&#964;&#953;&#954;&#942;&#962; &#949;&#954;&#964;&#941;&#955;&#949;&#963;&#951;&#962; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#942; &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#964;&#969;&#957; &#945;&#960;&#945;&#953;&#964;&#942;&#963;&#949;&#974;&#957; &#964;&#951;&#962; &#945;&#965;&#964;&#974;&#957; &#949;&#957;&#974;&#960;&#953;&#959;&#957; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#916;&#953;&#954;&#945;&#963;&#964;&#951;&#961;&#943;&#969;&#957; &#964;&#951;&#962; &#945;&#955;&#955;&#959;&#948;&#945;&#960;&#942;&#962;, &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#964;&#965;&#967;&#972;&#957; &#952;&#945; &#954;&#945;&#964;&#945;&#963;&#964;&#959;&#973;&#957; &#945;&#961;&#956;&#972;&#948;&#953;&#945; &#947;&#953;&#945; &#964;&#951;&#957; &#949;&#954;&#948;&#943;&#954;&#945;&#963;&#951; &#964;&#969;&#957; &#948;&#953;&#945;&#966;&#959;&#961;&#974;&#957; &#945;&#965;&#964;&#974;&#957;, &#949;&#943;&#964;&#949; &#956;&#972;&#957;&#959;&#957; &#949;&#957;&#974;&#960;&#953;&#959;&#957; &#945;&#965;&#964;&#974;&#957; &#949;&#943;&#964;&#949; &#954;&#945;&#953; &#960;&#945;&#961;&#940;&#955;&#955;&#951;&#955;&#945; &#956;&#949; &#964;&#951;&#957; &#941;&#957;&#945;&#961;&#958;&#951; &#948;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#974;&#957; &#949;&#957;&#949;&#961;&#947;&#949;&#953;&#974;&#957; &#949;&#957;&#974;&#960;&#953;&#959;&#957; &#964;&#969;&#957; &#917;&#955;&#955;&#951;&#957;&#953;&#954;&#974;&#957; &#916;&#953;&#954;&#945;&#963;&#964;&#951;&#961;&#943;&#969;&#957;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>30. &#916;&#921;&#927;&#929;&#921;&#931;&#924;&#927;&#931; &#913;&#925;&#932;&#921;&#922;&#923;&#919;&#932;&#927;&#933;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>30.1.</b> &#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#959; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#957; &#972;&#964;&#953; &#948;&#953;&#959;&#961;&#943;&#950;&#959;&#965;&#957; &#954;&#945;&#953; &#954;&#945;&#952;&#953;&#963;&#964;&#959;&#973;&#957; &#948;&#953;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#945;&#957;&#964;&#943;&#954;&#955;&#951;&#964;&#972; &#964;&#959;&#965;&#962; &#964;&#959;&#957; &#913;&#955;&#941;&#958;&#945;&#957;&#948;&#961;&#959; &#922;&#945;&#960;&#949;&#955;&#955;&#940;&#961;&#951;, &#966;&#961;&#959;&#957;&#964;&#943;&#948;&#953; &#964;&#951;&#962; &#916;&#953;&#954;&#951;&#947;&#959;&#961;&#953;&#954;&#942;&#962; &#917;&#964;&#945;&#953;&#961;&#949;&#943;&#945;&#962; &#922;&#913;&#928;&#917;&#923;&#923;&#913;&#929;&#919;&#931;-&#922;&#933;&#928;&#929;&#927;&#933;&#923;&#919; &#954;&#945;&#953; &#931;&#933;&#925;&#917;&#929;&#915;&#913;&#932;&#917;&#931; &#948;&#953;&#954;&#951;&#947;&#972;&#961;&#959; &#913;&#952;&#951;&#957;&#974;&#957; (&#913;&#924; &#916;&#931;&#913; 1707), &#954;&#940;&#964;&#959;&#953;&#954;&#959; &#913;&#952;&#951;&#957;&#974;&#957;, &#959;&#948;&#972;&#962; &#916;&#953;&#959;&#957;&#965;&#963;&#943;&#959;&#965; &#913;&#953;&#947;&#953;&#957;&#942;&#964;&#959;&#965;&nbsp;&nbsp; &#945;&#961;. 7, email: aak@eurobulk.gr, &#963;&#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959; &#952;&#945; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#954;&#940;&#952;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#948;&#953;&#954;&#972;&#947;&#961;&#945;&#966;&#959; &#945;&#960;&#949;&#965;&#952;&#965;&#957;&#972;&#956;&#949;&#957;&#959; &#963;&#949; &#945;&#965;&#964;&#959;&#973;&#962; &#942; &#963;&#964;&#961;&#949;&#966;&#972;&#956;&#949;&#957;&#959; &#954;&#945;&#964;&#8217; &#945;&#965;&#964;&#974;&#957;. &#922;&#940;&#952;&#949; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#960;&#961;&#959;&#962; &#964;&#959;&#957; &#949;&#957; &#955;&#972;&#947;&#969; &#945;&#957;&#964;&#943;&#954;&#955;&#951;&#964;&#959; &#963;&#964;&#951;&#957; &#960;&#953;&#959; &#960;&#940;&#957;&#969; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#942; &#964;&#959;&#965; &#963;&#965;&#957;&#959;&#956;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#954;&#945;&#953; &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#974;&#961;&#945; &#945;&#957;&#949;&#960;&#953;&#966;&#973;&#955;&#945;&#954;&#964;&#945; &#945;&#960;&#972; &#964;&#959;&#965;&#962; &#963;&#965;&#956;&#946;&#945;&#955;&#955;&#959;&#956;&#941;&#957;&#959;&#965;&#962;, &#969;&#962; &#957;&#972;&#956;&#953;&#956;&#951; &#954;&#945;&#953; &#941;&#947;&#954;&#965;&#961;&#951;. &#932;&#965;&#967;&#972;&#957; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#951;&#962; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951;&#962; &#964;&#959;&#965; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#945;&#957;&#964;&#953;&#954;&#955;&#942;&#964;&#959;&#965; &#942; &#945;&#957;&#940;&#954;&#955;&#951;&#963;&#951; &#964;&#959;&#965; &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#959;&#973; &#964;&#959;&#965; &#952;&#945; &#953;&#963;&#967;&#973;&#949;&#953; &#941;&#957;&#945;&#957;&#964;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#956;&#949;&#964;&#940; &#964;&#951;&#957; &#960;&#940;&#961;&#959;&#948;&#959; &#948;&#941;&#954;&#945; (10) &#949;&#961;&#947;&#945;&#963;&#943;&#956;&#969;&#957; &#951;&#956;&#949;&#961;&#974;&#957; &#945;&#960;&#972; &#964;&#972;&#964;&#949; &#960;&#959;&#965; &#952;&#945; &#964;&#959;&#965; &#947;&#957;&#969;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943;, &#945;&#960;&#959;&#954;&#955;&#949;&#953;&#963;&#964;&#953;&#954;&#940; &#956;&#949; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#963;&#967;&#949;&#964;&#953;&#954;&#942;&#962; &#941;&#947;&#947;&#961;&#945;&#966;&#951;&#962; &#948;&#942;&#955;&#969;&#963;&#951;&#962; &#956;&#949; &#916;&#953;&#954;&#945;&#963;&#964;&#953;&#954;&#972; &#917;&#960;&#953;&#956;&#949;&#955;&#951;&#964;&#942;, &#951; &#945;&#955;&#955;&#945;&#947;&#942; &#964;&#951;&#962; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951;&#962; &#964;&#959;&#965; &#945;&#957;&#964;&#953;&#954;&#955;&#942;&#964;&#959;&#965; &#942; &#951; &#945;&#957;&#940;&#954;&#955;&#951;&#963;&#942; &#964;&#959;&#965; &#954;&#945;&#953;, &#963;&#964;&#951;&#957; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#945; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951;, &#965;&#960;&#959;&#967;&#961;&#949;&#969;&#964;&#953;&#954;&#940; &#959; &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#972;&#962; &#957;&#941;&#959;&#965; &#945;&#957;&#964;&#953;&#954;&#955;&#942;&#964;&#959;&#965;, &#963;&#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959; &#952;&#945; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#964;&#945; &#960;&#955;&#942;&#961;&#951; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#964;&#945;&#965;&#964;&#972;&#964;&#951;&#964;&#945;&#962; &#954;&#945;&#953; &#951; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951; &#945;&#965;&#964;&#959;&#973;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#929;&#951;&#964;&#974;&#962; &#963;&#965;&#957;&#959;&#956;&#959;&#955;&#959;&#947;&#949;&#943;&#964;&#945;&#953; &#972;&#964;&#953; &#972;&#955;&#949;&#962; &#959;&#953; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#952;&#945; &#941;&#967;&#959;&#965;&#957; &#947;&#943;&#957;&#949;&#953; &#963;&#964;&#959;&#957; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#945;&#957;&#964;&#943;&#954;&#955;&#951;&#964;&#959; &#954;&#945;&#953; &#963;&#964;&#951; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#942; &#964;&#959;&#965; &#960;&#959;&#965; &#960;&#961;&#959;&#945;&#957;&#945;&#966;&#941;&#961;&#952;&#951;&#954;&#949;, &#945;&#957;&#945;&#947;&#957;&#969;&#961;&#943;&#950;&#959;&#957;&#964;&#945;&#953; &#969;&#962; &#941;&#947;&#954;&#965;&#961;&#949;&#962;, &#957;&#972;&#956;&#953;&#956;&#949;&#962; &#954;&#945;&#953; &#953;&#963;&#967;&#965;&#961;&#941;&#962;, &#956;&#941;&#967;&#961;&#953; &#964;&#959;&#957; &#967;&#961;&#972;&#957;&#959; &#960;&#959;&#965; &#952;&#945; &#947;&#957;&#969;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#954;&#945;&#964;&#940; &#964;&#959;&#957; &#960;&#961;&#959;&#945;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; &#964;&#973;&#960;&#959; &#951; &#956;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#964;&#951;&#962; &#948;&#953;&#949;&#973;&#952;&#965;&#957;&#963;&#951;&#962; &#964;&#959;&#965; &#945;&#957;&#964;&#953;&#954;&#955;&#942;&#964;&#959;&#965; &#942; &#951; &#945;&#957;&#940;&#954;&#955;&#951;&#963;&#942; &#964;&#959;&#965; &#954;&#945;&#953; &#959; &#948;&#953;&#959;&#961;&#953;&#963;&#956;&#972;&#962; &#957;&#941;&#959;&#965; &#945;&#957;&#964;&#953;&#954;&#955;&#942;&#964;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>30.2. </b>&#919; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#948;&#951;&#955;&#974;&#957;&#949;&#953; &#972;&#964;&#953; &#948;&#953;&#959;&#961;&#943;&#950;&#949;&#953; &#954;&#945;&#953; &#954;&#945;&#952;&#953;&#963;&#964;&#940; &#948;&#953;&#945; &#964;&#951;&#962; &#960;&#945;&#961;&#959;&#973;&#963;&#945;&#962; &#963;&#965;&#956;&#946;&#940;&#963;&#949;&#969;&#962; &#945;&#957;&#964;&#943;&#954;&#955;&#951;&#964;&#972; &#964;&#951;&#962; &#964;&#959;&#957; &#949;&#954;&#940;&#963;&#964;&#959;&#964;&#949; &#916;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#942; &#964;&#959;&#965; &#925;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#959;&#973; &#922;&#945;&#964;&#945;&#963;&#964;&#942;&#956;&#945;&#964;&#972;&#962; &#964;&#951;&#962; &#963;&#964;&#959;&#957; &#928;&#949;&#953;&#961;&#945;&#953;&#940;, &#963;&#964;&#959;&#957; &#959;&#960;&#959;&#943;&#959;&#957; &#952;&#945; &#954;&#959;&#953;&#957;&#959;&#960;&#959;&#953;&#949;&#943;&#964;&#945;&#953; &#954;&#940;&#952;&#949; &#963;&#967;&#949;&#964;&#953;&#954;&#972; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#973;&#956;&#946;&#945;&#963;&#951; &#941;&#947;&#947;&#961;&#945;&#966;&#959; &#942; &#948;&#953;&#954;&#972;&#947;&#961;&#945;&#966;&#959; &#945;&#960;&#949;&#965;&#952;&#965;&#957;&#972;&#956;&#949;&#957;&#959; &#963;&#949; &#945;&#965;&#964;&#942;&#957; &#942; &#963;&#964;&#961;&#949;&#966;&#972;&#956;&#949;&#957;&#959; &#954;&#945;&#964;&#8217; &#945;&#965;&#964;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt 0pt 0pt 8pt;"><b>&#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;, 29 &#921;&#959;&#965;&#957;&#943;&#959;&#965;.&nbsp; 2023</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: center;"><b>&#927;&#921; &#931;&#933;&#924;&#914;&#913;&#923;&#923;&#927;&#924;&#917;&#925;&#927;&#921;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr style="font-size: 10pt;">
			<td style="width: 1004px; font-size: 10pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; &#932;&#929;&#913;&#928;&#917;&#918;&#913; &#932;&#919;&#931; &#917;&#923;&#923;&#913;&#916;&#927;&#931; &#913;.&#917;.</b></td>
			<td style="width: 360px; font-size: 10pt;"><b>TERATAKI SHIPPING LTD</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 1004px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 360px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 1004px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 360px; font-size: 10pt;"><b>/s/ Stefania Karmiri</b></td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>__/s/ Aikaterini Sarri__/s/ Andreas Mitsiopoulos____</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b> ____________________________</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>/s/ Stefania Karmiri</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>_________________</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>EUROSEAS LTD.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#928;&#913;&#929;&#913;&#929;&#932;&#919;&#924;&#913; 1</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#917;&#928;&#921;&#931;&#932;&#927;&#923;&#919; &#917;&#922;&#932;&#913;&#924;&#921;&#917;&#933;&#931;&#919;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt;"><b>&#928;&#929;&#927;&#931; &#932;&#919;&#925;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; &#932;&#929;&#913;&#928;&#917;&#918;&#913; &#932;&#919;&#931; &#917;&#923;&#923;&#913;&#916;&#927;&#931; &#913;.&#917;.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt;"><b>&#913;&#954;&#964;&#942; &#924;&#953;&#945;&#959;&#973;&#955;&#951; &#954;&#945;&#953; &#924;&#960;&#959;&#965;&#956;&#960;&#959;&#965;&#955;&#943;&#957;&#945;&#962; &#945;&#961;. 2</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt;"><b><u>185 35 &#928;</u><u>&#949;</u><u>&#953;</u><u>&#961;</u><u>&#945;</u><u>&#953;</u><u>&#940;</u><u>&#962;</u></b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt 0pt 0pt 8pt;"><u>&#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;, </u><u>&#8230;</u><u>&#8230;</u><u>&#8230;</u><u>&#8230;</u><u>&#8230;</u><u>..</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 0pt;">&#922;&#973;&#961;&#953;&#959;&#953;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>&#916;&#940;&#957;&#949;&#953;&#959; &#960;&#959;&#963;&#959;&#973; &#941;&#969;&#962; &#916;&#959;&#955;&#955;. &#919;&#928;&#913; 26.000.000 (&#964;&#959; &#171;&#916;&#940;&#957;&#949;&#953;&#959;&#187;)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt 0pt 0pt 8pt;"><b>&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#945;&#960;&#972; &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. (&#951; &#171;&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;&#187;)</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 8pt; text-indent: 36pt;">&#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#945;&#963;&#964;&#949; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#949;&#964;&#945;&#958;&#973; &#951;&#956;&#974;&#957; &#969;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#965;&#956;&#974;&#957; &#969;&#962; &#948;&#945;&#957;&#949;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962;. &#923;&#941;&#958;&#949;&#953;&#962; &#954;&#945;&#953; &#949;&#954;&#966;&#961;&#940;&#963;&#949;&#953;&#962; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#959;&#973;&#956;&#949;&#957;&#949;&#962; &#963;&#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#941;&#967;&#959;&#965;&#957; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#941;&#967;&#949;&#953; &#945;&#960;&#959;&#948;&#959;&#952;&#949;&#943; &#963;&#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 8pt; text-indent: 36pt;">&#931;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 3 &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#963;&#945;&#962; &#947;&#957;&#969;&#961;&#943;&#950;&#959;&#965;&#956;&#949; &#945;&#957;&#941;&#954;&#954;&#955;&#951;&#964;&#945; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#972;&#964;&#953; &#964;&#951;&#957; &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; &#949;&#960;&#953;&#952;&#965;&#956;&#959;&#973;&#956;&#949; &#957;&#945; &#960;&#961;&#959;&#946;&#959;&#973;&#956;&#949; &#963;&#949; &#945;&#957;&#940;&#955;&#951;&#968;&#951; &#964;&#959;&#965; &#960;&#959;&#963;&#959;&#973; &#964;&#959;&#965; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#949;&#954; &#916;&#959;&#955;&#945;&#961;&#943;&#969;&#957; &#919;&#928;&#913; &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#954;&#945;&#955;&#959;&#973;&#956;&#949; &#964;&#959; &#960;&#959;&#963;&#972; &#945;&#965;&#964;&#959;&#973; &#957;&#945; &#960;&#953;&#963;&#964;&#969;&#952;&#949;&#943; &#963;&#964;&#959; &#956;&#949; &#945;&#961;. &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#972; &#956;&#945;&#962; &#954;&#945;&#953; &#963;&#964;&#951; &#963;&#965;&#957;&#941;&#967;&#949;&#953;&#945; &#957;&#945; &#949;&#956;&#946;&#945;&#963;&#952;&#949;&#943; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#951; &#963;&#965;&#957;&#951;&#956;&#956;&#941;&#957;&#951; &#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942; &#956;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 0pt;">&#915;&#953;&#945; &#964;&#951;&#957; &#960;&#961;&#974;&#964;&#951; &#928;&#949;&#961;&#943;&#959;&#948;&#959; &#917;&#954;&#964;&#959;&#954;&#953;&#963;&#956;&#959;&#973; &#949;&#960;&#953;&#955;&#941;&#947;&#959;&#965;&#956;&#949; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#917;&#924;&#922; &#924;&#949;&#955;&#955;&#959;&#957;&#964;&#953;&#954;&#942;&#962; &#921;&#963;&#967;&#973;&#959;&#962; (Term SOFR) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230; &#956;&#951;&#957;&#972;&#962;(&#974;&#957;).</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt;">&nbsp; &nbsp; &nbsp; &nbsp;&#917;&#960;&#943;&#963;&#951;&#962; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#956;&#949; &#965;&#960;&#949;&#973;&#952;&#965;&#957;&#945; &#972;&#964;&#953;:</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 0pt;">(&#945;)&nbsp; &#972;&#955;&#949;&#962; &#948;&#949; &#959;&#953; &#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#972;&#956;&#949;&#957;&#949;&#962; &#963;&#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#917;&#947;&#947;&#973;&#951;&#963;&#951;&#962; &#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#948;&#953;&#945;&#946;&#949;&#946;&#945;&#953;&#974;&#963;&#949;&#953;&#962; &#964;&#965;&#947;&#967;&#940;&#957;&#959;&#965;&#957; &#945;&#955;&#951;&#952;&#949;&#943;&#962; &#954;&#945;&#953; &#945;&#954;&#961;&#953;&#946;&#949;&#943;&#962;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 0pt;">(&#946;) &#945;&#960;&#972; &#964;&#953;&#962; 2.6.2023 (&#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#945;&#960;&#972; 2.6.2023.&#949;&#960;&#953;&#963;&#964;&#959;&#955;&#942;&#962; &#946;&#945;&#963;&#953;&#954;&#974;&#957; &#972;&#961;&#969;&#957; &#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#959;&#964;&#942;&#963;&#949;&#969;&#962; &#964;&#951;&#962; &#932;&#961;&#945;&#960;&#941;&#950;&#951;&#962;), &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#963;&#951;&#956;&#949;&#953;&#969;&#952;&#949;&#943; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#942; &#928;&#953;&#952;&#945;&#957;&#972; &#915;&#949;&#947;&#959;&#957;&#972;&#962; &#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962; &#959;&#973;&#964;&#949; &#960;&#945;&#961;&#972;&#956;&#959;&#953;&#959; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#948;&#973;&#957;&#945;&#964;&#945;&#953; &#957;&#945; &#960;&#961;&#959;&#954;&#955;&#951;&#952;&#949;&#943; &#945;&#960;&#972; &#964;&#951;&#957; &#945;&#953;&#964;&#959;&#973;&#956;&#949;&#957;&#951; &#949;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 0pt; text-align: justify;">(&#947;) &#945;&#960;&#972; &#964;&#953;&#962; 2.6.2023 &#948;&#949;&#957; &#941;&#967;&#949;&#953; &#965;&#960;&#940;&#961;&#958;&#949;&#953; &#927;&#965;&#963;&#953;&#974;&#948;&#951;&#962; &#914;&#955;&#945;&#960;&#964;&#953;&#954;&#942; &#924;&#949;&#964;&#945;&#946;&#959;&#955;&#942; &#963;&#964;&#951;&#957; &#960;&#949;&#961;&#953;&#959;&#965;&#963;&#953;&#945;&#954;&#942; &#954;&#945;&#953; &#959;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#942; &#954;&#945;&#964;&#940;&#963;&#964;&#945;&#963;&#951; &#954;&#945;&#953; &#949;&#960;&#953;&#967;&#949;&#953;&#961;&#951;&#956;&#945;&#964;&#953;&#954;&#942; &#955;&#949;&#953;&#964;&#959;&#965;&#961;&#947;&#943;&#945;&nbsp; &#956;&#945;&#962; &#942; &#964;&#969;&#957; &#957;&#945;&#965;&#964;&#953;&#955;&#953;&#945;&#954;&#974;&#957; &#931;&#965;&#947;&#947;&#949;&#957;&#974;&#957; &#917;&#964;&#945;&#953;&#961;&#949;&#953;&#974;&#957; &#956;&#945;&#962;,, &#959;&#973;&#964;&#949; &#941;&#967;&#949;&#953; &#963;&#965;&#956;&#946;&#949;&#943; &#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#947;&#949;&#947;&#959;&#957;&#972;&#962; &#954;&#945;&#964;&#940; &#960;&#945;&#961;&#940;&#946;&#945;&#963;&#951; &#964;&#969;&#957; &#972;&#961;&#969;&#957; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#917;&#947;&#947;&#973;&#951;&#963;&#951;&#962; &#960;&#959;&#965; &#957;&#945; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#949;&#953;, &#954;&#945;&#952;&#8217; &#959;&#953;&#959;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#964;&#961;&#972;&#960;&#959;, &#964;&#951; &#963;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#942; &#956;&#945;&#962; &#960;&#961;&#959;&#962; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#954;&#945;&#953; &#964;&#953;&#962; &#960;&#961;&#959;&#971;&#960;&#959;&#952;&#941;&#963;&#949;&#953;&#962; &#964;&#951;&#962; &#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#942; &#964;&#951;&#957; &#949;&#954;&#960;&#955;&#942;&#961;&#969;&#963;&#951; &#964;&#969;&#957; &#963;&#967;&#949;&#964;&#953;&#954;&#974;&#957; &#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#974;&#957; &#956;&#945;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>&#924;&#949; &#964;&#953;&#956;&#942;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>&#919; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>TERATAKI SHIPPING LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">___________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><i>&#931;&#965;&#956;&#966;&#969;&#957;&#959;&#973;&#956;&#949; </i>&#956;&#949;<i> </i>&#964;&#945;<i> </i>&#960;&#945;&#961;&#945;&#960;&#940;&#957;&#969;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><i>&#954;&#945;&#953; </i>&#960;&#961;&#959;&#946;&#945;&#943;&#957;&#959;&#965;&#956;&#949;<i> </i>&#963;&#964;&#953;&#962;<i> </i>&#945;&#957;&#969;&#964;&#941;&#961;&#969;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><i>&#948;&#951;&#955;&#974;&#963;&#949;&#953;&#962;.</i></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><i>&#928;&#949;&#953;&#961;&#945;&#953;&#940;&#962;, </i>&#945;&#965;&#952;&#951;&#956;&#949;&#961;&#972;&#957;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>&#927; &#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;">_______________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: left; text-indent: 0pt;"><b>EUROSEAS LTD.</b></p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#928;&#913;&#929;&#913;&#929;&#932;&#919;&#924;&#913; 2</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#924;&#917;&#929;&#927;&#931; &#913;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#917;&#915;&#915;&#929;&#913;&#934;&#913; &#913;&#928;&#913;&#921;&#932;&#927;&#933;&#924;&#917;&#925;&#913; &#928;&#929;&#921;&#925; &#932;&#919; &#931;&#933;&#925;&#913;&#936;&#919; &#932;&#919;&#931; &#931;&#933;&#924;&#914;&#913;&#931;&#919;&#931; &#916;&#913;&#925;&#917;&#921;&#927;&#933; &#922;&#913;&#921; &#917;&#915;&#915;&#933;&#919;&#931;&#917;&#937;&#931;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#927; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#954;&#945;&#964;&#940;&#955;&#959;&#947;&#959;&#962; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#949;&#961;&#953;&#941;&#967;&#949;&#953; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 8.1(&#945;) &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#953;&#963;&#952;&#959;&#973;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#963;&#973;&#957;&#945;&#968;&#951; &#964;&#951;&#962; &#963;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#948;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#949;&#947;&#947;&#965;&#942;&#963;&#949;&#969;&#957;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">1.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#928;&#955;&#942;&#961;&#951;&#962;&nbsp;&#963;&#949;&#953;&#961;&#940;&nbsp;&#964;&#969;&#957;&nbsp;&#963;&#965;&#963;&#964;&#945;&#964;&#953;&#954;&#974;&#957;&nbsp;&#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957;&nbsp;&#964;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#928;&#961;&#972;&#963;&#966;&#945;&#964;&#945;&nbsp;&#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#940;&nbsp;&#953;&#963;&#967;&#973;&#959;&#962;&nbsp;&#964;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">3.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#928;&#961;&#969;&#964;&#972;&#964;&#965;&#960;&#945;&nbsp;&#960;&#961;&#945;&#954;&#964;&#953;&#954;&#940;&nbsp;&#964;&#959;&#965;&nbsp;&#916;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#959;&#973;&nbsp;&#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#969;&#957;&nbsp;&#924;&#949;&#964;&#972;&#967;&#969;&#957;&nbsp;&#964;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#916;&#953;&#959;&#953;&#954;&#951;&#964;&#953;&#954;&#959;&#973;&nbsp;&#931;&#965;&#956;&#946;&#959;&#965;&#955;&#943;&#959;&#965;&nbsp;&#964;&#959;&#965;&nbsp;&#917;&#947;&#947;&#965;&#951;&#964;&#942;&nbsp;(&#952;&#949;&#969;&#961;&#951;&#956;&#941;&#957;&#945;&nbsp;&#956;&#949;&nbsp;&#917;&#960;&#953;&#963;&#951;&#956;&#949;&#943;&#969;&#963;&#951;) &#956;&#949;&nbsp;&#964;&#945;&nbsp;&#959;&#960;&#959;&#943;&#945;&nbsp;&#945;&#960;&#959;&#966;&#945;&#963;&#943;&#950;&#949;&#964;&#945;&#953;&nbsp;&#951;&nbsp;&#963;&#973;&#957;&#945;&#968;&#951;&nbsp;&#964;&#951;&#962;&nbsp;&#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#943;&#959;&#965;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#969;&#957;&nbsp;&#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957;&nbsp;&#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;&nbsp;&#954;&#945;&#953;, &#972;&#963;&#959;&#957;&nbsp;&#945;&#966;&#959;&#961;&#940;&nbsp;&#964;&#951;&#957;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;, &#964;&#951;&#957;&nbsp;&#945;&#957;&#940;&#955;&#951;&#968;&#951;&nbsp;&#964;&#959;&#965;&nbsp;&#960;&#959;&#963;&#959;&#973;&nbsp;&#964;&#959;&#965;&nbsp;&#916;&#945;&#957;&#949;&#943;&#959;&#965;&nbsp;&#954;&#945;&#953;&nbsp;&#960;&#945;&#961;&#941;&#967;&#949;&#964;&#945;&#953;&nbsp;&#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&nbsp;&#963;&#949;&nbsp;&#960;&#961;&#972;&#963;&#969;&#960;&#945;&nbsp;&#957;&#945;&nbsp;&#965;&#960;&#959;&#947;&#961;&#940;&#968;&#959;&#965;&#957;&nbsp;&#964;&#945;&nbsp;&#945;&#957;&#969;&#964;&#941;&#961;&#969;&nbsp;&#941;&#947;&#947;&#961;&#945;&#966;&#945;&nbsp;&#954;&#945;&#952;&#974;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949;&nbsp;&#940;&#955;&#955;&#945;&nbsp;&#941;&#947;&#947;&#961;&#945;&#966;&#945;&nbsp;&#942;&nbsp;&#949;&#953;&#948;&#959;&#960;&#959;&#953;&#942;&#963;&#949;&#953;&#962;&nbsp;&#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953;&nbsp;&#963;&#973;&#956;&#966;&#969;&#957;&#945;&nbsp;&#956;&#949;&nbsp;&#964;&#951;&nbsp;&#931;&#973;&#956;&#946;&#945;&#963;&#951;&nbsp;&#916;&#945;&#957;&#949;&#943;&#959;&#965;&nbsp;&#954;&#945;&#953;/&#942;&nbsp;&#964;&#945;&nbsp;&#904;&#947;&#947;&#961;&#945;&#966;&#945;&nbsp;&#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">4.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#928;&#961;&#969;&#964;&#972;&#964;&#965;&#960;&#945;&nbsp;&#960;&#955;&#951;&#961;&#949;&#958;&#959;&#973;&#963;&#953;&#945;&nbsp;(&#952;&#949;&#969;&#961;&#951;&#956;&#941;&#957;&#945;&nbsp;&#956;&#949;&nbsp;&#917;&#960;&#953;&#963;&#951;&#956;&#949;&#943;&#969;&#963;&#951;) &#956;&#949;&nbsp;&#964;&#945;&nbsp;&#959;&#960;&#959;&#943;&#945;&nbsp;&#949;&#958;&#959;&#965;&#963;&#953;&#959;&#948;&#959;&#964;&#959;&#973;&#957;&#964;&#945;&#953;&nbsp;&#949;&#954;&#960;&#961;&#972;&#963;&#969;&#960;&#959;&#953;&nbsp;&#964;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#917;&#947;&#947;&#965;&#951;&#964;&#942;&nbsp;&#957;&#945;&nbsp;&#965;&#960;&#959;&#947;&#961;&#940;&#968;&#959;&#965;&#957;&nbsp;&#964;&#945;&nbsp;&#941;&#947;&#947;&#961;&#945;&#966;&#945;&nbsp;&#960;&#959;&#965;&nbsp;&#945;&#966;&#959;&#961;&#959;&#973;&#957;&nbsp;&#954;&#945;&#952;&#941;&#957;&#945;&nbsp;&#945;&#960;&#972;&nbsp;&#945;&#965;&#964;&#940;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">5.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945;&nbsp;&#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949;&nbsp;&#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#969;&#957;&nbsp;&#964;&#965;&#967;&#972;&#957;&nbsp;&#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953;&nbsp;&#960;&#961;&#959;&#954;&#949;&#953;&#956;&#941;&#957;&#959;&#965;&nbsp;&#951;&nbsp;&#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&nbsp;&#954;&#945;&#953;&nbsp;&#959;&nbsp;&#917;&#947;&#947;&#965;&#951;&#964;&#942;&#962;&nbsp;&#957;&#945;&nbsp;&#963;&#965;&#957;&#940;&#968;&#959;&#965;&#957;&nbsp;&#963;&#973;&#956;&#946;&#945;&#963;&#951;&nbsp;&#942;&nbsp;&#957;&#945;&nbsp;&#960;&#961;&#959;&#946;&#959;&#973;&#957;&nbsp;&#963;&#949;&nbsp;&#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&nbsp;&#960;&#959;&#965;&nbsp;&#960;&#961;&#959;&#946;&#955;&#941;&#960;&#949;&#964;&#945;&#953;&nbsp;&#963;&#949;&nbsp;&#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949;&nbsp;&#904;&#947;&#947;&#961;&#945;&#966;&#959;&nbsp;&#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">6.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#908;&#955;&#945;&nbsp;&#964;&#945;&nbsp;&#941;&#947;&#947;&#961;&#945;&#966;&#945;, &#941;&#957;&#964;&#965;&#960;&#945;, &#949;&#961;&#969;&#964;&#951;&#956;&#945;&#964;&#959;&#955;&#972;&#947;&#953;&#945;&nbsp;&#954;&#945;&#953;&nbsp;&#949;&#957;&#964;&#959;&#955;&#941;&#962;&nbsp;&#960;&#959;&#965;&nbsp;&#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953;&nbsp;&#947;&#953;&#945;&nbsp;&#964;&#959;&nbsp;&#940;&#957;&#959;&#953;&#947;&#956;&#945;&nbsp;&#942;&nbsp;&#964;&#951;&#957;&nbsp;&#948;&#953;&#945;&#964;&#942;&#961;&#951;&#963;&#951;&nbsp;&#954;&#945;&#953;&nbsp;&#954;&#943;&#957;&#951;&#963;&#951;&nbsp;&#964;&#959;&#965;&nbsp;&#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&nbsp;&#917;&#963;&#972;&#948;&#969;&#957;&nbsp;&#954;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#923;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#959;&#973;&nbsp;&#928;&#945;&#961;&#945;&#954;&#961;&#940;&#964;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&#908;&#955;&#945;&nbsp;&#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#959;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#959; &#928;&#945;&#961;&#941;&#967;&#959;&#957; &#917;&#958;&#945;&#963;&#966;&#940;&#955;&#953;&#963;&#951; &#924;&#941;&#961;&#959;&#962; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#964;&#951;&#962; &#948;&#953;&#945;&#948;&#953;&#954;&#945;&#963;&#943;&#945;&#962; &#171;&#915;&#957;&#974;&#961;&#953;&#963;&#949; &#964;&#959;&#957; &#928;&#949;&#955;&#940;&#964;&#951; &#963;&#959;&#965;&#187; &#954;&#945;&#952;&#974;&#962; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#942; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#960;&#959;&#965; &#950;&#951;&#964;&#940; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#964;&#959; &#960;&#955;&#945;&#943;&#963;&#953;&#959; &#964;&#969;&#957; &#948;&#953;&#945;&#964;&#940;&#958;&#949;&#969;&#957; &#947;&#953;&#945; &#964;&#951;&#957; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951; &#949;&#963;&#972;&#948;&#969;&#957; &#945;&#960;&#972; &#949;&#947;&#954;&#955;&#951;&#956;&#945;&#964;&#953;&#954;&#941;&#962; &#948;&#961;&#945;&#963;&#964;&#951;&#961;&#953;&#972;&#964;&#951;&#964;&#949;&#962;, &#942; &#960;&#959;&#965; &#945;&#960;&#945;&#953;&#964;&#959;&#973;&#957;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#959;&#957; OFAC &#942; &#959;&#960;&#959;&#953;&#945;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#951; &#917;&#960;&#953;&#946;&#940;&#955;&#955;&#959;&#965;&#963;&#945; &#913;&#961;&#967;&#942;, &#963;&#965;&#956;&#960;&#949;&#961;&#953;&#955;&#945;&#956;&#946;&#945;&#957;&#959;&#956;&#941;&#957;&#969;&#957; &#945;&#957;&#964;&#953;&#947;&#961;&#940;&#966;&#969;&#957; &#964;&#969;&#957; &#948;&#953;&#945;&#946;&#945;&#964;&#951;&#961;&#943;&#969;&#957; &#954;&#945;&#953; &#960;&#961;&#972;&#963;&#966;&#945;&#964;&#969;&#957; &#955;&#959;&#947;&#945;&#961;&#953;&#945;&#963;&#956;&#974;&#957; &#954;&#959;&#953;&#957;&#942;&#962; &#969;&#966;&#949;&#955;&#949;&#943;&#945;&#962; &#964;&#969;&#957; &#948;&#953;&#949;&#965;&#952;&#965;&#957;&#964;&#974;&#957; &#954;&#945;&#953; &#945;&#958;&#953;&#969;&#956;&#945;&#964;&#959;&#973;&#967;&#969;&#957; &#964;&#951;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#959;&#965; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">8.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#917;&#943;&#963;&#960;&#961;&#945;&#958;&#951;&nbsp;&#964;&#951;&#962;&nbsp;&#945;&#956;&#959;&#953;&#946;&#942;&#962;&nbsp;&#959;&#961;&#947;&#940;&#957;&#969;&#963;&#951;&#962;&nbsp;&#964;&#951;&#962;&nbsp;&#967;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;&nbsp;&#954;&#945;&#953;&nbsp;&#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949;&nbsp;&#940;&#955;&#955;&#969;&#957;&nbsp;&#949;&#958;&#972;&#948;&#969;&#957;&nbsp;&#964;&#965;&#967;&#972;&#957;&nbsp;&#941;&#967;&#959;&#965;&#957;&nbsp;&#947;&#949;&#957;&#957;&#951;&#952;&#949;&#943;&nbsp;&#956;&#941;&#967;&#961;&#953;&nbsp;&#964;&#951;&#957;&nbsp;&#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;&nbsp;&#965;&#960;&#959;&#947;&#961;&#945;&#966;&#942;&#962;&nbsp;&#964;&#951;&#962;&nbsp;&#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962;&nbsp;&#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">9.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945;&nbsp;&#964;&#969;&#957;&nbsp;&#960;&#961;&#974;&#964;&#969;&#957;&nbsp;&#927;&#953;&#954;&#959;&#957;&#959;&#956;&#953;&#954;&#974;&#957;&nbsp;&#922;&#945;&#964;&#945;&#963;&#964;&#940;&#963;&#949;&#969;&#957;</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">10.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#917;&#960;&#953;&#963;&#964;&#959;&#955;&#942;&nbsp;&#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;</p>
			</td>
		</tr>
		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">11.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#932;&#942;&#961;&#951;&#963;&#951;&nbsp;&#954;&#945;&#964;&#940;&#952;&#949;&#963;&#951;&#962;&nbsp;&#963;&#973;&#956;&#966;&#969;&#957;&#945;&nbsp;&#956;&#949;&nbsp;&#964;&#959;&nbsp;&#940;&#961;&#952;&#961;&#959;&nbsp;10.20&#913;.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>&#924;&#917;&#929;&#927;&#931; &#914;</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#917;&#915;&#915;&#929;&#913;&#934;&#913; &#913;&#928;&#913;&#921;&#932;&#927;&#933;&#924;&#917;&#925;&#913; &#928;&#929;&#921;&#925; &#913;&#928;&#927; &#932;&#919;&#925; &#919;&#924;&#917;&#929;&#927;&#924;&#919;&#925;&#921;&#913; &#932;&#919;&#931; &#917;&#922;&#932;&#913;&#924;&#921;&#917;&#933;&#931;&#919;&#931; </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#927; &#954;&#945;&#964;&#969;&#964;&#941;&#961;&#969; &#954;&#945;&#964;&#940;&#955;&#959;&#947;&#959;&#962; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#960;&#949;&#961;&#953;&#941;&#967;&#949;&#953; &#964;&#945; &#941;&#947;&#947;&#961;&#945;&#966;&#945; &#960;&#959;&#965;, &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959; &#940;&#961;&#952;&#961;&#959; 8.1(&#946;) &#960;&#961;&#941;&#960;&#949;&#953; &#957;&#945; &#960;&#961;&#959;&#963;&#954;&#959;&#956;&#953;&#963;&#952;&#959;&#973;&#957; &#963;&#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#942; &#957;&#945; &#955;&#951;&#966;&#952;&#959;&#973;&#957; &#945;&#960;&#972; &#945;&#965;&#964;&#942;&#957; &#960;&#961;&#953;&#957; &#942; &#954;&#945;&#964;&#940; &#964;&#951;&#957; &#919;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#917;&#954;&#964;&#945;&#956;&#943;&#949;&#965;&#963;&#951;&#962;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">1.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#925;&#945;&nbsp;&#941;&#967;&#959;&#965;&#957;&nbsp;&#965;&#960;&#959;&#947;&#961;&#945;&#966;&#949;&#943;&nbsp;&#948;&#949;&#972;&#957;&#964;&#969;&#962;&nbsp;&#972;&#955;&#945;&nbsp;&#964;&#945;&nbsp;&#904;&#947;&#947;&#961;&#945;&#966;&#945;&nbsp;&#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">&#925;&#945;&nbsp;&#941;&#967;&#959;&#965;&#957;&nbsp;&#960;&#961;&#959;&#963;&#954;&#959;&#956;&#953;&#963;&#952;&#949;&#943;&nbsp;&#963;&#964;&#951;&#957;&nbsp;&#932;&#961;&#940;&#960;&#949;&#950;&#945;:</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#945;) &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#972;&#955;&#969;&#957; &#964;&#969;&#957; &#949;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#957;&#959;&#956;&#953;&#956;&#959;&#960;&#959;&#943;&#951;&#963;&#951;&#962; &#964;&#959;&#965; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959;&#965; &#945;&#960;&#972; &#964;&#945; &#959;&#960;&#959;&#943;&#945; &#957;&#945; &#960;&#961;&#959;&#954;&#973;&#960;&#964;&#959;&#965;&#957; &#972;&#964;&#953; &#964;&#959; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959; &#949;&#943;&#957;&#945;&#953; &#959; &#954;&#945;&#964;&#945;&#963;&#954;&#949;&#965;&#945;&#963;&#964;&#942;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#960;&#961;&#953;&#957; &#964;&#951;&#957; &#960;&#974;&#955;&#951;&#963;&#951; &#954;&#945;&#953; &#960;&#945;&#961;&#940;&#948;&#959;&#963;&#942; &#964;&#959;&#965; &#963;&#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#946;) &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#964;&#959;&#965; &#960;&#969;&#955;&#951;&#964;&#951;&#961;&#943;&#959;&#965; &#949;&#947;&#947;&#961;&#940;&#966;&#959;&#965; (bill of sale) &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#957;&#945; &#945;&#957;&#945;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#969;&#962; &#964;&#943;&#956;&#951;&#956;&#945; &#964;&#959; &#943;&#948;&#953;&#959; &#960;&#959;&#963;&#972; &#956;&#949; &#945;&#965;&#964;&#972; &#960;&#959;&#965; &#945;&#957;&#945;&#947;&#961;&#940;&#966;&#949;&#964;&#945;&#953; &#969;&#962; &#964;&#941;&#964;&#959;&#953;&#959; &#963;&#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#925;&#945;&#965;&#960;&#942;&#947;&#951;&#963;&#951;&#962; &#954;&#945;&#953; &#963;&#964;&#959; &#959;&#960;&#959;&#943;&#959; &#957;&#945; &#945;&#957;&#945;&#966;&#941;&#961;&#949;&#964;&#945;&#953; &#972;&#964;&#953; &#964;&#959; &#960;&#955;&#959;&#943;&#959; &#956;&#949;&#964;&#945;&#946;&#953;&#946;&#940;&#950;&#949;&#964;&#945;&#953; &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#959; &#946;&#945;&#961;&#974;&#957;, &#957;&#945;&#965;&#964;&#953;&#954;&#974;&#957; &#960;&#961;&#959;&#957;&#959;&#956;&#943;&#969;&#957; &#954;&#945;&#953; &#959;&#960;&#959;&#953;&#969;&#957;&#948;&#942;&#960;&#959;&#964;&#949; &#940;&#955;&#955;&#969;&#957; &#959;&#966;&#949;&#953;&#955;&#974;&#957;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#947;) &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#964;&#959;&#965; &#964;&#953;&#956;&#959;&#955;&#959;&#947;&#943;&#959;&#965; &#945;&#947;&#959;&#961;&#940;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#948;) &#945;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#964;&#959;&#965; &#960;&#961;&#969;&#964;&#959;&#954;&#972;&#955;&#955;&#959;&#965; &#960;&#945;&#961;&#940;&#948;&#959;&#963;&#951;&#962; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#955;&#945;&#946;&#942;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#949;) &#928;&#961;&#972;&#963;&#966;&#945;&#964;&#959; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#957;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#947;&#953;&#945; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#949;&#954;&#948;&#959;&#952;&#941;&#957; &#945;&#960;&#972; &#925;&#951;&#959;&#947;&#957;&#974;&#956;&#959;&#957;&#945; &#964;&#951;&#962; &#945;&#960;&#959;&#948;&#959;&#967;&#942;&#962; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; &#956;&#941;&#955;&#959;&#962; &#964;&#951;&#962; &#941;&#957;&#969;&#963;&#951;&#962; &#957;&#951;&#959;&#947;&#957;&#969;&#956;&#972;&#957;&#969;&#957; IACS, &#949;&#955;&#949;&#973;&#952;&#949;&#961;&#959; &#945;&#960;&#972; &#955;&#951;&#958;&#953;&#960;&#961;&#972;&#952;&#949;&#963;&#956;&#949;&#962; &#963;&#965;&#963;&#964;&#940;&#963;&#949;&#953;&#962; &#954;&#945;&#953; &#960;&#945;&#961;&#945;&#964;&#951;&#961;&#942;&#963;&#949;&#953;&#962; &#960;&#959;&#965; &#949;&#960;&#951;&#961;&#949;&#940;&#950;&#959;&#965;&#957; &#964;&#951;&#957; &#954;&#955;&#940;&#963;&#951; &#964;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#963;&#964;) &#913;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#963;&#964;&#959;&#953;&#967;&#949;&#943;&#945; &#972;&#964;&#953; &#964;&#959; &#928;&#955;&#959;&#943;&#959; &#949;&#943;&#957;&#945;&#953; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#956;&#941;&#957;&#959; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#960;&#961;&#959;&#946;&#955;&#949;&#960;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#951; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#950;) &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#964;&#953;&#954;&#940; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#945;&#960;&#972; &#964;&#951; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#963;&#964;&#959; &#925;&#945;&#965;&#960;&#951;&#947;&#949;&#943;&#959; &#964;&#969;&#957; &#960;&#961;&#959;&#951;&#947;&#959;&#973;&#956;&#949;&#957;&#969;&#957; &#964;&#951;&#962; &#964;&#949;&#955;&#949;&#965;&#964;&#945;&#943;&#969;&#962; &#948;&#972;&#963;&#949;&#969;&#957; &#954;&#945;&#964;&#945;&#946;&#959;&#955;&#942;&#962; &#964;&#959;&#965; &#964;&#953;&#956;&#942;&#956;&#945;&#964;&#959;&#962; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#925;&#945;&#965;&#960;&#942;&#947;&#951;&#963;&#951;&#962;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#904;&#947;&#947;&#961;&#945;&#966;&#945; &#945;&#966;&#959;&#961;&#974;&#957;&#964;&#945; &#964;&#951;&#957; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#945;) &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#959; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 54pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(&#946;) &#913;&#957;&#964;&#943;&#947;&#961;&#945;&#966;&#945; &#964;&#959;&#965; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#959;&#973; &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#964;&#951;&#962; &#917;&#947;&#954;&#949;&#954;&#961;&#953;&#956;&#941;&#957;&#951;&#962; &#916;&#953;&#945;&#967;&#949;&#953;&#961;&#943;&#963;&#964;&#961;&#953;&#945;&#962; &#954;&#945;&#953; &#964;&#969;&#957; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#913;&#963;&#966;&#945;&#955;&#959;&#973;&#962; &#916;&#953;&#945;&#967;&#949;&#943;&#961;&#953;&#963;&#951;&#962; &#954;&#945;&#953; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; ISSC, &#942; &#963;&#949; &#960;&#949;&#961;&#943;&#960;&#964;&#969;&#963;&#951; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#963;&#965;&#957;&#945;&#953;&#957;&#941;&#963;&#949;&#953; &#963;&#964;&#951;&#957; &#960;&#961;&#959;&#963;&#954;&#972;&#956;&#953;&#963;&#951; &#964;&#969;&#957; &#969;&#962; &#940;&#957;&#969; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#963;&#949; &#956;&#949;&#964;&#945;&#947;&#949;&#957;&#941;&#963;&#964;&#949;&#961;&#951; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945;, &#953;&#954;&#945;&#957;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#941;&#962; &#945;&#960;&#959;&#948;&#949;&#943;&#958;&#949;&#953;&#962; &#972;&#964;&#953; &#959;&#953; &#963;&#967;&#949;&#964;&#953;&#954;&#941;&#962; &#945;&#953;&#964;&#942;&#963;&#949;&#953;&#962; &#941;&#967;&#959;&#965;&#957; &#965;&#960;&#959;&#946;&#955;&#951;&#952;&#949;&#943; &#963;&#964;&#953;&#962; &#945;&#961;&#956;&#972;&#948;&#953;&#949;&#962; &#965;&#960;&#951;&#961;&#949;&#963;&#943;&#949;&#962; &#960;&#959;&#965; &#949;&#960;&#953;&#955;&#945;&#956;&#946;&#940;&#957;&#959;&#957;&#964;&#945;&#953; &#964;&#951;&#957; &#941;&#954;&#948;&#959;&#963;&#951; &#964;&#969;&#957; &#960;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#974;&#957; &#945;&#965;&#964;&#974;&#957;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">4.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#917;&#954;&#964;&#953;&#956;&#942;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#963;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#945; &#959;&#961;&#953;&#950;&#972;&#956;&#949;&#957;&#945; &#963;&#964;&#959; &#940;&#961;&#952;&#961;&#959; 14 &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">5.</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#915;&#957;&#969;&#956;&#959;&#948;&#972;&#964;&#951;&#963;&#951; &#945;&#957;&#949;&#958;&#940;&#961;&#964;&#951;&#964;&#959;&#965; &#945;&#963;&#966;&#945;&#955;&#953;&#963;&#964;&#953;&#954;&#959;&#973; &#963;&#965;&#956;&#946;&#959;&#973;&#955;&#959;&#965; &#948;&#953;&#959;&#961;&#953;&#950;&#959;&#956;&#941;&#957;&#959;&#965; &#945;&#960;&#972; &#964;&#951;&#957; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#949;&#960;&#943; &#950;&#951;&#964;&#951;&#956;&#940;&#964;&#969;&#957; &#960;&#959;&#965; &#951; &#932;&#961;&#940;&#960;&#949;&#950;&#945; &#952;&#945; &#952;&#941;&#963;&#949;&#953; &#963;&#949; &#945;&#965;&#964;&#972;&#957; &#963;&#949; &#963;&#967;&#941;&#963;&#951; &#956;&#949; &#964;&#953;&#962; &#945;&#963;&#966;&#945;&#955;&#943;&#963;&#949;&#953;&#962; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965;, &#951; &#948;&#945;&#960;&#940;&#957;&#951; &#964;&#951;&#962; &#959;&#960;&#959;&#943;&#945;&#962; &#946;&#945;&#961;&#973;&#957;&#949;&#953; &#964;&#951;&#957; &#916;&#945;&#957;&#949;&#953;&#950;&#972;&#956;&#949;&#957;&#951; &#954;&#945;&#953; &#964;&#959;&#957; &#917;&#947;&#947;&#965;&#951;&#964;&#942;.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>&#928;&#913;&#929;&#913;&#929;&#932;&#919;&#924;&#913; 3</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#928;&#961;&#959;&#962;:</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; &#932;&#929;&#913;&#928;&#917;&#918;&#913; &#932;&#919;&#931; &#917;&#923;&#923;&#913;&#916;&#927;&#931; &#913;.&#917;.</b></p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#928;&#917;&#921;&#929;&#913;&#921;&#913;&#931; 185 35</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#956;&#949; &#951;&#956;&#949;&#961;&#959;&#956;&#951;&#957;&#943;&#945; &#8230;&#8230;&#8230;&#8230;&#8230;.. &#956;&#949;&#964;&#945;&#958;&#973; &#951;&#956;&#974;&#957; &#969;&#962; &#916;&#945;&#957;&#949;&#953;&#950;&#959;&#956;&#941;&#957;&#951;&#962; &#954;&#945;&#953; &#964;&#951;&#962; &#932;&#961;&#940;&#960;&#949;&#950;&#945;&#962; (&#951; &#171;&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;&#187;) &#956;&#949; &#948;&#965;&#957;&#945;&#964;&#972;&#964;&#951;&#964;&#945; &#945;&#957;&#964;&#945;&#955;&#955;&#945;&#947;&#942;&#962; &#949;&#960;&#953;&#964;&#959;&#954;&#943;&#959;&#965;</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#931;&#973;&#956;&#966;&#969;&#957;&#945; &#956;&#949; &#964;&#959;&#965;&#962; &#972;&#961;&#959;&#965;&#962; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#963;&#945;&#962; &#949;&#957;&#951;&#956;&#949;&#961;&#974;&#957;&#959;&#965;&#956;&#949; &#947;&#953;&#945; &#964;&#951;&#957; &#955;&#942;&#968;&#951; &#964;&#951;&#962; &#969;&#962; &#940;&#957;&#969; &#917;&#960;&#953;&#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951;&#962; &#945;&#960;&#972; &#949;&#956;&#940;&#962; &#954;&#945;&#953; &#956;&#949; &#964;&#951;&#957; &#960;&#945;&#961;&#959;&#973;&#963;&#945; &#963;&#945;&#962; &#948;&#951;&#955;&#974;&#957;&#959;&#965;&#956;&#949; &#972;&#964;&#953; &#951; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942; &#960;&#959;&#965; &#945;&#960;&#959;&#948;&#949;&#953;&#954;&#957;&#973;&#949;&#964;&#945;&#953; &#945;&#960;&#972; &#964;&#951;&#957; &#969;&#962; &#940;&#957;&#969; &#917;&#960;&#953;&#946;&#949;&#946;&#945;&#943;&#969;&#963;&#951; &#952;&#945; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#956;&#943;&#945; &#171;&#922;&#945;&#952;&#959;&#961;&#953;&#963;&#956;&#941;&#957;&#951; &#931;&#965;&#957;&#945;&#955;&#955;&#945;&#947;&#942;&#187; &#947;&#953;&#945; &#964;&#959;&#965;&#962; &#963;&#954;&#959;&#960;&#959;&#973;&#962; &#964;&#951;&#962; &#931;&#973;&#956;&#946;&#945;&#963;&#951;&#962; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#954;&#945;&#953; &#964;&#969;&#957; &#917;&#947;&#947;&#961;&#940;&#966;&#969;&#957; &#935;&#961;&#951;&#956;&#945;&#964;&#959;&#948;&#972;&#964;&#951;&#963;&#951;&#962;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#919; &#916;&#913;&#925;&#917;&#921;&#918;&#927;&#924;&#917;&#925;&#919;</p>

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			<td style="width: auto; font-size: 10pt;">&#928;&#917;&#921;&#929;&#913;&#921;&#913;&#931; 185 35</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#945;&#960;&#972; &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. (&#951; &#171;&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;&#187;)</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#932;&#959; &#960;&#945;&#961;&#972;&#957; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#917;&#960;&#953;&#948;&#972;&#963;&#949;&#969;&#957; &#914;&#953;&#969;&#963;&#953;&#956;&#972;&#964;&#951;&#964;&#945;&#962; &#954;&#945;&#953; &#959;&#953; &#972;&#961;&#959;&#953; &#960;&#959;&#965; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#959;&#973;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#960;&#945;&#961;&#972;&#957; &#941;&#967;&#959;&#965;&#957; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#941;&#957;&#957;&#959;&#953;&#945; &#956;&#949; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#951; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#924;&#949; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#957;&#959;&#965;&#956;&#949; &#972;&#964;&#953; (i) &#951; &#916;&#953;&#945;&#946;&#940;&#952;&#956;&#953;&#963;&#951; CII &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#947;&#953;&#945; &#964;&#959; &#941;&#964;&#959;&#962; &#960;&#959;&#965; &#941;&#955;&#951;&#958;&#949; &#964;&#951;&#957; 31 &#916;&#949;&#954;&#949;&#956;&#946;&#961;&#943;&#959;&#965; 20&#8230; &#942;&#964;&#945;&#957; &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;, (ii) &#964;&#959; &#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#949;&#957;&#959; &#917;&#917;&#927;&#921; &#964;&#959;&#965; &#928;&#955;&#959;&#943;&#959;&#965; &#947;&#953;&#945; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#960;&#949;&#961;&#943;&#959;&#948;&#959; &#942;&#964;&#945;&#957; &#8230;&#8230;&#8230;., &#960;&#961;&#940;&#947;&#956;&#945; &#960;&#959;&#965; &#963;&#965;&#957;&#949;&#960;&#940;&#947;&#949;&#964;&#945;&#953; &#964;&#951;&#957; &#949;&#966;&#945;&#961;&#956;&#959;&#947;&#942; &#928;&#949;&#961;&#953;&#952;&#969;&#961;&#943;&#959;&#965; &#8230;&#8230;&#8230;&#8230;..% &#947;&#953;&#945; &#964;&#959; &#916;&#940;&#957;&#949;&#953;&#959;.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#932;ERATAKI SHIPPING LTD / EUROSEAS LTD.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#917;&#920;&#925;&#921;&#922;&#919; &#932;&#929;&#913;&#928;&#917;&#918;&#913; &#932;&#919;&#931; &#917;&#923;&#923;&#913;&#916;&#927;&#931; &#913;.&#917;.</b></p>
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			<td style="width: auto; font-size: 10pt;">&#924;&#928;&#927;&#933;&#924;&#928;&#927;&#933;&#923;&#921;&#925;&#913;&#931; 2 &amp; &#913;&#922;&#932;&#919; &#924;&#921;&#913;&#927;&#933;&#923;&#919;</td>
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			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&#928;&#917;&#921;&#929;&#913;&#921;&#913;&#931; 185 35</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965; &#945;&#960;&#972; &#8230;&#8230;&#8230;2023 (&#951; &#171;&#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;&#187;)</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#913;&#957;&#945;&#966;&#949;&#961;&#972;&#956;&#945;&#963;&#964;&#949; &#963;&#964;&#951;&#957; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;, &#963;&#964;&#951;&#957; &#959;&#960;&#959;&#943;&#945; &#941;&#967;&#959;&#965;&#956;&#949; &#963;&#965;&#956;&#946;&#955;&#951;&#952;&#949;&#943; &#969;&#962; &#949;&#947;&#947;&#965;&#951;&#964;&#942;&#962;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#932;&#959; &#960;&#945;&#961;&#972;&#957; &#945;&#960;&#959;&#964;&#949;&#955;&#949;&#943; &#928;&#953;&#963;&#964;&#959;&#960;&#959;&#953;&#951;&#964;&#953;&#954;&#972; &#931;&#965;&#956;&#956;&#972;&#961;&#966;&#969;&#963;&#951;&#962; &#954;&#945;&#953; &#959;&#953; &#972;&#961;&#959;&#953; &#960;&#959;&#965; &#967;&#961;&#951;&#963;&#953;&#956;&#959;&#960;&#959;&#953;&#959;&#973;&#957;&#964;&#945;&#953; &#963;&#964;&#959; &#960;&#945;&#961;&#972;&#957; &#941;&#967;&#959;&#965;&#957; &#964;&#951;&#957; &#943;&#948;&#953;&#945; &#941;&#957;&#957;&#959;&#953;&#945; &#956;&#949; &#964;&#951;&#957; &#941;&#957;&#957;&#959;&#953;&#945; &#960;&#959;&#965; &#964;&#959;&#965;&#962; &#945;&#960;&#959;&#948;&#943;&#948;&#949;&#964;&#945;&#953; &#963;&#964;&#951; &#931;&#973;&#956;&#946;&#945;&#963;&#951; &#916;&#945;&#957;&#949;&#943;&#959;&#965;.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#924;&#949; &#964;&#959; &#960;&#945;&#961;&#972;&#957; &#949;&#960;&#953;&#946;&#949;&#946;&#945;&#953;&#974;&#957;&#959;&#965;&#956;&#949; &#972;&#964;&#953;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">

		<tr style="font-size: 10pt;">
			<td style="width: 2%; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">(i)</p>
			</td>
			<td style="vertical-align: top; width: 95%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#948;&#949;&#957;&nbsp;&#941;&#967;&#949;&#953;&nbsp;&#949;&#960;&#941;&#955;&#952;&#949;&#953;&nbsp;&#915;&#949;&#947;&#959;&#957;&#972;&#962;&nbsp;&#933;&#960;&#949;&#961;&#951;&#956;&#949;&#961;&#943;&#945;&#962;,</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 2%; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">(ii)</p>
			</td>
			<td style="vertical-align: top; width: 95%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#951;&nbsp;&#949;&#955;&#940;&#967;&#953;&#963;&#964;&#951;&nbsp;&#961;&#949;&#965;&#963;&#964;&#972;&#964;&#951;&#964;&#945;&nbsp;&#945;&#957;&#940;&nbsp;&#960;&#955;&#959;&#943;&#959;&nbsp;&#964;&#959;&#965;&nbsp;&#963;&#964;&#972;&#955;&#959;&#965;&nbsp;&#956;&#945;&#962;&nbsp;&#953;&#963;&#959;&#973;&#964;&#945;&#953;&nbsp;&#942;&nbsp;&#965;&#960;&#949;&#961;&#946;&#945;&#943;&#957;&#949;&#953;&nbsp;&#964;&#959;&nbsp;&#960;&#959;&#963;&#972;&nbsp;&#964;&#969;&#957;&nbsp;US$ 300.000,</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 2%; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">(iii)</p>
			</td>
			<td style="vertical-align: top; width: 95%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#951;&nbsp;&#954;&#945;&#952;&#945;&#961;&#942;&nbsp;&#945;&#958;&#943;&#945;&nbsp;&#960;&#961;&#959;&#963;&#945;&#961;&#956;&#959;&#963;&#956;&#941;&#957;&#951;&nbsp;&#963;&#964;&#951;&#957;&nbsp;&#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942;&nbsp;&#945;&#958;&#943;&#945;&nbsp;(market value adjusted net worth) &#960;&#955;&#951;&#957;&nbsp;&#964;&#953;&#962;&nbsp;&#963;&#965;&#957;&#959;&#955;&#953;&#954;&#941;&#962;&nbsp;&#965;&#960;&#959;&#967;&#961;&#949;&#974;&#963;&#949;&#953;&#962;&nbsp;(total liabilities) &#953;&#963;&#959;&#973;&#964;&#945;&#953;&nbsp;&#942;&nbsp;&#965;&#960;&#959;&#955;&#949;&#943;&#960;&#949;&#964;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#960;&#959;&#963;&#959;&#973;&nbsp;&#964;&#969;&#957;&nbsp;US$ 15.000.0000,</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 2%; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">(iv)</p>
			</td>
			<td style="vertical-align: top; width: 95%; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#964;&#959;&nbsp;&#963;&#965;&#957;&#959;&#955;&#953;&#954;&#972;&nbsp;&#960;&#945;&#952;&#951;&#964;&#953;&#954;&#972;&nbsp;(total debt) &#960;&#961;&#959;&#962;&nbsp;&#964;&#959;&nbsp;&#963;&#965;&#957;&#959;&#955;&#953;&#954;&#972;&nbsp;&#949;&#957;&#949;&#961;&#947;&#951;&#964;&#953;&#954;&#972;&nbsp;&#960;&#961;&#959;&#963;&#945;&#961;&#956;&#959;&#963;&#956;&#941;&#957;&#959;&nbsp;&#963;&#949;&nbsp;&#949;&#956;&#960;&#959;&#961;&#953;&#954;&#942;&nbsp;&#945;&#958;&#943;&#945;&nbsp;(total market adjusted assets) &#953;&#963;&#959;&#973;&#964;&#945;&#953;&nbsp;&#942;&nbsp;&#965;&#960;&#959;&#955;&#949;&#943;&#960;&#949;&#964;&#945;&#953;&nbsp;&#964;&#959;&#965;&nbsp;&#960;&#959;&#963;&#959;&#963;&#964;&#959;&#973;&nbsp;75%.</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&#924;&#949; &#949;&#954;&#964;&#943;&#956;&#951;&#963;&#951;,</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">EUROSEAS LTD.</p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.36
<SEQUENCE>5
<FILENAME>ex_660780.htm
<DESCRIPTION>EXHIBIT 4.36
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; font-variant: normal; margin: 0pt; text-align: right;"><b><i><u>EXHIBIT 4.36</u></i></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Private and Confidential </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>DATED 12 July 2023</u></b></p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>ANTWERP SHIPPING LTD</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>BUSAN SHIPPING LTD </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>KEELUNG SHIPPING LTD</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>and</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>OAKLAND SHIPPING LTD (1) </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>- and -</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>PIRAEUS BANK S.A. (2)</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>___________________________________</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>FACILITY AGREEMENT</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>in respect of a loan of</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>up to USD40,000,000</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>____________________________________</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div style="text-align: center;"><img alt="logo.jpg" src="logo.jpg"></div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>PIRAEUS</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Index</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td colspan="2" rowspan="1" style="width: 3%;"><b>Clause</b></td>
			<td style="width: 7%; text-align: center;"><b>Page</b></td>
		</tr>
		<tr>
			<td style="width: 3%;">&nbsp;</td>
			<td style="width: 90%;">&nbsp;</td>
			<td style="width: 7%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 3%;">1</td>
			<td style="width: 90%;">PURPOSE, DEFINITIONS AND CONSTRUCTION</td>
			<td style="width: 7%; text-align: right;">1</td>
		</tr>
		<tr>
			<td style="width: 3%;">2</td>
			<td style="width: 90%;">THE COMMITMENT AND CANCELLATION</td>
			<td style="width: 7%; text-align: right;">18</td>
		</tr>
		<tr>
			<td style="width: 3%;">3</td>
			<td style="width: 90%;">INTEREST AND INTEREST PERIODS&nbsp;</td>
			<td style="width: 7%; text-align: right;">19</td>
		</tr>
		<tr>
			<td style="width: 3%;">4</td>
			<td style="width: 90%;">REPAYMENT AND PREPAYMENT</td>
			<td style="width: 7%; text-align: right;">22</td>
		</tr>
		<tr>
			<td style="width: 3%;">5</td>
			<td style="width: 90%;">FEES AND EXPENSES</td>
			<td style="width: 7%; text-align: right;">24</td>
		</tr>
		<tr>
			<td style="width: 3%;">6</td>
			<td style="width: 90%;">PAYMENTS AND TAXES; ACCOUNTS AND CALCULATIONS</td>
			<td style="width: 7%; text-align: right;">25</td>
		</tr>
		<tr>
			<td style="width: 3%;">7</td>
			<td style="width: 90%;">REPRESENTATIONS AND WARRANTIES</td>
			<td style="width: 7%; text-align: right;">28</td>
		</tr>
		<tr>
			<td style="width: 3%;">8</td>
			<td style="width: 90%;">UNDERTAKINGS</td>
			<td style="width: 7%; text-align: right;">32</td>
		</tr>
		<tr>
			<td style="width: 3%;">9</td>
			<td style="width: 90%;">CONDITIONS</td>
			<td style="width: 7%; text-align: right;">42</td>
		</tr>
		<tr>
			<td style="width: 3%;">10</td>
			<td style="width: 90%;">EVENTS OF DEFAULT</td>
			<td style="width: 7%; text-align: right;">43</td>
		</tr>
		<tr>
			<td style="width: 3%;">11</td>
			<td style="width: 90%;">INDEMNITIES</td>
			<td style="width: 7%; text-align: right;">46</td>
		</tr>
		<tr>
			<td style="width: 3%;">12</td>
			<td style="width: 90%;">UNLAWFULNESS, INCREASED COSTS AND BAIL-IN</td>
			<td style="width: 7%; text-align: right;">47</td>
		</tr>
		<tr>
			<td style="width: 3%;">13</td>
			<td style="width: 90%;">APPLICATION OF MONEYS, SET OFF, PRO-RATA PAYMENTS AND MISCELLANEOUS</td>
			<td style="width: 7%; text-align: right;">49</td>
		</tr>
		<tr>
			<td style="width: 3%;">14</td>
			<td style="width: 90%;">ACCOUNTS&nbsp;</td>
			<td style="width: 7%; text-align: right;">51</td>
		</tr>
		<tr>
			<td style="width: 3%;">15</td>
			<td style="width: 90%;">ASSIGNMENT, TRANSFER AND LENDING OFFICE</td>
			<td style="width: 7%; text-align: right;">52</td>
		</tr>
		<tr>
			<td style="width: 3%;">16</td>
			<td style="width: 90%;">NOTICES AND OTHER MATTERS</td>
			<td style="width: 7%; text-align: right;">53</td>
		</tr>
		<tr>
			<td style="width: 3%;">17</td>
			<td style="width: 90%;">GOVERNING LAW</td>
			<td style="width: 7%; text-align: right;">55</td>
		</tr>
		<tr>
			<td style="width: 3%;">18</td>
			<td style="width: 90%;">JURISDICTION</td>
			<td style="width: 7%; text-align: right;">55</td>
		</tr>
		<tr>
			<td style="width: 3%;">19</td>
			<td style="width: 90%;">BORROWERS&#8217; OBLIGATIONS</td>
			<td style="width: 7%; text-align: right;">57</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="width: 3%;">SCHEDULE 1 FORM OF DRAWDOWN NOTICE</td>
			<td style="width: 7%; text-align: right;">59</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="width: 3%;">SCHEDULE 2 CONDITIONS PRECEDENT</td>
			<td style="width: 7%; text-align: right;">60</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="width: 3%;">SCHEDULE 3 FORM OF COMPLIANCE CERTIFICATE</td>
			<td style="width: 7%; text-align: right;">65</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="width: 3%;">EXECUTION PAGE&nbsp;</td>
			<td style="width: 7%; text-align: right;">66</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<div contenteditable="false" data-applyto="t" data-auto-pgnum="start" data-displaynum="1" data-fontname="Times New Roman" data-fontsize="10pt" data-numstyle="a" data-prefix="" data-startnum="1" data-suffix="" data-textalign="center">&nbsp;</div>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>THIS AGREEMENT</b> dated __12__&nbsp;July 2023 is made <b>BY</b> and <b>BETWEEN</b>:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-36pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>ANTWERP SHIPPING LTD, BUSAN SHIPPING LTD</b>, <b>KEELUNG SHIPPING LTD</b> and <b>OAKLAND SHIPPING LTD</b> as joint and several Borrowers; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;text-indent:-36pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>PIRAEUS BANK S.A.</b> as Lender.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOW IT IS HEREBY AGREED AS FOLLOWS:</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Purpose, definitions and construction</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Purpose</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 29pt;">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 USD40,000,000 in one advance for the purposes of (A) enabling the Borrowers to repay all amounts outstanding under the Existing Loan Agreements and (B) in respect of any balance, providing the Borrowers with working capital to cover the general corporate needs of the Borrowers.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.2</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Definitions</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">In this Agreement, unless the context otherwise requires:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">"<b>affiliate</b>" 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&#8220;<b>Applicable Margin</b>&#8221; means</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in respect of the Loan less an amount equivalent to the Pledged Deposit Amount, 2.25% (two point two five per cent) per annum; and</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in respect of the part of the Loan equivalent the Pledged Deposit Amount, zero point nine zero per cent (0.90%) per annum;</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Broker</b>&#8221; means such second-hand ship sale and purchase broker as the Lender may agree is an Approved Broker for the purposes of this Agreement;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Charter</b>&#8221; means Approved Charter A, Approved Charter B, Approved Charter C, Approved Charter D or such other charterparty acceptable to the Lender;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Charter A</b>&#8221; means, the charter dated 27 July 2021 (as amended and/or supplemented and/or novated from time to time) made between Busan as owner and Maersk Line A/S as charterer in respect of Vessel A;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Charter B</b>&#8221; means, the charter dated 10 June 2020 (as amended and/or supplemented and/or novated from time to time) made between Antwerp as owner and Hapag-Lloyd AG of Hamburg, Germany as charterer in respect of Vessel B;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Charter C</b>&#8221; means, the charter dated 18 November 2021 (as amended and/or supplemented and/or novated from time to time) made between Oakland as owner and Zim Integrated Shipping Services Ltd as charterer in respect of Vessel C;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Approved Charter D</b>&#8221; means, the charter dated 25 April 2023 (as amended and/or supplemented and/or novated from time to time) made between Keelung as owner and RCL Feeder Pte Ltd as charterer in respect of Vessel D;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Article 55 BRRD</b>&#8221;<b> </b>means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:29pt;"><b>&#8220;Bail-In Action</b>&#8221; means the exercise of any Write-down and Conversion Powers;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:29pt;"><b>&#8220;Bail-In Legislation</b>&#8221; means:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in relation to any state other than such an EEA Member Country and the United Kingdom, 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; and</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in relation to the United Kingdom, the UK Bail-In Legislation.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Balloon Instalment</b>&#8221; has the meaning given to it in clause 4.1.1, as the same may reduce from time to time;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Banking Day</b>&#8221; means:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a day on which banks are open in Athens and Piraeus (excluding Saturdays and Sundays);</p>
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			<td style="width:43pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in respect of a day on which a payment is required to be made under a Security Document, a day on which banks are open in New York City (excluding Saturdays and Sundays);</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a day on which banks are open in each country or place where a payment is required to be made under a Security Document (excluding Saturdays and Sundays); and</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(in relation to the fixing of an interest rate) a day which is a US Government Securities Business Day;</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Borrowed Money</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Borrowers</b>&#8221; means each of Antwerp Shipping Ltd (&#8220;<b>Antwerp</b>&#8221;), Busan Shipping Ltd (&#8220;<b>Busan</b>&#8221;), Keelung Shipping Ltd (&#8220;<b>Keelung</b>&#8221;) and Oakland Shipping Ltd (&#8220;<b>Oakland</b>&#8221;), each a company incorporated in the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands, and in the plural means all of them;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Break Costs</b>&#8221; 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:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Borrowers failing or being incapable of drawing the Loan after the Drawdown Notice has been given;</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Casualty Amount</b>" means seven hundred and fifty thousand Dollars (USD750,000) (or the equivalent in any other currency);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Certified Copy</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Charter Assignment</b>&#8221; means a specific assignment of Approved Charter A, Approved Charter B, Approved Charter C, Approved Charter D and<b> </b>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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Classification</b>&#8221; means, in relation to each Mortgaged Vessel, the highest class available for a vessel of her type with the relevant Classification Society;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Classification Society</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Code</b>&#8221; means the US Internal Revenue Code of 1986, as amended, and the regulations promulgated and rulings issued thereunder;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Commitment</b>&#8221; means forty million Dollars (USD40,000,000) 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Compliance Certificate</b>&#8221; means a certificate substantially in the form set out in schedule 3 signed by the chief financial officer of the Corporate Guarantor;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Compulsory Acquisition</b>&#8221; means, in respect of a Mortgaged Vessel, requisition for title or other compulsory acquisition including, if that Mortgaged 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, hijackers, terrorists or similar persons; "<b>Relevant Period</b>" 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&#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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Corporate Guarantee</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Corporate Guarantor</b>&#8221; means Euroseas Ltd., a corporation listed on NASDAQ and incorporated in the Marshall Islands with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Default</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Dollars</b>&#8221; and &#8220;<b>USD</b>&#8221; 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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Drawdown Date</b>&#8221; means any date being a Banking Day falling during the Drawdown Period, on which the Loan is, or is to be, made available;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Drawdown Notice</b>&#8221; means a notice substantially in the form of schedule 1;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Drawdown Period</b>&#8221; means the period commencing on the Execution Date and ending on the earliest of (i) 12 July 2023 or such later date as the Lender may agree in its sole discretion and (ii) any date on which the Commitment is finally cancelled or fully drawn under the terms of this Agreement;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Earnings</b>&#8221; 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 (but 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 its 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 that Vessel (including any proceeds under any loss of hire insurance, if applicable);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Earnings Account</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Earnings Account Pledge</b>&#8221; 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&#8217;s Earnings Account in such form as the Lender may require, and in the plural means all of them;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;EIAPP Certificate</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Encumbrance</b>&#8221; 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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmental Affiliate</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmental Approvals</b>&#8221; means all authorisations, consents, licences, permits, exemptions or other approvals required under applicable Environmental Laws;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmental Claim</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmental Incident</b>&#8221; 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 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmental Laws</b>&#8221; 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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Environmentally Sensitive Material</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;EU Bail-In Legislation Schedule</b>&#8221; means the document described as such and published by the Loan Market Association (or any successor person) from time to time;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Event of Default</b>&#8221; means any of the events or circumstances listed in clause 10.1;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Execution Date</b>&#8221; means the date on which this Agreement has been executed by all the parties hereto;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Existing Loan Agreements</b>&#8221; means:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a loan agreement dated 8 November 2019 (as amended by a supplemental agreement dated 16 July 2020) made between the Borrowers as joint and several borrowers and the Lender as lender in respect of a term loan facility of (originally) up to USD32,000,000; and</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a loan agreement dated 26 November 2021 made between the Borrowers as joint and several borrowers and the Lender as lender in respect of a revolving loan facility of (originally) up to USD16,500,000;</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Extended Employment Contract</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Facility Period</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&#8220;<b>FATCA</b>&#8221; means:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">sections 1471 to 1474 of the Code or any associated regulations or other official guidance;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 any law or regulation referred to in paragraph (a) above; or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;FATCA Deduction</b>&#8221; means a deduction or withholding from a payment under a Security Document required by FATCA;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;FATCA Exempt Party</b>&#8221; means a party to a Security Document that is entitled to receive payments free from any FATCA Deduction;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;FATCA FFI</b>&#8221; means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if the Lender is not a FATCA Exempt Party, could be required to make a FATCA Deduction;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Flag State</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;General Assignment</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Government Entity</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Group</b>&#8221; means, at any relevant time, the Corporate Guarantor and its Subsidiaries (including the Borrowers);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Group Member</b>&#8221; means any member of the Group;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;HMT</b>&#8221; means His Majesty&#8217;s Treasury;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">"<b>Holding Company</b>" means, in relation to a person, any other person in relation to which it is a Subsidiary;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;IAPP Certificate</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Indebtedness</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Insurances</b>&#8221; 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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Interest Payment Date</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Interest Period</b>&#8221; means each period for the calculation of interest in respect of the Loan ascertained in accordance with clauses 3.2 <i>(Selection of Interest Periods) </i>and 3.3 (<i>Determination of Interest Periods</i>);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">"<b>Interpolated Term SOFR</b>" means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">either:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">if no such Term SOFR is available for a period which is less than the Interest Period for that Loan, SOFR for the day which is two US Government Securities Business Days before the Quotation Day; and</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan.</p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 27pt; text-align: left;"><b>&#8220;ISM Code</b>&#8221; means in relation to its application to the Borrowers, the Vessels and their operation:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&#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</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;&nbsp;produced by the International Maritime Organisation pursuant to Resolution A.788(19) adopted on 25 December 1995,</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">as the same may be amended, supplemented or replaced from time to time;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;ISM Code Documentation</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;ISM SMS</b>&#8221; means the safety management system which is required to be developed, implemented and maintained under the ISM Code;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;ISPS Code</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;ISSC</b>&#8221; means an International Ship Security Certificate issued in respect of a Mortgaged Vessel pursuant to the ISPS Code;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Latest Accounts</b>&#8221; means, in respect of any fiscal year of the Corporate Guarantor, the latest annual audited consolidated accounts of the Corporate Guarantor;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Lender</b>&#8221; 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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Lightweight</b>&#8221; means, in respect of each Mortgaged Vessel, the lightweight tonnage of that Mortgaged Vessel as provided in (i) that Mortgaged Vessel&#8217;s capacity plan or (ii) at the Lender&#8217;s discretion that Mortgaged Vessel&#8217;s trim and stability booklet;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&#8220;<b>Loan</b>&#8221; means the aggregate principal amount in respect of the Loan Facility owing to the Lender under this Agreement at any relevant time;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Loan Facility</b>&#8221; 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 least of (i) forty million Dollars (USD40,000,000) and (ii) 50% of the aggregate Valuation Amount of the Vessels (to be determined no more than 15 days prior to the Drawdown Date) or, as the context requires, the amount thereof outstanding from time to time;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Management Agreement</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Manager</b>&#8221; means Eurobulk Ltd., a corporation incorporated in Liberia with its registered address 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 relevant Owner, with the prior written consent of the Lender, as the manager of its Vessel;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Manager's Undertaking</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Material Adverse Effect</b>&#8221;<b> </b>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 (iii) the value or nature of the financial condition of any Security Party (other than the Manager);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Maturity Date</b>&#8221; means the date falling 48 months after the last Drawdown Date;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;MII &amp; MAP Policy</b>&#8221; 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 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 an aggregate 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, each determined as at the date such insurances are effected or, as the case may be, renewed;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Money Laundering</b>&#8221; has the meaning given to it in Article 1 of the Directive (EU) 2015/849 of the European Parliament and of the Council of the European Union of 20 May 2015;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;month</b>&#8221; 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 &#8220;months&#8221; and &#8220;<b>monthly</b>&#8221; shall be construed accordingly;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Mortgage</b>&#8221; means:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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,</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 43pt;">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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Mortgaged Vessel</b>&#8221; means, at any relevant time, a Vessel which is at such time 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 to clause 4.3 or 4.4 following the Total Loss or sale respectively of such Vessel and (ii) the end of the Facility Period;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;NASDAQ</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Net Worth</b>&#8221; means by reference to the Latest Accounts, the Total Assets less Total Liabilities of the Group;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;OFAC</b>&#8221; means the Office of Foreign Assets Control of the US Department of Treasury;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Operator</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Owner</b>&#8221; means, in respect of each Vessel, the Borrower which is the owner thereof;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Permitted Encumbrance</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Permitted Liens</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Pertinent Jurisdiction</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Pledged Deposit Account</b>&#8221; means an interest bearing USD current account opened by Oakland<b> </b>with the Lender and includes any sub-accounts thereof and any other account designated in writing by the Lender to be the Pledged Deposit Account for the purposes of this Agreement;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Pledged Deposit Account Pledge</b>&#8221; means a first priority charge required to be executed hereunder between Oakland and the Lender in respect of the Pledged Deposit Account in such form as the Lender may require;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Pledged Deposit Amount</b>&#8221; means the aggregate of the amounts standing to the credit of the Pledged Deposit Account in accordance with Clause 3.12;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Prepayment Ratio</b>&#8221; means, in respect of the sale or Total Loss of a Mortgaged Vessel, the Valuation Amount of such Mortgaged Vessel immediately prior to such sale or Total Loss divided by the Security Value immediately prior to such sale or Total Loss.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Prepayment Security Value</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Proceedings</b>&#8221; 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);</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>"Published Rate" means:</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 43pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;SOFR; or</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 34pt;"><b>the Term SOFR for any Quoted Tenor;</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 34pt;"><b>&#8220;Published Rate Replacement Event</b>&#8221; means, in relation to a Published Rate:</p>

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			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the methodology, formula or other means of determining that Published Rate has, in the opinion of the Lender and the Borrower, materially changed;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(A)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or</p>
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			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(B)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 Published Rate is insolvent,</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 100pt;">provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate publicly announces that it has ceased or will cease, to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be permanently or indefinitely discontinued; or</p>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iv)</p>
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			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the opinion of the Lender and the Borrower, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">"<b>Quotation Day</b>" means, in relation to any period for which an interest rate is to be determined, two (2) US Government Securities Business Days before the first day of that period (unless market practice differs in the relevant loan market, in which case the Quotation Day will be determined by the Lender in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days);&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">"<b>Quoted Tenor</b>" means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;"><b>&#8220;Reference Rate</b>" means, in relation to the Loan or any part of the Loan:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 72pt;text-indent:-30pt;">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the applicable Term SOFR as of the Quotation Day and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 72pt;text-indent:-30pt;">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as otherwise determined pursuant to Clause 3.5 (<i>Unavailability of Term SOFR</i>),</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 43pt;">and if, in either case, that rate is less than zero, the Reference Rate shall be zero;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Registry</b>&#8221; 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 relevant Owner&#8217;s title thereto and the relevant Mortgage under the laws and flag of the Flag State;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Relevant Ship</b>&#8221; 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;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Relevant Nominating Body</b>&#8221;<b> </b>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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Repayment Date</b>&#8221; means the date on which any instalment of the Loan is repayable under the provisions of clause 4.1.1;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Repayment Instalment</b>&#8221; means 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;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Replacement Reference Rate</b>&#8221; means a reference rate which is:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">formally designated, nominated or recommended as the replacement for a Published Rate by:</p>
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			<td style="width:92pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</p>
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			<td style="width:92pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any Relevant Nominating Body,</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 72pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &#8220;<b>Replacement Reference Rate</b>&#8221; will be the replacement under paragraph (ii) above;</p>

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<div class="hf-cell PGNUM" data-number="12" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">12</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width:56pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">if paragraph (a) does not apply, in the opinion of the Lender and the Borrower, generally accepted in the international or any relevant domestic loan markets as the appropriate successor to a Published Rate; or</p>
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		</tr>

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			<td style="width:56pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">if paragraphs (a) and (b) do not apply, in the opinion of the Lender and the Borrower, an appropriate successor to a Published Rate;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Required Authorisation</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Required Security Amount</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Requisition Compensation</b>&#8221; 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;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Resolution Authority</b>&#8221; means any body which has authority to exercise any Write-down and Conversion Powers;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:29pt;"><b>&#8220;Restricted Person</b>&#8221; means a person that is:</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>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;</b></p>
			</td>
		</tr>

</table>

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			<td style="width:43pt;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 Sanctions Restricted Jurisdiction; or</p>
			</td>
		</tr>

</table>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">otherwise a target of Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Safekeeping Securities Account</b>&#8221; means the account opened or to be opened by the Lender with the Shipping Branch located at 137-139 Filonos Street, Piraeus, Greece Lending Office for the safekeeping of the shares held by the Lender in the issued share capital of each Borrower and which shall be pledged in favour of the Lender pursuant to the Shares Pledges;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Sanctions</b>&#8221;<b> </b>means any economic, financial or trade sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by:</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the United States government;</p>
			</td>
		</tr>

</table>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the United Nations;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the European Union or any of its Member States;</p>
			</td>
		</tr>

</table>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the United Kingdom;</p>
			</td>
		</tr>

</table>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any country to which any Security Party or any other member of the Group or any affiliate of any of them is bound; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the respective governmental institutions and agencies of any of the foregoing, including without limitation, the Sanctions Authorities;</p>
			</td>
		</tr>

</table>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Sanctions Authorities</b>&#8221; means together, the United States Department of State, HMT and OFAC and in the singular means each of them;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Sanctions List</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Sanctions Restricted Jurisdiction</b>&#8221; means a country or territory that is the target of country or territory -wide Sanctions;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Security Documents</b>&#8221; means this Agreement, the Mortgages, the Corporate Guarantee, the General Assignments, any Charter Assignments, the Earnings Account Pledges, the Pledged Deposit Account Pledge, the Shares Pledges, the Manager&#8217;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);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Security Party</b>&#8221; 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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Security Value</b>&#8221; 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 Pledged Deposit Amount 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 of cash in Dollars, the same will be valued on a Dollar for Dollar basis;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Shareholder</b>&#8221;<b> </b>means Eurocon Ltd., a corporation incorporated in the Marshall Islands with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Shares Pledge</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Ship Security Documents</b>&#8221; 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&#8217;s Undertaking;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">"<b>SOFR</b>" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Subsidiary</b>&#8221; 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;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Taxes</b>&#8221; 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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 29pt;">"<b>Term SOFR</b>" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Total Assets</b>&#8221; and &#8220;<b>Total Liabilities</b>&#8221; 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Total Loss</b>&#8221; means, in relation to a Mortgaged Vessel:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the actual, constructive, compromised or arranged total loss of such Mortgaged Vessel; or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:45pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Compulsory Acquisition; or</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:45pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of such Mortgaged Vessel not falling within the definition of Compulsory Acquisition, unless such Mortgaged Vessel be released and restored to the relevant Owner within sixty (60) days after such incident;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Tripartite Deed</b>&#8221; means, if a 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 that Vessel, required to be executed by the 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;UK Bail-In Legislation</b>&#8221; 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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Underlying Documents</b>&#8221; means, together, any Extended Employment Contracts and the Management Agreements;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Unlawfulness</b>&#8221; means any event or circumstance which is the subject of a notification by the Lender to the Borrowers under clause 12.1;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 7pt;text-indent:22pt;">"<b>US Government Securities Business Day</b>" means any day other than:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a Saturday or a Sunday; and</p>
			</td>
		</tr>

</table>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="15" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">15</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;USA</b>&#8221; means the United States of America;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">"<b>US Tax Obligor</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Borrower if it is resident for tax purposes in the USA; or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Valuation Amount</b>&#8221; means, in respect of each Vessel, the value thereof most recently determined under clause 8.2.2;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Vessel A</b>&#8221; means the 2009-built container vessel of 4,253 TEU and 16,423 lwt registered in the name of Busan under the Marshall Islands flag with the name &#8220;SYNERGY BUSAN&#8221;;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Vessel B</b>&#8221; means the 2008-built container vessel of 4,253 TEU and 16,423 lwt registered in the name of Antwerp under the Marshall Islands flag with the name &#8220;SYNERGY ANTWERP&#8221;;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Vessel C</b>&#8221; means the 2009-built container vessel of 4,253 TEU and 16,423 lwt registered in the name of Oakland under the Cypriot flag with the name &#8220;SYNERGY OAKLAND&#8221;;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Vessel D</b>&#8221; means the 2009-built container vessel of 4,253 TEU and 16,423 lwt registered in the name of Keelung under the Cypriot flag with the name &#8220;SYNERGY KEELUNG&#8221;;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Vessels</b>&#8221; means, together, Vessel A, Vessel B, Vessel C and Vessel D; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;"><b>&#8220;Write-down and Conversion Powers</b>&#8221; means:</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:85pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:85pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any similar or analogous powers under that Bail-In Legislation; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="16" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">16</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in relation to the UK Bail-In Legislation, any powers under the 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 Legislation that are related to or ancillary to any of those powers.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Construction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">In this Agreement, unless the context otherwise requires:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">references to the Lender's &#8220;cost of funds&#8221;&nbsp;in relation to the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which the Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">clause headings and the index are inserted for convenience of reference only and shall be ignored in the construction of this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">references to a &#8220;regulation&#8221;&nbsp;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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">words importing the plural shall include the singular and vice versa;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">references to a time of day are, unless otherwise stated, to Athens time;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">references to a person shall be construed as references to an individual, firm, company, corporation or unincorporated body of persons or any Government Entity;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">references to a &#8220;guarantee&#8221;&nbsp;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;&nbsp;shall be construed accordingly;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="17" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">17</div>
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</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.14</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">time shall be of the essence in respect of all obligations whatsoever of the Borrowers under this Agreement, howsoever and whensoever arising;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.15</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">and the words &#8220;other&#8221;&nbsp;and &#8220;otherwise&#8221;&nbsp;shall not be construed eiusdem generis with any foregoing words where a wider construction is possible;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3.16</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Default and an Event of Default) is "continuing" if it has not been remedied or waived.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>References to currencies</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Currencies are referred to in this Agreement by the three letter currency codes (ISO 4217) allocated to them by the International Organisation for Standardisation.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Contracts (Rights of Third Parties Act) 1999</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>The Commitment and cancellation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Agreement to lend</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 (A) enabling the Borrowers to repay all amounts outstanding under the Existing Loan Agreements currently being in the principal aggregate amount of US$28,380,000 and (B) in respect of any balance, providing the Borrowers with working capital to cover the general corporate needs of the Borrowers.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Drawdown</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to the terms and conditions of this Agreement, the Loan 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 two Banking Day before the date, which shall be a Banking Day falling within the Drawdown Period, on which the Borrowers propose that the Loan is made available.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Limitation and application of the Loan</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amount of the Loan shall not exceed the amount of the Loan Facility.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The principal amount specified in the Drawdown Notice for borrowing on a Drawdown Date shall, subject to the terms of this Agreement, not exceed the least of (i) forty million Dollars (USD40,000,000) and (ii) 50% of the aggregate Valuation Amount of the Vessels (to be determined no more than 15 days prior to the Drawdown Date, to be made available by the Lender to the Borrowers and be applied in or towards (A) enabling the Borrowers to repay all amounts outstanding under the Existing Loan Agreements and (B) in respect of any balance, providing the Borrowers with working capital to cover the general corporate needs of the Borrowers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Loan shall be paid forthwith upon drawdown to such account as the Borrowers shall stipulate in the relevant Drawdown Notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Availability</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="18" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">18</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrowers acknowledge 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 Borrowers under this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cancellation in changed circumstances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Commitment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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&#8217;&nbsp;obligations under clauses 3.5, 3.6, 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Use of proceeds</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the Borrowers&#8217;&nbsp;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 Borrowers.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrowers shall not 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 (&#964;&#943;&#964;&#955;&#959;&#965;&#962;&nbsp;&#965;&#946;&#961;&#953;&#948;&#953;&#954;&#974;&#957;&nbsp;&#954;&#949;&#966;&#945;&#955;&#945;&#943;&#969;&#957;) of the Lender or other banks and/or financial institutions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrowers shall apply the proceeds of the Loan first towards the repayment of all amounts outstanding under the Existing Loan Agreement and thereafter the balance (if any), towards providing the Borrowers with working capital to cover the general corporate needs of the Borrowers.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Interest and Interest Periods</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Normal interest rate</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 29pt; text-indent: 0pt;">The Borrowers must pay interest on the Loan or the relevant part thereof 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 Applicable Margin in respect thereof and (b) the Reference Rate for such period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Selection of Interest Periods</b></p>
			</td>
		</tr>

</table>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 29pt;">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.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Determination of Interest Periods</b></p>
			</td>
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</table>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 29pt;">Subject to clause 3.3.1 every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 <i>(Selection of Interest Periods) </i>but so that:</p>

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<div class="hf-cell PGNUM" data-number="19" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">19</div>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the first Interest Period in respect of the Loan shall start on the Drawdown Date, and each subsequent Interest Period shall start on the last day of the previous Interest Period;</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Default interest</b></p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) two per cent (<i>2</i>%) per annum, (b) the Applicable Margin and (c) the Reference Rate for such periods.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 (<i>2</i>%) above the rate applicable thereto immediately before it shall have become so due and payable.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 (<i>2</i>%) per annum above the aggregate of the Applicable Margin and the cost of funds to the Lender compounded at such intervals as the Lender selects.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unavailability of Term SOFR</b>.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Interpolated Term SOFR</i>: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Cost of funds</i>: If clause 3.5.1 applies but it is not possible to calculate the Interpolated Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 3.7 (<i>Cost of funds</i>) shall apply to the Loan or that part of the Loan for that Interest Period.</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Market disruption</b>.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">If before close of business in Athens on the Quotation Day for the relevant Interest Period the Lender determines that its cost of funds relating to the Loan or any part of the Loan would be in excess of the Reference Rate then Clause 3.7 (<i>Cost of funds</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p>

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<div class="hf-cell PGNUM" data-number="20" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">20</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cost of funds</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If this Clause 3.7 (<i>Cost of funds</i>) applies, the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p>
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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Applicable Margin; and</p>
			</td>
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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the rate notified to the Borrowers by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum its cost of funds relating to the Loan or that part of the Loan.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If this Clause 3.7 (<i>Cost of funds</i>) applies and the Lender or the Borrowers so require, the Lender and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 3.11 (<i>Changes to reference rates</i>), any substitute or alternative basis agreed pursuant to Clause 3.7.2 shall be binding on all parties hereto.</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any rate notified to the Lender under Clause 3.7.1(b) is less than zero, the relevant rate shall be deemed to be zero.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If this Clause 3.7 (<i>Cost of funds</i>) applies, the Lender shall, as soon as practicable, notify the Borrowers.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notice of prepayment </b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">If the Borrowers do not agree with an interest rate set by the Lender under Clause 3.7 <i>(Cost of funds)</i>, the Borrowers may give the Lender not less than 5 Banking Days&#8217; notice of its intention to prepay the Loan at the end of the interest period set by the Lender.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prepayment; termination of Commitment</b><b><u>&nbsp;</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">A notice under Clause 3.8 <i>(Notice of prepayment) </i>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 Applicable<b> </b>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.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of prepayment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">The provisions of Clause 4 <i>(Repayment and Prepayment) </i>shall apply in relation to the prepayment made hereunder.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Changes to reference rates </b></p>
			</td>
		</tr>

</table>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, any amendment or waiver which relates to:</p>

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			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">providing for the use of a Replacement Reference Rate in place of that Published Rate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="21" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">21</div>
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<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(A)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">aligning any provision of any Security Document to the use of that Replacement Reference Rate;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(B)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(C)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">implementing market conventions applicable to that Replacement Reference Rate;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(D)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(E)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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 Reference Rate (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),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 42pt;text-indent:1pt;">may be made with the consent of the Lender and the Borrowers.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Pledged Deposit</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.12.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Oakland may deposit in the Pledged Deposit Account an amount equal to either (a) the Loan or (b) the Balloon Instalment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.12.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Pledged Deposit Amount shall be held on the Pledged Deposit Accounts in the form of time deposit for a period equal to the current Interest Period applicable to the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.12.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The deposit rate applicable to the Pledged Deposit Amount shall be equal to the Reference Rate applicable to the current Interest Period applicable to the Loan; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.12.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Pledged Deposit Amount (or any part thereof) shall be freely available to Oakland at the end of the current Interest Period applicable to the Loan PROVIDED THAT:</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">no Event of Default has occurred and is continuing;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oakland shall have given the Lender notice not later than 10.00 a.m. (Athens time) on the second Banking Day before the beginning of the following Interest Period, of its intention to make use in whole or in part of the Pledged Deposit Amount;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">after such use the aggregate amount of the Pledged Deposit Amount shall comply with the provisions of Clause 3.12.1 and 3.12.2; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oakland may freely use the Pledged Deposit Amount (or any part thereof) only up to an amount so that after such use the Security Value shall be no less than the Required Security Amount and any part of the Pledged Deposit Amount which cannot be withdrawn, so as to ensure that the Security Value shall be no less than the Required Security Amount, shall immediately be remitted into an account opened by the Borrowers or any of them with the Lender and which shall be pledged or charged to the Lender in order to constitute further security for the Loan for the purpose of Clause 8.2.1(b).</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Interest Rate Swaps</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">The Borrowers may not enter into any interest hedging arrangements without the prior written consent of the Lender.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repayment and prepayment</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="22" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">22</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repayment</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject as otherwise provided in this Agreement, the Borrowers must repay the Loan by (i) sixteen (16) consecutive quarterly instalments in the amount of one million two hundred and fifty thousand Dollars (USD1,250,000) each and (ii) an instalment (the &#8220;Balloon Instalment&#8221;) of twenty million Dollars (USD20,000,000), with the first such instalment falling due on the date falling three months after the Drawdown Date and subsequent instalments falling due at quarterly intervals thereafter, with the final instalment and the Balloon Instalment falling due on the last Repayment Date.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If less than the full amount of the Loan is drawn down, the amount of each Repayment Instalment (including the Balloon Instalment) shall be reduced pro rata by the amount of, in aggregate, such undrawn amount.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Voluntary prepayment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Subject to clauses 4.3, 4.4, 4.5 and 4.6, the Borrowers 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Mandatory Prepayment on Total Loss</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Borrower which is 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:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the amount of the Loan on the date on which such prepayment is required to be made multiplied by the Prepayment Ratio.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Interpretation</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">For the purpose of this Agreement, a Total Loss shall be deemed to have occurred:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the case of an actual total loss of a Mortgaged Vessel, on the actual date and at the time that such Mortgaged Vessel was lost or, if such date is not known, on the date on which such Mortgaged Vessel was last reported;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the case of Compulsory Acquisition, on the date upon which the relevant requisition of title or other compulsory acquisition occurs; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="23" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">23</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Mandatory prepayment on sale of a Mortgaged Vessel</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">On the date of completion of the sale or transfer of ownership of a Mortgaged Vessel the Borrowers must prepay the Loan by an amount equal to the greater of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the amount of the Loan on the date on which such prepayment is required to be made multiplied by the Prepayment Ratio.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amounts payable on prepayment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Any prepayment of all or part of the Loan under this Agreement shall be made together with:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">accrued interest on the amount to be prepaid to the date of such prepayment;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any additional amount payable under clauses 3.5, 6.6 or 12.2; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.5.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notice of prepayment; reduction of Repayment Instalments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Borrowers to make such prepayment on the date specified.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any amount prepaid pursuant to clause 4.2 shall be applied against the Loan in reducing each Repayment Instalment (including the Balloon Instalment) pro rata.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any amounts prepaid pursuant to clauses 4.3 and 4.4 shall be applied fully pro rata against the Repayment Instalments which are at that time outstanding (including the Balloon Instalment) specified in clause 4.1.1.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrowers may not prepay the Loan or any part thereof except as expressly provided in this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.6.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No amount repaid or prepaid may be re-borrowed</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Fees and expenses</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Arrangement fee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">The Borrowers agree to pay to the Lender on the Drawdown Date a non-refundable arrangement fee in the amount of USD250,000.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Expenses</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="24" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">24</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">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).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Value added tax</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Stamp and other duties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payments and taxes; accounts and calculations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No set-off or counterclaim</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 (Athens 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payment by the Lender</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="25" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">25</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Non-Banking Days</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Calculations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency of account</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 (&#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 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 &#8220;rate of exchange&#8221; includes any premium and costs of exchange payable in connection with the purchase of the first currency with the second currency.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Grossing-up for Taxes - by the Borrowers</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">6.7</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Claw back of Tax benefit</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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&#8217;s tax affairs.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="26" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">26</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Loan account</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Partial payments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">fifthly, in or towards payment to the Lender of any due but unpaid Repayment Instalments; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.9.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sixthly, in or towards payment to the Lender, on a pro rata basis, of any Break Costs and any other sum relating to the Loan which shall have become due under any of the Security Documents but remains unpaid.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="27" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">27</div>
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<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Representations and warranties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Continuing representations and warranties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Each Borrower represents and warrants to the Lender that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Due incorporation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Corporate power</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Binding obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No conflict with other obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No default</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">no Event of Default has occurred;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="28" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">28</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No litigation or judgments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No filings required</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Required Authorisations and legal compliance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Choice of law</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">the choice of English law to govern the Underlying Documents and the Security Documents (other than the Mortgages, the Earnings Account Pledges and the Pledged Deposit Account Pledge), 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 Pledged Deposit 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No immunity</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">no Security Party nor any of their assets is entitled to immunity on the grounds of sovereignty or otherwise from any Proceedings whatsoever;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial statements correct and complete</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="29" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">29</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Pari passu</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.14</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No withholding Taxes</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.15</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No Default under Underlying Documents</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.16</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Use of proceeds</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">the Borrowers shall apply the Loan only for the purposes specified in clause 2.1;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.17</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Copies true and complete</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.18</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Ownership of Borrowers</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.19</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Indebtedness</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="30" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">30</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.20</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Tax returns</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">the Borrowers 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.21</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Freedom from Encumbrances</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 shares of and in a Borrower 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.22</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Environmental Matters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">except as may already have been disclosed by the Borrowers in writing to, and acknowledged in writing by, the Lender:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Borrowers, the Manager and the other Group Members and, to the best of the Borrowers&#8217;&nbsp;knowledge and belief (having made due enquiry), their respective Environmental Affiliates have complied with the provisions of all Environmental Laws;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Borrowers, the Manager and the other Group Members and, to the best of the Borrowers&#8217;&nbsp;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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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&#8217;&nbsp;knowledge and belief (having made due enquiry), any of their respective Environmental Affiliates; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">there has been no Environmental Incident;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.23</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ISM and ISPS Code </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.24</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Accounting reference date</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">the Borrowers&#8217; and the Corporate Guarantor&#8217;s accounting reference date is 31 December;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.25</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Office</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">no Borrower has an office in England or the United States of America;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.26</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Restricted Persons, unlawful activity</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="31" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">31</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.27</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Sanctions</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">(to the best of its knowledge only in respect of an agent) no Security Party nor any &nbsp;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</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.28</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">FATCA</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">none of the Security Parties is a FATCA FFI or a US Tax Obligor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1.29</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Equal treatment of lenders</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">The financial covenants described in clause 8.1.8 are no less favourable (taken as a whole) to financial covenants granted by the Corporate Guarantor under existing lending facilities extended by banks, financiers or other financial institutions to the Corporate Guarantor and its Subsidiaries (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).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repetition of representations and warranties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Undertakings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Each Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notice of Event of Default and Proceedings</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="32" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">32</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Authorisation</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Corporate Existence</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Use of proceeds</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">use the Loan exclusively for the purposes specified in clauses 1.1 and 2.1;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Pari passu</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial statements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">send to the Lender (or procure that is sent), 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 2022), together with updated details (in a form acceptable to the Lender) of all off-balance sheet and time-charter hire commitments of the Vessels;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Compliance Certificates</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Financial Covenants</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">procure that</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Net Worth of the Group will at all times exceed USD15,000,000; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Total Liabilities divided by the Total Assets (each net of cash balance) shall at all times be no more than 75%;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Reimbursement of MII &amp; MAP Policy premiums</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="33" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">33</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Provision of further information</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 confidential in relation to arms-length third parties or is not disclosable by law, convention or regulatory requirements;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Obligations under Security Documents, etc.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Compliance with ISM Code</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 Security Period (as defined in the relevant Ship Security Documents);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Withdrawal of DOC and SMC</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 any Mortgaged Vessel;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.14</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Issuance of DOC and SMC</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.15</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ISPS Code Compliance</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">and will procure that the Manager or any Operator will:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">maintain at all times a valid and current ISSC in respect of each Mortgaged Vessel;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">procure that each Mortgaged Vessel will comply at all times with the ISPS Code;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.16</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Compliance with Laws and payment of taxes</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="34" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">34</div>
</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.17</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Inspection</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">ensure that the Lender, by independent marine surveyors or other persons appointed by it for such purpose, 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 effected after the occurrence of an Event of Default which is continuing (otherwise such inspection or survey shall be at the Lender&#8217;s expense) 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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.18</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Mortgaged Vessels</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">ensure that throughout the Facility Period, each Mortgaged Vessel will at all times after her delivery (except as the Lender may otherwise permit) be:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in the absolute sole, legal and beneficial ownership of the relevant Owner, free of Encumbrances except Permitted Encumbrances, and not held on trust for any third party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">registered through the offices of the relevant Registry as a ship under the laws and flag of the relevant Flag State;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in compliance with the ISM Code and the ISPS Code and operationally seaworthy and in every way fit for service;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">classed with the Classification free of all overdue requirements and recommendations of the Classification Society affecting the Classification;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">insured in accordance with the Ship Security Documents relating thereto; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vi.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">managed by the Manager in accordance with the terms of the Management Agreement, which shall be acceptable to the Lender;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.19</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Charters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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 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 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&#8217;s demand;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="35" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">35</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.20</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Chartering</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">on demise charter for any period; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">on terms whereby more than two (2) months' hire (or the equivalent) is payable in advance;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.21</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Sanctions</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">, 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">take, and shall procure that each Security Party and each other Group Member has taken, reasonable measures to ensure compliance with Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">, 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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">vi.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.22</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Ownership</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.23</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unencumbered liquidity</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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 Pledges and the Pledged Deposit Account Pledge) free of any Encumbrance in an average aggregate amount of not less than USD450,000 multiplied by the number of Mortgaged Vessels for the preceding twelve-months period, to be tested first on 30 June 2023 and annually thereafter;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.1.24</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Listing</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="36" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">36</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.1.25</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Shipping activities</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.1.26</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Executive management</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">procure that at all times throughout the Facility Period:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mr Aristeidis Pittas shall be the Chief Executive Officer or Chairman of the Corporate Guarantor; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Manager shall be managed and/or controlled by Mr Aristeidis Pittas or any other person acceptable to the Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.1.27</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">FATCA Information</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Subject to paragraph&nbsp;(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:</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 71pt;text-indent:-29pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 63pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">confirm to that other party whether it is:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 90pt;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a FATCA Exempt Party; or</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 90pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 90pt;">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not a FATCA Exempt Party; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 63pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 63pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">if a party to any Security Document confirms to another party pursuant to paragraph&nbsp;(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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">paragraph&nbsp;(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:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:78pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any law or regulation;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:78pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any policy of the Lender;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:78pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any fiduciary duty; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:78pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any duty of confidentiality;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">paragraph&nbsp;(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&nbsp;(d);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="37" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">37</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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&nbsp;&nbsp;(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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.1.28</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">FATCA Deduction</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security value maintenance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Security shortfall</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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&#8217;s said notice, either:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 Repayment Instalments which are at that time outstanding (including the Balloon Instalment) and the amount of the Loan prepaid hereunder shall not be available to be re-borrowed.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Valuation of the Mortgaged Vessels</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Each Mortgaged Vessel shall, for the purposes of this Agreement, be valued (at the Borrowers&#8217; 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&#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 relevant Mortgaged Vessel, at any time as the Lender shall require and at least once a year.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="38" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">38</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">The Approved Broker&#8217;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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Information</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">The Borrowers undertake with the Lender to supply to the Lender and the Approved Broker such information concerning the relevant Mortgaged Vessel and its condition as the Lender or the Approved Broker may require for the purpose of determining any Valuation Amount.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Costs</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Valuation of additional security</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 (at the Borrowers&#8217; 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 relevant ship 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.2.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Documents and evidence</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">In connection with any additional security provided in accordance with this clause 8.2, the Lender shall be entitled to receive (at the Borrowers&#8217; 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.2.7</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Release of Security</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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&nbsp;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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Negative undertakings relating to the Borrowers</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 a Vessel or the sale or transfer of ownership of a Vessel not to be unreasonably withheld), it will not:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="39" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">39</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Negative pledge</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No merger or transfer</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Disposals</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Other business or manager</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Acquisitions</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Other obligations</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No borrowing</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Repayment of borrowings</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="40" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">40</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Guarantees</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Loans</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Sureties</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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); or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Flag, Class etc.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">permit:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any change in the name or flag of a Vessel;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any change of Classification or Classification Society in respect of a Vessel;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any change of Manager in respect of a Vessel; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Underlying Documents</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.14</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Lay-up</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">de-activate or lay up a Vessel; or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="41" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">41</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.15</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Place of business</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.16</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Share capital and distribution</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.17</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sharing of Earnings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">permit there to be 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 arrangements under a charterparty;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.18</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Lawful use</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">permit a Vessel to be employed:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">to the best of its knowledge, in carrying illicit or prohibited goods;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in a way which may make that Vessel liable to be condemned by a prize court or destroyed, seized or confiscated;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">to the best of its knowledge, in carrying contraband goods,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.19</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">FATCA</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">become a FATCA FFI or a US Tax Obligor and shall procure that no Security Party shall do so;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.3.20</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Sale or transfer of ownership of Vessel</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">sell, or otherwise transfer its ownership of, the Vessel owned by it.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Conditions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Availability of the Loan </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">The obligation of the Lender to make available the Loan is conditional upon:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="42" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">42</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Default having occurred and being continuing and there being no Default which would result from the lending of the Loan; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">nothing having occurred having a Material Adverse Effect in respect of any Borrower and/or the Shareholder and/or the Corporate Guarantor as at the relevant Drawdown Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">9.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Advance of the Loan </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">9.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 relevant Drawdown Date, the documents and evidence specified in Part 2 of schedule 2 in form and substance satisfactory to the Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>9.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Waiver of conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Further conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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&#8217; 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Events of Default</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Events</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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):</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Non-payment: </b>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</p>
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<div class="hf-cell PGNUM" data-number="43" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">43</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Breach of Insurance and certain other obligations: </b>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; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.3</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Breach of other obligations: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.4</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Misrepresentation: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.5</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cross-default: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.6</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Execution: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.7</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Insolvency: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.8</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Dissolution: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.9</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Administration: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.10</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Appointment of receivers and managers: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.11</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compositions: </b>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</p>
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<div class="hf-cell PGNUM" data-number="44" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">44</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.12</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Analogous proceedings: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.13</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cessation of business: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.14</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Seizure: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.15</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Invalidity: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.16</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unlawfulness</b>: 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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.17</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repudiation: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.18</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Encumbrances enforceable: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.19</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Arrest: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.20</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Registration: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.21</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unrest: </b>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&#8217;s written request to the Borrowers to effect such transfer; or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.22</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Environmental Incidents: </b>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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.23</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>P&amp;I: </b>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</p>
			</td>
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<div class="hf-cell PGNUM" data-number="45" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">45</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.24</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Material events: </b>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</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.25</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Required Authorisations: </b>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;</p>
			</td>
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.26</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Money Laundering: </b>any Security Party is in breach of or fails to observe any law, requirement, measure or procedure implemented to combat Money Laundering; or</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.27</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Management Agreement: </b>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</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.28</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Change of Ownership: </b>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</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.1.29</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sanctions: </b>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.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Acceleration</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the obligation of the Lender to make its Commitment available shall be terminated, whereupon the Commitment shall be reduced to zero forthwith; and/or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Demand Basis</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Indemnities</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">11.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General indemnity</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 Applicable 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.</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="46" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">46</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">11.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Environmental indemnity</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">11.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Capital adequacy and reserve requirements indemnity</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 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.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unlawfulness, increased costs and bail-in</b></p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unlawfulness</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="47" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">47</div>
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			<td style="width:45pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">have an adverse effect on its business, operations or financial condition; or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Increased costs</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">reduce the amount payable or the effective return to the Lender under any of the Security Documents; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.2.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">then and in each such case (subject to clause 12.3):</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Lender shall notify the Borrowers in writing of such event promptly upon its becoming aware of the same; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>ii.</b></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="48" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">48</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exception</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">12.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Contractual recognition of bail-in</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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 any applicable Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">any applicable Bail-In Action in relation to any such liability, including (without limitation):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a cancellation of any such liability; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of moneys, set off, pro-rata payments and miscellaneous</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of moneys</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">secondly, in or towards payment of any fees payable to the Lender under, or in relation to, the Security Documents which remain unpaid;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">thirdly, in or towards payment to the Lender of any accrued default interest owing pursuant to clause 3.4 but remains unpaid;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">fifthly, in or towards payment to the Lender of any due but unpaid Repayment Instalments;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sixthly, in or towards payment to the Lender in application in repayment of the Loan in accordance with clause 4.6.2;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="49" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">49</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">eighthly, the surplus (if any) shall be paid to the Borrowers or to whomsoever else may then be entitled to receive such surplus.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Set-off</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each 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 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 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in this clause 13.2 shall be effective to create a charge or other security interest.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Further assurance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Conflicts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">In the event of any conflict between this Agreement and any of the other Security Documents, the provisions of this Agreement shall prevail.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No implied waivers, remedies cumulative</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Severability</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="50" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">50</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Force Majeure</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amendments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Counterparts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">13.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>English language</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Accounts </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Each Borrower undertakes with the Lender that it will ensure that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it will on or before the Drawdown Date, open an Earnings Account in its name; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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&#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;&nbsp;shall include any premium and costs of exchange payable in connection with the purchase of USD with such currency).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="51" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">51</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Earnings Account: withdrawals</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">14.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of accounts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Assignment, transfer and lending office</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Benefit and burden</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">This Agreement shall be binding upon, and ensure for the benefit of, the Lender and the Borrowers and their respective successors in title.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No assignment by Borrowers</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">No Borrower may assign or transfer any of its rights or obligations under this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Transfer by Lender</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 &#8220;<b>Transferee Lender</b>&#8221;) 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&#8217;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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Documenting transfers</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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&#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</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="52" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">52</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sub-Participation</b>&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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 Borrowers. Any such sub-participation shall have no effect on the Lender&#8217;s rights under the Security Documents and shall not affect the Borrowers at all.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disclosure of information </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">The Lender may disclose to a prospective assignee, transferee or to any other person (a &#8220;<b>Prospective Assignee</b>&#8221;) 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">15.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No additional costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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&nbsp;in the absence of such assignment, transfer or change, the Borrowers shall not be obliged to pay that excess.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notices and other matters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notices</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in this clause &#8220;notice&#8221;&nbsp;includes any demand, consent, authorisation, approval, instruction, certificate, request, waiver or other communication.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Addresses for communications, effective date of notices</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="53" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">53</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 and/or email address appearing below (or at such other address or fax number and/or email address as the Borrowers may hereafter specify for such purpose to the Lender by notice in writing);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Address:&nbsp; &nbsp;c/o Euroseas Ltd.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;">4 Messogiou &amp; Evropis Street</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;">151 24 Maroussi</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;">Greece</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:36pt;">Fax: +30 211 1804097</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 65pt;text-indent:8pt;">Attn: Anastasios Aslidis</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 65pt;text-indent:8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 57pt;text-indent:16pt;">Email: aha@euroseas.gr</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 or email address referred to in clause 16.2.1;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 and/or email address appearing below (or at any such other address or fax number and/or email address as the Lender may hereafter specify for such purpose to the Borrowers in writing);</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b>Address:</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 170 Alexandras Ave.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;11521 Athens</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fax No. +30 210 3739783</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: The Manager</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: Shipping@piraeusbank.gr</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-cell PGNUM" data-number="54" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">54</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Electronic Communication</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">notify each other of any change to their electronic mail address or any other such information supplied by them.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the information can be changed and manipulated by a third party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the sender's identity (sender of the e-mail) can be assumed or otherwise manipulated;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">v.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">16.3.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">17</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Governing law</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Jurisdiction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exclusive Jurisdiction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="55" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">55</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to grant interim remedies or other provisional or protective relief.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Submission and service of process</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Each Borrower accordingly irrevocably and unconditionally submits to the jurisdiction of the English courts. Without prejudice to any other mode of service each Borrower:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">irrevocably empowers and appoints Messrs Shoreside Agents Ltd at present of 11 The Timber Yard, London N1 6ND, 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">agrees to maintain such an agent for service of process in England from the date hereof until the end of the Facility Period;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">agrees that failure by a process agent to notify the Borrowers of service of process will not invalidate the proceedings concerned;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.2.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Forum non conveniens and enforcement abroad</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">Each Borrower:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Right of Lender, but not the Borrowers, to bring proceedings in any other jurisdiction</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.4.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Enforceability despite invalidity of Agreement</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 29pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="56" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">56</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Effect in relation to claims by and against non-parties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">For the purpose of this clause &#8220;Foreign Proceedings&#8221;&nbsp;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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Borrower shall 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">18.6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>BORROWERS</b>&#8217;<b>&nbsp;OBLIGATIONS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Joint and several</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Borrowers as principal debtors</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Indemnity</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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)).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="57" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">57</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Liability unconditional</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">None of the obligations or liabilities of the Borrowers under any Security Document shall be discharged or reduced by reason of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.4.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.4.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">anything done or omitted which but for this provision might operate to exonerate the Borrowers or any of them.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Recourse to other security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Waiver of Borrowers' rights</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Each Borrower agrees with the Lender that, throughout the Facility Period, it will not, without the prior written consent of the Lender:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">exercise any right of subrogation, reimbursement and indemnity against the other Borrowers or any other person liable under the Security Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">take any steps to enforce any right against the other Borrowers or any other person liable in respect of any such moneys; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">19.6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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<b>&nbsp;</b>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</p>
			</td>
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</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="58" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">58</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE 1</b><br>
<b>FORM OF DRAWDOWN NOTICE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank S.A.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;"><b>170 Alexandras Ave.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;"><b>11521 Athens </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">Greece</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">____ July 2033</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dear Sirs</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Re:</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Facility agreement dated ____ July 2023</b> <b>in respect of a loan of up to USD40,000,000 (the </b>&#8220;<b>Facility Agreement</b>&#8221;<b>) made between (1) Antwerp Shipping Ltd, Busan Shipping Ltd, Keelung Shipping Ltd and Oakland Shipping Ltd</b> <b>as Borrowers and (2) Piraeus Bank S.A. as Lender</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We refer to the Facility Agreement. Words and expressions whose meanings are defined therein shall have the same meanings when used herein.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We hereby give you notice that we wish to draw the sum of USD__________<b> </b>on ____ July 2023 in respect of the Loan Facility and select a first Interest Period in respect of such drawing of ____ months.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The funds should be credited to the account of __________________________ and numbered ___________________________________ with the Lender.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We confirm that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Default has occurred and is continuing;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the representations and warranties contained in clause 7 of the Facility Agreement are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">there has been no material adverse change in our financial position or in the consolidated financial position of the Borrowers, the Shareholder or the Corporate Guarantor from that described by us to the Lender in the negotiation of the Facility Agreement and/or in any documents or statements already delivered to the Lender in connection therewith;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">there are no Required Authorisations;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">there has occurred nothing which would have a Material Adverse Effect; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 (&#964;&#943;&#964;&#955;&#959;&#965;&#962; &#965;&#946;&#961;&#953;&#948;&#953;&#954;&#974;&#957; &#954;&#949;&#966;&#945;&#955;&#945;&#943;&#969;&#957;) of the Lender or other banks and/or financial institutions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">[the Lender, shall by debiting the Earnings Account of [<i>Borrower</i>], deduct from the Loan proceeds any amount of the fees referred to in Clause 5.1 of the Facility Agreement which is due and payable.]</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">By</p>
			</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</p>
			</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">Authorised Signatory</td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b>ANTWERP SHIPPING LTD</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b>BUSAN SHIPPING LTD</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b>KEELUNG SHIPPING LTD</b></td>
		</tr>
		<tr style="font-size: 10pt;">
			<td style="width: 27pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b>OAKLAND SHIPPING LTD</b></td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="59" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">59</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;"><b>SCHEDULE 2<br>
CONDITIONS PRECEDENT</b></p>

<p style="margin: 0pt 0pt 0pt -9pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Part 1</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">(referred to in clause 9.1)</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Corporate documents</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">Certified Copies of all documents which evidence or relate to the constitution of each Security Party and its current corporate existence;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Corporate authorities</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Certified Copies of resolutions of the directors of each Security Party and shareholders of each Borrower approving such of 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 adopted by the directors and shareholders of such Security Party and not having been amended, modified or revoked and being in full force and effect; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">an original of any power of attorney issued by each Security Party pursuant to such resolutions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Required Authorisations</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Certificate of incumbency</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Shareholders</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Security Documents</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">the Corporate Guarantee, the Earnings Account Pledges, the Pledged Deposit Account Pledge and the Shares Pledges duly executed and delivered, and all documents to be executed and delivered thereunder;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Declaration of compliance / &#8220;know your customer&#8221;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">written confirmation (in a form acceptable to the Lender) that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>i.</b></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>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</b>&#8217;<b>s </b>&#8220;<b>know your customer</b>&#8221;<b>&nbsp;requirements and (iii) all documentation required by the Lender for the opening of its Earnings Account with the Lender; and </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="60" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">60</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>ii.</b></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>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</b>&#8217;<b>s </b>&#8220;<b>know your customer</b>&#8221;<b>&nbsp;requirements; and </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Bank accounts</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">evidence that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Earnings Accounts have been opened by the Borrowers and duly completed mandates in relation thereto have been delivered to the Lender;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Safekeeping Securities Account has been opened by the Shareholder, and duly completed mandates in relation thereto have been delivered to the Lender; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 Pledges, 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Existing Loan Agreements</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">evidence acceptable to the Lender that upon drawdown all sums outstanding under the Existing Loan Agreement will be paid in full, the existing mortgages over the Vessels will be discharged, the securities relevant to the Existing Loan Agreements will be released and a deed of release will be issued in respect thereof;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(j)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">process agent</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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.<b> </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="61" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">61</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE 2</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Part 2</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:16pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Copies of Underlying Documents</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">a Certified Copy of the Management Agreement, any Extended Employment Contract and all ISM Code Documentation for the relevant Vessel;</p>

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			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Evidence satisfactory to the Lender that each Vessel:</p>
			</td>
		</tr>

</table>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">i.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Registration and Encumbrances</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">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);</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Classification</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">maintains the Classification free of all overdue recommendations and requirements of the Classification Society affecting the Classification;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iii.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Insurance</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">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 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</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:43pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">iv.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Management</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">is managed by the Manager on terms in all material respects acceptable to the Lender;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Security Documents</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">the Mortgage, the General Assignment, any Charter Assignment in respect of any existing Extended Employment Contract duly executed by each relevant Borrower and the Manager&#8217;s Undertaking in respect of each Vessel duly executed and delivered by the Manager;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Notices of assignment and acknowledgements</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Mortgage registration</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">evidence that each Mortgage has been duly registered against the relevant Vessel in accordance with the laws of the relevant Registry;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="62" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">62</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(j)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Laws of Liberia: opinion</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">an opinion of Messrs Ince &amp; Co., special legal advisers to the Lender on the laws of Liberia;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(k)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Laws of Marshall Islands: opinion</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">an opinion of Messrs Ince &amp; Co., special legal advisers to the Lender on the laws of Marshall Islands;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(l)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Laws of Cyprus: opinion</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">an opinion of Messrs Ince &amp; Co., special legal advisers to the Lender on the laws of Cyprus;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(m)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">ISPS Code</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(n)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">DOC and Application for SMC</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(o)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Additional Vessels&#8217;&nbsp;Certificates</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">Certified Copies of Classification Certificate, Safety Radio Equipment Certificate, Safety Equipment Certificate, International Oil Pollution Prevention Certificate, International Loadline Certificate, Safety Construction Certificate, International Tonnage Certificate, Minimum Safety Manning Certificate and Continuous Synopsis Record for each Vessel;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(p)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lightweight</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">evidence satisfactory to the Lender of the Lightweight tonnage of each Vessel;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(q)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Manager&#8217;s confirmation</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(r)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Insurance Report</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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 the relevant Mortgage in respect of the relevant Vessel;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(s)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Valuation</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(t)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fees</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">evidence that all fees due and payable have been paid in full;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(u)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Material Adverse Effect</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">the Lender is satisfied that there has occurred nothing which would have a Material Adverse Effect, including in respect of the Manager;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="63" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">63</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">MII and MAP Policy premium</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:15pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(w)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Further conditions precedent</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">such further evidence or opinions as may reasonably be required by the Lender.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="64" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">64</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE 3</b><br>
<b>FORM OF COMPLIANCE CERTIFICATE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank S.A.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 Alexandras Ave.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11521 Athens </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">From:&nbsp; &nbsp; Euroseas Ltd.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">Date [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Dear Sirs</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Facility agreement dated ____ July 2023</b> <b>in respect of a loan of up to USD40,000,000 (the </b>&#8220;<b>Facility Agreement</b>&#8221;<b>) made between (1) Antwerp Shipping Ltd, Busan Shipping Ltd, Keelung Shipping Ltd and Oakland Shipping Ltd</b> <b>as joint and several Borrowers and (2) Piraeus Bank S.A. as Lender </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We refer to the Facility Agreement. Words and expressions whose meanings are defined in the Facility Agreement shall have the same meanings when used herein.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We hereby confirm that [except as stated below] as at the date hereof to the best of our knowledge and belief after due inquiry:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">1.</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">all the Borrowers&#8217; financial covenants in the Facility 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:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>iii.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>the Net Worth of the Group is USD [ ]; </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>iv.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>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</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>v.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>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 [ ]%; </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">2.</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">no Default has occurred which is continuing;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">3.</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the representations set out in clause 7 of the Facility 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">[State any exceptions/qualifications to the above statements]</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Yours faithfully</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Euroseas Ltd.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Chief Financial Officer: Euroseas Ltd.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="65" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">65</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<div contenteditable="false" data-auto-pgnum="end">&nbsp;</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE&nbsp;</b><b>EXECUTION PAGE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>IN WITNESS</b> whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SIGNED by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">attorney-in-fact for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>ANTWERP SHIPPING LTD </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..../s/ Stefania Karmiri............................</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:54pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SIGNED by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">attorney-in-fact for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>BUSAN SHIPPING LTD</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..../s/ Stefania Karmiri............................</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:54pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SIGNED by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">attorney-in-fact for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>KEELUNG SHIPPING LTD</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..../s/ Stefania Karmiri............................</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:54pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SIGNED by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">attorney-in-fact for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>OAKLAND SHIPPING LTD</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; )&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;..../s/ Stefania Karmiri............................</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:54pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">SIGNED by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">and by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>PIRAEUS BANK S.A.</b>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;) /s/ Olga Voutsa&#8230;./s/ Charalampos Birlis.&#8230;&#8230;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Witness to all the above signatures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) /s/ Anna Maria Matsa</p>

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<DOCUMENT>
<TYPE>EX-4.37
<SEQUENCE>6
<FILENAME>ex_660781.htm
<DESCRIPTION>EXHIBIT 4.37
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 4.37</u></i></b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Supplemental Letter</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">From: <b>Piraeus Bank S.A</b>.</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">4 Amerikis Street</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">105 64 Athens</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">(with corporate registration number&nbsp;</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">(GCR NO) 157660660000)</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">To: <b>ANTWERP SHIPPING LTD</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><b>&nbsp; &nbsp;BUSAN SHIPPING LTD</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><b>&nbsp; &nbsp;KEELUNG SHIPPING LTD</b>&nbsp;</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;"><b>&nbsp; &nbsp;OAKLAND SHIPPING LTD</b>&nbsp;</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">&nbsp; &nbsp;Trust Company Complex</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">&nbsp; &nbsp;Ajeltake Road, Ajeltake Island</p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">&nbsp; &nbsp;Majuro, Marshall Islands MH96960</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;">8 November 2023</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Dear Sirs</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b>Loan agreement dated 10</b><b><sup style="vertical-align:top;line-height:120%;">th</sup></b><b> July 2023 (the </b>&#8220;<b>Loan Agreement</b>&#8221;<b>) made between ourselves as joint and several borrowers and yourselves as lender in respect of a loan of up to USD40,000,000 </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">We refer to the Loan Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Words and expressions defined in the Loan Agreement will have the same meaning when used in this letter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The principal amount currently outstanding of the Loan is US$38,750,000.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">The Borrowers and the Corporate Guarantor have requested the Lender to amend the interest provisions applying to the Pledged Deposit Amount and the Lender hereby agrees to amend the Loan Agreement accordingly.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b>The Lender hereby agrees that with effect from the date of this letter, the Loan Agreement shall be amended as follows:</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by deleting Clause 3.1 (<i>Normal interest rate</i>) thereof and replacing it with the following:&nbsp;&nbsp;</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;3.1</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Normal interest rate</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">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:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of the Loan less an amount equivalent to the Pledged Deposit Amount, the aggregate of (i) the Applicable Margin in respect thereof and (ii) the Reference Rate for such period; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of an amount equivalent to the Pledged Deposit Amount, the Applicable Margin in respect thereof.&#8221;;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by deleting clause 3.4.3 and replacing it with:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&#8220;3.4.3 The rate of interest applicable to each such period shall be the aggregate of (as determined by the Lender):</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of the Loan less an amount equivalent to the Pledged Deposit Amount (a) two per cent (<i>2</i>%) per annum, (b) the Applicable Margin and (c) the Reference Rate for such periods; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of an amount equivalent to the Pledged Deposit Amount (a) two per cent (<i>2</i>%) per annum and (b) the Applicable Margin.&#8221;;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by deleting Clause 3.6 and replacing it with:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Market disruption</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;">If before close of business in Athens on the Quotation Day for the relevant Interest Period the Lender determines<b> </b>that its cost of funds relating to the Loan or any part of the Loan less an amount equivalent to the Pledged Deposit Amount would be in excess of the Reference Rate then Clause 3.7 (<i>Cost of funds</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.&#8220;;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by deleting Clause 3.12.2 and replacing it with:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&#8220;3.12.2&nbsp; The Pledged Deposit Amount shall be held on the Pledged Deposit Account without being held in the form of a time deposit for a period equal to the current Interest Period applicable to the Loan&#8221;;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by deleting Clause 3.12.3 and replacing it with:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&#8220;3.12.3&nbsp; the deposit rate applicable to the Pledged Deposit Amount shall be equal to zero; and&#8221;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Save as provided above, the Loan Agreement and the other Security Documents shall be and are hereby re-affirmed and remain in full force and effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">This letter may be executed in any number of counterparts each of which shall be original but which shall together constitute the same instrument.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">This letter and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with English law and the terms of Clause 18 of the Loan Agreement shall apply as if set out herein in full, updated mutatis mutandis.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Please confirm your agreement to the terms of this letter by signing the acknowledgement set out below.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Yours faithfully,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Alexandros Kokkinis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Evgenia Kouvara</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">____________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____________________</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>ALEXANDROS KOKKINIS </b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>EVGENIA KOUVARA</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>PIRAEUS BANK SA</b>&nbsp;<b> </b></p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">On this 8<sup style="vertical-align:top;line-height:120%;">th</sup> day of November 2023, we hereby confirm our acceptance of and our agreement to the terms of the above letter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stefania Karmiri</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">____________________________</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>STEFANIA KARMIRI</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">for and on behalf of</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>ANTWERP SHIPPING LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>BUSAN SHIPPING LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>KEELUNG SHIPPING LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>OAKLAND SHIPPING LTD</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>COUNTERSIGNED </b>this 8<sup style="vertical-align:top;line-height:120%;">th</sup> day of November 2023 by the following party which, by its execution hereof confirms and acknowledges that it has read and understood the terms and conditions of the above letter, that it agrees in all respects to the same and that the Security Documents to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement, as amended by the above letter, and it hereby reaffirms the Security Documents to which it is a party as the same is amended by the above letter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stefania Karmiri</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">____________________________</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>STEFANIA KARMIRI</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">duly authorised for and on behalf of</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>EUROSEAS LTD.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stefania Karmiri</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">____________________________</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>STEFANIA KARMIRI</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">duly authorised for and on behalf of</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>EUROBULK LTD.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Stefania Karmiri</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">_____________________________</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>STEFANIA KARMIRI</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">duly authorised for and on behalf of</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>EUROCON LTD.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-4.38
<SEQUENCE>7
<FILENAME>ex_660782.htm
<DESCRIPTION>EXHIBIT 4.38
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 4.38</u></i></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">Private and Confidential</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">Date _12__ July 2023</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>JONATHAN SHIPOWNERS LTD (1) </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">as Borrower</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">- and -</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>PIRAEUS BANK S.A. (2)</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">as Lender</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>_____________________________________________________</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>SUPPLEMENTAL AGREEMENT</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>_____________________________________________________</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>in relation to a Loan Agreement</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>dated 22 October 2021</b></p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="text-align:center;font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div style="text-align: center;"><img alt="logo.jpg" src="logo.jpg"></div>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>PIRAEUS </b>&nbsp;</p>

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<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="vertical-align: middle; width: 98px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Index</b></p>
			</td>
			<td style="vertical-align:bottom;width:29.4%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Clause</b>&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">&nbsp;</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Page No</b></p>
			</td>
		</tr>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">1</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">INTERPRETATION</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">2</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">AGREEMENT OF THE LENDER</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2</p>
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		</tr>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">3</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">CONDITIONS PRECEDENT</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2</p>
			</td>
		</tr>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">4</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">REPRESENTATIONS AND WARRANTIES</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3</p>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">5</p>
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			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">4</p>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">6</p>
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			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">FURTHER ASSURANCES</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">12</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">7</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">FEES AND EXPENSES</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">13</p>
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		</tr>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">8</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">NOTICES</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">13</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">9</p>
			</td>
			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">SUPPLEMENTAL</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">13</p>
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			<td style="vertical-align: middle; width: 98px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">10</p>
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			<td style="vertical-align: middle; width: 969px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">LAW AND JURISDICTION</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">13</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>THIS AGREEMENT</b> is made on __12__ July 2023</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>BETWEEN</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>JONATHAN SHIPOWNERS LTD</b>&nbsp;a corporation incorporated in the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia with registration number C-123141,<b>&nbsp;</b>as borrower as borrower (the &#8220;<b>Borrower</b>&#8221;); and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PIRAEUS BANK S.A </b>having its registered office at 4 Amerikis Street, 105 64 Athens, Greece with corporate registration number (GCR NO) 157660660000, acting through its branch at 170 Alexandras Ave., 115 21 Athens, Greece,<b>&nbsp;</b>as lender<b>&nbsp;</b>(the &#8220;<b>Lender</b>&#8221;).&nbsp;<b>&nbsp;</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>BACKGROUND</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">By a loan agreement dated 22 October 2021 (as assigned to the Lender by an assignment agreement dated 23 December 2022 made between the Lender and HSBC Bank plc and as may be further amended and/or supplemented from time to time, the &#8220;<b>Loan Agreement</b>&#8221;) and made between (1) the Borrower, as borrower, and (2) the Lender as lender, the Borrower received a term loan facility of (originally) up to USD15,000,000 upon the terms and for the purposes therein specified. The principal amount of the Loan outstanding as at the date of this Deed is USD8,400,000.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Borrower has requested that the Lender gives its consent to the amendment of the interest rate determination provisions in respect of the Loan.</p>
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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Agreement sets out the terms and conditions on which the Lender agrees, with effect on and from the Effective Date or the Rate Switch Date (as the case may be) (each term as hereinafter defined), to the requests of the Borrower set out in Recital (B) and to the consequential amendments to the Loan Agreement and the other Security Documents.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>IT IS AGREED</b> as follows:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">INTERPRETATION</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Definitions.&nbsp;&nbsp;In this Agreement, unless the contrary intention appears:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Effective Date</b>&#8221; means the date on which the Lender confirms to the Borrower that all the conditions precedent referred to in Clause 3.1 (<i>Conditions Precedent</i>) have been fulfilled by the Borrower or waived by the Lender;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Loan Agreement</b>&#8221; means the loan agreement dated 22 October 2021 (as assigned to the Lender by an assignment agreement dated 23 December 2022 made between the Lender and HSBC Bank plc and as may be further amended and/or supplemented from time to time) referred to in Recital (A);</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Mortgage Addendum</b>&#8221; means an addendum to the first preferred Liberian mortgage over the Vessel dated 25 October 2021 (as assigned to the Lender by an assignment of first preferred Liberian mortgage dated 23 December 2022), required to be executed hereunder by the Borrower, to be in such form as the Lender may require in its sole discretion;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Rate Switch Date</b>&#8221; means the first day of the Interest Period in respect of the Loan fixed after the Effective Day (or any such other date as the Lender and the Borrower may agree but which shall, in no event, be later than the end of the first Interest Period falling due after 30 June 2023); and</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Safekeeping Securities Account</b>&#8221; means the account opened or to be opened by the Lender with the Shipping Branch located at 137-139 Filonos Street, Piraeus, Greece Lending Office for the safekeeping of the shares held by the Lender in the issued share capital of the Borrower and which shall be pledged in favour of the Lender pursuant to the Shares Charge.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Application of construction and Interpretation provisions of Loan Agreement.&nbsp;&nbsp;Clauses 1.2 to 1.6 (inclusive) of the Loan Agreement apply, with any necessary modifications, to this Agreement.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">AGREEMENT OF THE LENDER</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Agreement of the Lender. The consent of the Lender to amend the Loan Agreement in accordance with Clause 5 is conditional upon:</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Lender having received the documents and evidence specified in Clause 3.1 in form and substance satisfactory to the Lender;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the representations and warranties contained in Clause 4 being then true and correct as if each was made with respect to the facts and circumstances existing at such time; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1.3</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Event of Default has occurred or will arise following the amendment of the Loan Agreement pursuant to this Agreement.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Effective Date</b>.&nbsp;&nbsp;The agreement of the Lender contained in Clause 2.1 shall have effect on and from the Effective Date.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CONDITIONS PRECEDENT</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Conditions Precedent</b>. The conditions referred to in Clause 2.1 are that the Lender shall have received the following documents:</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">certified copies of goodstanding certificates for each Obligor;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Corporate authorities</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a list of directors and officers of the Borrower specifying the names and positions of such persons, certified by an officer of the Borrower to be true, complete and up to date;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">originals of resolutions of the directors and shareholders of the Borrower approving this Agreement and the Mortgage Addendum and authorising the execution and delivery hereof and thereof and performance of the Borrower&#8217;s obligations hereunder and thereunder, additionally certified by an officer of the Borrower as having been duly adopted by the directors and shareholders the Borrower and not having been amended, modified or revoked and being in full force and effect;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an original or a certified copy of any power of attorney issued by the Borrower pursuant to such resolutions; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an original certificate, duly executed and legalised from a duly authorised officer of each Obligor (other than the Borrower) (a) confirming that none of the constitutional documents and corporate authorities delivered to the Lender pursuant to the terms and conditions of the Loan Agreement have been amended or modified in any way since the date of their delivery to the Lender and that these (as applicable) remain in full force and effect and (b) listing its up to date directors, officers and shareholders;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.3</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Mortgage Addendum and registration</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">the Mortgage Addendum duly executed and delivered and duly registered against the Vessel in accordance with the laws of Liberia;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Further documents</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 35pt;">certified copies of all documents (with a certified translation if an original is not in English) evidencing any other necessary action, approvals or consents with respect to this Agreement, the Mortgage Addendum (including without limitation) all necessary governmental and other official approvals and consents in such pertinent jurisdictions as the Lender deems appropriate;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.5</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Laws of Liberia: opinion</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">an opinion of Messrs Ince &amp; Co, special legal advisers to the Lender in respect of the laws of the Republic of Liberia in form and substance acceptable to the Lender;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">evidence that (a) the Safekeeping Securities Account has been opened by the Shareholder, and duly completed mandates in relation thereto have been delivered to the Lender and (b) 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">London agent</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">documentary evidence that the agent for service of process named in Clause 35.2.1 of the Loan Agreement has accepted its appointment in respect of this Agreement;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Endorsement</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">the endorsement at the end of this Agreement signed by each Obligor (other than the Borrower); and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Further opinions, etc.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 35pt;">any further opinions, consents, agreements and documents in connection with this Agreement which the Lender may request.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Conditions Subsequent. The Borrower shall deliver or cause to be delivered to the Lender on, or as soon as practicable after, the Effective Date but in no event later than 15 Business&nbsp;Days from the date hereof (or any such other date as the Lender and the Borrower may agree), the following additional documents and evidence:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the process agent acceptance letter referred to in Clause 3.1.7, duly executed; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any further opinions, consents, agreements and documents in connection with this Agreement which the Lender may request referred to in Clause 3.1.9.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">A breach of this Clause 3.2 shall constitute an Event of Default.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>REPRESENTATIONS AND WARRANTIES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>Repetition of Loan Agreement representations and warranties</b>. The<b> </b>Borrower represents and warrants to the Lender that the representations and warranties in Clause 18 (<i>Representations</i>) of the Loan .Agreement, updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this Agreement and on the Effective Date with reference to the circumstances now existing.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS</b></p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Specific amendments to Loan Agreement.</b>&nbsp;&nbsp;The Loan Agreement shall be, and shall be deemed by this Agreement to be, amended as follows:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect from the Effective Date by adding in Clause 1.1 thereof each of the definitions in Clause 1.2 of this Agreement (other than the definitions of &#8220;<b>Effective Date</b>&#8221;&nbsp;and &#8220;<b>Loan Agreement</b>&#8221;);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by deleting in Clause 1.1 (<i>Definitions</i>) thereof the definitions of &#8220;<b>LIBOR</b>&#8221;&nbsp;and &#8220;Screen&nbsp;Rate&#8221;;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by adding in Clause 1.1 (<i>Definitions</i>) thereof the following new definitions in alphabetical order:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">"<b>Interpolated Term SOFR</b>" means, in relation to the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">either:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, SOFR for the day which is two US Government Securities Business Days before the Quotation Day; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>"Published Rate" means:</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">SOFR; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Term SOFR for any Quoted Tenor;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>&#8220;Published Rate Replacement Event</b>&#8221; means, in relation to a Published Rate:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the methodology, formula or other means of determining that Published Rate has, in the opinion of the Lender and the Borrower, materially changed;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">(b)</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 72pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">(i)</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 146px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 52px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(A)</p>
			</td>
			<td style="width: 1315px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or</p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px; font-size: 10pt;">

		<tr style="vertical-align: top; font-size: 10pt;">
			<td style="width: 147px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 54px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(B)</p>
			</td>
			<td style="width: 1312px; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">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 Published Rate is insolvent,</p>
			</td>
		</tr>
		<tr>
			<td style="width: 147px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 54px; font-size: 10pt;">&nbsp;</td>
			<td style="width: 1312px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 147px; font-size: 10pt;">&nbsp;</td>
			<td colspan="2" rowspan="1" style="width: 54px; font-size: 10pt;">provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate publicly announces that it has ceased or will cease, to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be permanently or indefinitely discontinued; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-size: 10pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif;">the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the opinion of the Lender and the Borrower, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Quoted Tenor</b>&#8221; means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>&#8220;Reference Rate</b>&#8221; means, in relation to the Loan or any part of the Loan:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR as of the Quotation Day and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or</p>
			</td>
		</tr>

</table>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as otherwise determined pursuant to Clause 10.1 (<i>Unavailability of Term SOFR</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Relevant Nominating Body</b>&#8221; means any applicable central bank, regulator or other competent 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;<b> </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Replacement Reference Rate</b>&#8221; means a reference rate which is:</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">formally designated, nominated or recommended as the replacement for a Published Rate by:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Relevant Nominating Body,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &#8220;<b>Replacement Reference Rate</b>&#8221; will be the replacement under paragraph (ii) above;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if paragraph (a) does not apply, in the opinion of the Lender and the Borrower, generally accepted in the international or any relevant domestic loan markets as the appropriate successor to a Published Rate; or</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if paragraphs (a) and (b) do not apply, in the opinion of the Lender and the Borrower, an appropriate successor to a Published Rate;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;SOFR</b>&#8221; means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Term SOFR</b>&#8221; means the Term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published by Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;US Government Securities Business Day</b>&#8221; means any day other than:</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Saturday or a Sunday; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by deleting in Clause 1.1 (<i>Definitions</i>) thereof the definition of &#8220;Business Day&#8221;&nbsp;and replacing it with the following new definition:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>&#8220;&#8220;Business Day</b>&#8221; means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a day on which banks are open in Athens (excluding Saturdays and Sundays);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of a day on which a payment is required to be made under a Security Document, a day on which banks are open in New York City (excluding Saturdays and Sundays);</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a day on which banks are open in each country or place where a payment is required to be made under a Security Document (excluding Saturdays and Sundays); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(in relation to the fixing of an interest rate) a day which is a US Government Securities Business Day;&#8221;;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect on and from the Rate Switch Date,<b>&nbsp;</b>by deleting in Clause 1.1 thereof the definition of &#8220;<b>Quotation Day</b>&#8221;&nbsp;and replacing it with:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>&#8220;Quotation Day</b>&#8221; means, in relation to any period for which an interest rate is to be determined, two (2) US Government Securities Business Days before the first day of that period (unless market practice differs in the relevant loan market, in which case the Quotation Day will be determined by the Lender in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days);<b> </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect from the Effective Date, by deleting in Clause 1.1 (<i>Definitions</i>) thereof in the definition of &#8220;<b>Sanctions Authorities</b>&#8221;&nbsp;the words &#8220;Her Majesty&#8217;s Treasury&#8221;&nbsp;and replacing them with the words &#8220;His Majesty&#8217;s Treasury&#8221;;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect from the Effective Date, by adding in Clause 1.1 (<i>Definitions</i>) thereof in the definition of &#8220;<b>Security Documents</b>&#8221;&nbsp;after the words &#8220;the Mortgage&#8221;, the words &#8220;, the Mortgage Addendum&#8221;;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by adding a new Clause 1.2.10 to read as follows:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;1.2.10</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Lender's &#8220;<b>cost of funds</b>&#8221; in relation to the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which the Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan;&#8221;;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by deleting Clause 8.1 (<i>Calculation of interest</i>) thereof and replacing it with the following: &nbsp;</p>
			</td>
		</tr>

</table>

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			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;8.1</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Calculation of</b><i> </i><b>interest</b></p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">The Borrower 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) the Reference Rate for such period.&#8221;;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from the Rate Switch Date, by deleting Clause 8.3 thereof and replacing it with the following:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#8220;8.3</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Default interest</b></p>
			</td>
		</tr>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.3.1</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this clause 8.3 (<i>Default interest</i>)) 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 8.3 (<i>Default interest</i>).</p>
			</td>
		</tr>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) two per cent (<i>2</i>%) per annum, (b) the Margin and (c) the Reference Rate for such periods.</p>
			</td>
		</tr>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.3.4</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 22.2 or a prepayment pursuant to clauses 7.5 (<i>Mandatory Prepayment on sale or Total Loss</i>), 7.6 (<i>Mandatory prepayment on change of ownership of Guarantor)</i>, 17.14.1 (<i>Additional security</i>) or 7.1 (<i>Illegality</i>), 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 (<i>2</i>%) above the rate applicable thereto immediately before it shall have become so due and payable.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">8.3.5</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If, for the reasons specified in clause 10.1.1, the Lender is unable to determine a rate in accordance with the foregoing provisions of this clause 8.3 (<i>Default interest</i>), 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 (<i>2</i>%) per annum above the aggregate of the Margin and the cost of funds to the Lender compounded at such intervals as the Lender selects.</p>
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		</tr>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.11</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect on and from the Rate Switch Date, by deleting Clauses 10 thereof and replacing <b>it</b>&nbsp;with the following:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>&#8220;10</b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to the Calculation of Interest</b></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.1<b> </b></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Unavailability of Term SOFR</b>.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.1.1<i> </i></p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>Interpolated Term SOFR</i>: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.1.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>Cost of funds</i>: If clause 10.1.1 applies but it is not possible to calculate the Interpolated Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 10.3 (<i>Cost of funds</i>) shall apply to the Loan or that part of the Loan for that Interest Period.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Market disruption</b>.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">If before close of business in Athens on the Quotation Day for the relevant Interest Period the Lender determines<b> </b>that its cost of funds relating to the Loan or any part of the Loan would be in excess of the Reference Rate<b> </b>then Clause 10.3 (<i>Cost of funds</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p>

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			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 14pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.3</p>
			</td>
			<td style="width: auto; font-size: 14pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Cost of funds</b></p>
			</td>
		</tr>
		<tr style="font-size: 14pt;">
			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-size: 14pt;">
			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">10.3.1&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">
			<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 10.3 (<i>Cost of funds</i>) applies, the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p>
			</td>
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			<td style="width: 91px;">&nbsp;</td>
			<td style="width: 29px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: 1251px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Margin; and</p>
			</td>
		</tr>
		<tr>
			<td style="width: 91px;">&nbsp;</td>
			<td style="width: 29px;">&nbsp;</td>
			<td style="width: 1251px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 91px;">&nbsp;</td>
			<td style="width: 29px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: 1251px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the rate notified to the Borrower by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum its cost of funds relating to the Loan or that part of the Loan.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.3.2</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 10.3 (<i>Cost of funds</i>) applies and the Lender or the Borrower so require, the Lender and the Borrower shall enter into negotiations (for a period of not more than 15 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.3.3</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to Clause 10.7 (<i>Changes to reference rates</i>), any substitute or alternative basis agreed pursuant to Clause 10.3.2 above shall be binding on all parties hereto.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.3.4</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If any rate notified by the Lender under Clause 10.3.1(b) is less than zero, the relevant rate shall be deemed to be zero.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.3.5</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If this Clause 10.3 (<i>Cost of funds</i>) applies, the Lender shall, as soon as practicable, notify the Borrower.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.4</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Notice of prepayment </b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">If the Borrower does not agree with an interest rate set by the Lender under Clause 10.3 <i>(Cost of funds)</i>, the Borrower may give the Lender not less than 5 Business<b> </b>Days&#8217; notice of its intention to prepay the Loan at the end of the interest period set by the Lender.</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.5</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Prepayment; termination of Commitment</b><b><u> </u></b></p>
			</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">A notice under Clause 10.4 <i>(Notice of prepayment) </i>shall be irrevocable; and on the last Business<b> </b>Day of the interest period set by the Lender the Borrower 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 Borrower under this Agreement thereafter.</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.6</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Application of prepayment</b></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">Without prejudice to Clause 10.4 (<i>notice of prepayment</i>). the provisions of Clause 7 <i>(Illegality, Prepayment and Cancellation) </i>shall apply in relation to the prepayment made hereunder.</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.7</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Changes to reference rates </b></p>
			</td>
		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, any amendment or waiver which relates to:</p>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">providing for the use of a Replacement Reference Rate in place of that Published Rate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">(b)</td>
			<td style="width: auto;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</p>
			</td>
		</tr>

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			<td style="width: 147px;">&nbsp;</td>
			<td style="width: 59px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt;">(vi)</p>
			</td>
			<td style="width: 1227px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">aligning any provision of any Security Document to the use of that Replacement Reference Rate;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 150px;">&nbsp;</td>
			<td style="width: 56px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(vii)</p>
			</td>
			<td style="width: 1227px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 150px;">&nbsp;</td>
			<td style="width: 54px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(viii)</p>
			</td>
			<td style="width: 1229px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">implementing market conventions applicable to that Replacement Reference Rate;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 150px;">&nbsp;</td>
			<td style="width: 57px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(ix)</p>
			</td>
			<td style="width: 1226px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 150px;">&nbsp;</td>
			<td style="width: 57px;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">(x)</p>
			</td>
			<td style="width: 1226px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Reference Rate (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),</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt;">may be made with the consent of the Lender and the Borrower.</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">10.8</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>Interest Rate Swaps</b></p>
			</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 72pt;">The Borrower may not enter into any interest hedging arrangements in order to fix Interest Periods under this Agreement without the prior written consent of the Lender.&#8221;;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.12</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect on and from the Rate Switch Date, by deleting Clauses 26.9 thereof;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1.13</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>w</b>ith effect on and from the Effective Date, by construing references throughout to "this Agreement", "hereunder" and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Agreement.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amendments to Security Documents</b>. With effect on and from the date hereof each of the Security Documents other than the Loan Agreement, shall be, and shall be deemed by this Agreement to be, amended as follows:</p>
			</td>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the definition of, and references throughout each of the Security Documents to, the Loan Agreement and any of the other Security Documents shall be construed as if the same referred to the Loan Agreement and those Security Documents as amended and supplemented by this Agreement;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by construing all references throughout each of the Security Documents to the "Mortgage" as references to the Mortgage as amended and supplemented by the Mortgage Addendum; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by construing references throughout each of the Security Documents to "this Agreement", "this Deed", "hereunder&#8221;&nbsp;and other like expressions as if the same referred to such Security Documents as amended and supplemented by this Agreement.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security Documents to remain in full force and effect.</b>&nbsp;&nbsp;The Security Documents shall remain in full force and effect as amended and supplemented by:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>(a)</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>the amendments to the Security Documents contained or referred to in Clauses 5.1 (<i>Specific amendments to Loan Agreement</i>) and 5.2 (<i>Amendments to Security Documents</i>); and</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>(b)</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>such further or consequential modifications as may be necessary to give full effect to the terms of this Agreement.</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FURTHER ASSURANCES</b></p>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Borrower to execute further documents etc.</b>&nbsp;&nbsp;The Borrower shall, and shall procure that any other party to any Security Document shall:</p>
			</td>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">execute and deliver to the Lender (or as it may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the law of England or such other country as the Lender may, in any particular case, specify; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">effect any registration or notarisation, give any notice or take any other step, which the Lender may, by notice to<i>&nbsp;</i>the Borrower or other party, specify</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">for any of the purposes described in Clause 6.2 (<i>Purposes of further assurances</i>) or for any similar or related purpose.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Purposes of further assurances</b>. Those purposes are:</p>
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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">validly and effectively to create any Encumbrance or right of any kind which the Lender intended should be created by or pursuant to the Loan Agreement or any other Security Document, each as amended and supplemented by this Agreement; and</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">implementing the terms and provisions of this Agreement.</p>
			</td>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Terms of further assurances.</b>&nbsp;&nbsp;The Lender may specify the terms of any document to be executed by the Borrower or any other party under Clause 6.1 (<i>Borrower to execute further documents etc</i>.), and those terms may include any covenants, powers and provisions which the Lender considers appropriate to protect its interests.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Obligation to comply with notice.</b>&nbsp;&nbsp;The Borrower shall comply with a notice under Clause 6.1 (<i>Borrower to execute further documents etc</i>.) by the date specified in the notice.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Additional corporate action.</b>&nbsp;&nbsp;At the same time as the Borrower or any other party deliver to the Lender any document executed under Clause 6.1(a) (<i>Borrower to execute further documents etc</i>.), the Borrower or such other party shall also deliver to the Lender a certificate signed by 2 of the&nbsp;Borrower&#8217;s, or that other party's directors which shall:</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">set out the text of resolutions of the Borrower or that other party's directors specifically authorising the execution of the document specified by<i>&nbsp;</i>the Lender; and</p>
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			<td style="width: 36pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">state that either the resolution was duly passed at a meeting of the directors validly convened and held throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid under the Borrower's or that other party's articles of association or other constitutional documents.</p>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FEES AND EXPENSES</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Fees and Expenses.&nbsp;</b>&nbsp;The provisions of Clause 16 (Costs<i>&nbsp;and expenses</i>) of the Loan Agreement shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>NOTICES</b></p>
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		</tr>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>General.</b>&nbsp;<b> </b>The provisions of Clause 28 (<i>Notices</i>) of the Loan Agreement (as amended by this Agreement) shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SUPPLEMENTAL</b></p>
			</td>
		</tr>

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<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Counterparts.&nbsp;</b>&nbsp;This Agreement may be executed in any number of counterparts, each of which, when so executed, shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument.</p>
			</td>
		</tr>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Third party rights.</b>&nbsp;&nbsp;A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>LAW AND JURISDICTION</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b>Incorporation of the Loan Agreement provisions.</b>&nbsp;&nbsp;<b> </b>The provisions of Clause 34 (<i>Governing Law</i>) and Clause 35 (<i>Enforcement</i>) of the Loan Agreement shall apply to this Agreement as if they were expressly incorporated in this Agreement with any necessary modifications.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>IN WITNESS</b> whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written.</p>

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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE BORROWER</u></b></p>
			</td>
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			<td style="vertical-align: middle; width: 366px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>SIGNED </b>by <b>STEFANIA KARMIRI</b></p>
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			<td style="vertical-align: middle; width: 1069px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>JONATHAN SHIPOWNERS LTD</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">in the presence of:</p>
			</td>
			<td style="vertical-align: middle; width: 1069px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Anna Maria Matsa</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 366px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE LENDER</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>SIGNED </b>by<b>&nbsp;OLGA VOUTSA</b></p>
			</td>
			<td style="vertical-align: middle; width: 1069px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Olga Voutsa</p>
			</td>
		</tr>
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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">and by<b>&nbsp;CHARALAMPOS BIRLIS</b></p>
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			<td style="vertical-align: middle; width: 1069px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Charalampos Birlis</p>
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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">for and on behalf of</p>
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			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>PIRAEUS BANK S.A.</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1069px;">&nbsp;</td>
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			<td style="vertical-align: middle; width: 366px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">in the presence of:</p>
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			<td style="vertical-align: middle; width: 1069px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Anna Maria Matsa</p>
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<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>COUNTERSIGNED </b>this __12<sup style="vertical-align:top;line-height:120%;">th</sup> ___ day of July 2023 by the following parties who, by executing the same,&nbsp; confirm and acknowledge that they have read and understood the terms and conditions of the above Supplemental Agreement, that they agree in all respects to the same and that the Security Documents to which they are respectively a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement, as amended by the above Supplemental Agreement, and each of them hereby reaffirms the Security Documents to which it is a party as the same is amended by the above Supplemental Agreement.</p>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Aristides J. Pittas</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">_________________________</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Aristides J. Pittas</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">duly authorised on behalf of&nbsp;</p>
			</td>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>EUROSEAS LTD</b>&nbsp;</p>
			</td>
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			<td style="vertical-align:middle;width:97.4%;">&nbsp;</td>
		</tr>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">/s/ Nikolaos Pittas</p>
			</td>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">_________________________</p>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Nikolaos Pittas</b></p>
			</td>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">duly authorised on behalf of&nbsp;</p>
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			<td style="vertical-align:middle;width:97.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>EUROBULK LTD</b>&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-4.39
<SEQUENCE>8
<FILENAME>ex_660783.htm
<DESCRIPTION>EXHIBIT 4.39
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 4.39</u></i></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b><u>Dated _6 September_2023</u></b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">between</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>CORFU NAVIGATION LTD JONATHAN JOHN SHIPPING LTD</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">as Borrowers</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">with</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>EUROSEAS LTD.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">as Corporate Guarantor</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">with</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>EUROCON LTD.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">as Shareholder with</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>EUROBULK LTD.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">as Manager with</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">as Lender</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">_________________________________________________________________________</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SUPPLEMENTAL AGREEMENT</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>to the Loan Agreement dated 6 September 2021 in respect of a loan of up to USD10,000,000</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>__________________________________________________________________________</b></p>

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<div style="text-align: center;"><img alt="fig2.jpg" src="fig2.jpg"></div>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>TABLE OF CONTENTS</b></p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Clause</b>&nbsp;</p>
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			<td style="vertical-align: middle; width: 687px;">&nbsp;</td>
			<td style="vertical-align:bottom;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;"><b>Page No</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">1</p>
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			<td style="vertical-align: middle; width: 687px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">INTERPRETATION</p>
			</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">1</p>
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			<td style="vertical-align: middle; width: 324px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">2</p>
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			<td style="vertical-align: middle; width: 687px;">CONDITIONS PRECEDENT</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">3</p>
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			<td style="vertical-align: middle; width: 687px;">AMENDMENTS TO THE LOAN AGREEMENT</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">2</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">4</p>
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			<td style="vertical-align: middle; width: 687px;">BORROWERS' CONFIRMATION</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">&nbsp;8</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">5</p>
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			<td style="vertical-align: middle; width: 687px;">CORPORATE GUARANTOR'S CONFIRMATION</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">6</p>
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			<td style="vertical-align: middle; width: 687px;">SHAREHOLDER'S CONFIRMATION</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">7</p>
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			<td style="vertical-align: middle; width: 687px;">MANAGER'S CONFIRMATION</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">8</p>
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			<td style="vertical-align: middle; width: 687px;">CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999</td>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">9</p>
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			<td style="vertical-align: middle; width: 687px;">MISCELLANEOUS</td>
			<td style="vertical-align:middle;width:29.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">8</p>
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			<td style="vertical-align: middle; width: 324px;">SCHEDULE 1</td>
			<td style="vertical-align: middle; width: 687px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 29.4%; text-align: right;">9</td>
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			<td style="vertical-align: middle; width: 324px;">EXECUTION PAGE</td>
			<td style="vertical-align: middle; width: 687px;">&nbsp;</td>
			<td style="vertical-align: middle; width: 29.4%; text-align: right;">10</td>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>THIS SUPPLEMENTAL AGREEMENT </b>(the "<b>Agreement</b>") is made the 6 day of September 2023</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>BETWEEN:</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CORFU NAVIGATION LTD</b>, a corporation incorporated in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as borrower ("<b>Borrower A</b>");</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>JONATHAN JOHN SHIPPING LTD</b>, a corporation incorporated in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as borrower ("<b>Borrower B</b>", together with Borrower A, the "<b>Borrowers</b>");</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>EUROSEAS LTD.</b>, a corporation incorporated in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as corporate guarantor (the "<b>Corporate Guarantor</b>");</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(4)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>EUROCON LTD.</b>, a corporation incorporated in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as shareholder (the "<b>Shareholder</b>");</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(5)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>EUROBULK LTD.</b>, a corporation incorporated in the Republic of 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, as manager of each Vessel (the "<b>Manager</b>"); and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(6)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SINOPAC CAPITAL INTERNATIONAL (HK) LIMITED</b>, a company incorporated in Hong Kong with its registered office at Suites 3306, 33/F., Tower 1, The Gateway, 25 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong, as lender (the "<b>Lender</b>").</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>WHEREAS:</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(A)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Pursuant to a Loan Agreement dated 6 September 2021 (the "<b>Loan Agreement</b>") entered into between (i) the Borrowers, as borrowers, and (ii) the Lender, as lender, the Lender agreed to make available to the Borrowers a loan facility of (originally) up to USD10,000,000 of which USD6,500,000 remains outstanding on even date, for the purpose and upon the terms and conditions set out in the Loan Agreement.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(B)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrowers and the Lender have agreed to amend the terms of the Loan Agreement on and subject to the terms and conditions herein contained.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>NOW IT IS HEREBY AGREED </b>as follows:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>INTERPRETATION</u></b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.1</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Definitions</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">In this Agreement, all words and phrases defined in the Loan Agreement and not otherwise defined herein shall bear the meanings ascribed to them in the Loan Agreement.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.2</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All references in the Loan Agreement to "this Agreement" or "hereunder" or "herein" shall be construed as "this Agreement as amended and supplemented by this Agreement".</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>CONDITIONS</u></b><b><u>&nbsp;</u></b><b><u>PRECEDENT</u></b></p>
			</td>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amendments to be made to the Loan Agreement by this Agreement shall take effect on and from the date that the Lender receives all of the documents and other items listed in Schedule 1 (<i>Conditions Precedent</i>) of this Agreement, in form and substance satisfactory to the Lender (the "<b>Effective Date</b>").</p>
			</td>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Lender shall notify the Borrowers promptly upon being so satisfied.</p>
			</td>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>AMENDMENTS</u></b><b><u>&nbsp;</u></b><b><u>TO THE LOAN AGREEMENT</u></b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">With effect from the Rate Switch Date, the Loan Agreement shall be amended as follows:</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The following new definitions shall be inserted to the Loan Agreement and arranged in alphabetical order with other definitions under clause 1.2 (<i>Definitions</i>) of the Loan Agreement:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">&#8220;"<b>Credit Adjustment Spread</b>" means 0.26161% (zero point two six one six one per cent) per annum;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>Interpolated Term SOFR</b>" means, in relation to a Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">either:</p>
			</td>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Loan; or</p>
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			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if no such Term SOFR is available for a period which is less than the Interest Period of that Loan, Overnight SOFR for the day which is 2 US Government Securities Business Days before the Quotation Day; and</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Loan;</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>Market Disruption Rate</b>" means the percentage rate per annum which is the aggregate of the Reference Rate and the applicable Credit Adjustment Spread;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>Overnight SOFR</b>" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">"<b>Rate Switch Date</b>" means 7 September 2023;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">"<b>Reference Rate</b>" means, in relation to a Loan:</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of that Loan; or</p>
			</td>
		</tr>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as otherwise determined pursuant to clause 3.4 (<i>Market disruption; non- availability</i>),</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">and if, in either case, the aggregate of that rate and the applicable Credit Adjustment Spread is less than zero, the Reference Rate shall be deemed to be such a rate that the aggregate of the Reference Rate and the applicable Credit Adjustment Spread is zero;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>Term SOFR</b>" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate);</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">"<b>US Government Securities Business Day</b>" means any day other than:</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Saturday or a Sunday; and</p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.&#8221;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The definition of "Banking Day" under clause 1.2 (<i>Definitions</i>) of the Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">&#8220;"<b><i>Banking Day</i></b>" <i>means a day (other than a Saturday or Sunday):</i></p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(in relation to the fixing of an interest rate) which is a US Government Securities Business Day; and</i></p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(b)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>on which banks are open for business in London, Athens, Hong Kong, Taipei, and New York City (or any other relevant place of payment under clause 6);</i>&#8221;</p>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The definition &nbsp;of &nbsp;"Quotation &nbsp;Day" under &nbsp;clause 1.2 &nbsp;(<i>Definitions</i>) &nbsp;of &nbsp;the &nbsp;Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&#8220;"<b><i>Quotation Day</i></b>" <i>means, in relation to any period for which an interest rate is to be determined under any provision of a Security Document, the day which is 2 US Government Securities Business Days before the first day of that period unless market practice differs in the relevant loan market, in which case the Quotation Day will be determined by the Lender in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days);</i>&#8221;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; margin: 0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The definition&nbsp;&nbsp;of &nbsp;"Specified &nbsp;Time" &nbsp;under&nbsp;&nbsp;clause 1.2 (<i>Definitions</i>) &nbsp;of the &nbsp;Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">&#8220;"<b><i>Specified Time</i></b>" <i>means the Quotation Day.</i>&#8221;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The definition of each of "LIBOR" and "Screen Rate" under clause 1.2 (<i>Definitions</i>) of the Loan Agreement shall be deleted in its entirety<i>.</i></p>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Clause 3.1 <i>(Normal interest rate</i>) of the Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;"><b><i>&#8220;3.1</i></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i> </i></b>&nbsp;<b><i>Normal interest rate</i></b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>The Borrowers must pay interest on a 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, (b) the Reference Rate for such period and (c) the Credit Adjustment Spread.</i>&#8221;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each of Clause 3.3 <i>(Default interest</i>) and Clause 3.4 <i>(Market disruption; non- availability</i>) of the Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt; font-size: 10pt;"><b><i>&#8220;3.3</i></b>&nbsp;&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><b><i>Default interest</i></b></td>
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			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;">&nbsp;</td>
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			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: 36pt; font-size: 10pt;">&nbsp;</td>
			<td style="width: auto; font-size: 10pt;"><i>If the Borrowers fail to pay any sum (including, without limitation, any sum payable pursuant to this clause 3.3) 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 3.3. 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, (c) the Reference Rate and (d) the Credit Adjustment Spread 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 day 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 3.4.1, the Lender is unable to determine a rate in accordance with the foregoing provisions of this clause 3.3, 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.</i></td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>3.4</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>Market</i></b><b><i>&nbsp;</i></b><b><i>disruption; non availability</i></b></p>
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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>3.4.1</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>If at any time prior to the commencement of any Interest Period:</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>no Term SOFR is available for the Interest Period of the Loans; or</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(b)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>the Lender considers that the cost to it of funding the Loans (or any part of them) during that Interest Period would be in excess of the Market Disruption Rate,</i></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;"><i>then the Lender must promptly give notice (a "</i><b><i>Determination Notice</i></b><i>") thereof to the Borrowers. 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 Borrowers by the Lender.</i></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>3.4.2</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Within ten (10) Banking Days of any Determination Notice being given by the Lender under clause 3.4.1, the Lender must certify an alternative basis in place of the Reference Rate (the "</i><b><i>Alternative Basis</i></b><i>") for maintaining the Loans. The Alternate Basis may at the Lender'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.</i></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>Once the Alternative Basis has been received by the Borrowers, the Borrowers and the Lender shall negotiate in good faith for a period of thirty</i></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>(30) Banking Days in order to arrive at a mutually acceptable substitute basis for the Lender to continue to make available the Loans and, if within such thirty (30) Banking Day period the Borrowers and the Lender shall agree in writing upon such an alternative basis (the "</i><b><i>Substitute Basis</i></b><i>") the Substitute Basis should be retroactive to and effective from the first day of the relevant Interest Period.</i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>The Substitute Basis so certified shall be binding upon the Borrowers, 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 Borrowers that none of the circumstances specified in clause 3.4.1 continues to exist whereupon the normal interest rate fixing provisions of the Agreement shall again apply and, subject to the other provisions of this Agreement, the Commitment my again be borrowed.</i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>If the Borrowers do not agree the Substitute Basis, then the Borrowers shall have the right to repay the Loans 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 Borrowers as being a reasonable interest reflecting the cost to the Lender of funding the Loans during the period ending on the date of such prepayment, plus the Margin.</i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>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 Borrowers that the Substitute Basis shall cease to be effective from such date as the Lender shall reasonably specify.</i>&#8221;</p>

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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Clause 13.9 (<i>Replacement of Screen Rate</i>) of the Loan Agreement shall be deleted in its entirety and be replaced with the following:</p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>&#8220;13.9</i></b></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><i>Changes to reference rates</i></b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>13.9.1</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>If a Published Rate Replacement Event has occurred in relation to the Published Rate, any amendment or waiver which relates to:</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>providing for the use of a Replacement Reference Rate; and (b)</i></p>
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			<td style="width: 144px;">&nbsp;</td>
			<td style="width: 66px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(i)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>aligning any provision of any Security Document to the use of that Replacement Reference Rate;</i></p>
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			<td style="width: 143px;">&nbsp;</td>
			<td style="width: 65px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(ii)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</i></p>
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			<td style="width: 63px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(iii)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>implementing market conventions applicable to that Replacement Reference Rate;</i></p>
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			<td style="width: 142px;">&nbsp;</td>
			<td style="width: 63px;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(iv)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(v)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>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 Reference Rate (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),</i></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 36pt;"><i>may be made with the consent of the Lender and the Borrowers.</i></p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>13.9.2</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>In this clause 13.9:</i></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;"><i>"</i><b><i>Published Rate</i></b><i>" means:</i></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Overnight SOFR; or</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(b)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Term SOFR for any Quoted Tenor.</i></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 72pt;"><i>"</i><b><i>Published Rate Replacement Event</i></b><i>" means, in relation to a Published Rate:</i></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>the methodology, formula or other means of determining that Published Rate has, in the opinion of the Lender and the Borrowers, materially changed;</i></p>
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			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><i>(b)</i></p>
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			<td style="width: 44px;">&nbsp;</td>
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			<p style="margin: 0pt; text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><i>(i)</i></p>
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		</tr>

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<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 224px;">&nbsp;</td>
			<td style="vertical-align: top; width: 50px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(A)</i></p>
			</td>
			<td style="vertical-align: top; width: 1098px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 225px;">&nbsp;</td>
			<td style="vertical-align: top; width: 50px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(B)</i></p>
			</td>
			<td style="vertical-align: top; width: 1097px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>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 Published Rate is insolvent,</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 75px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1151px;"><i>provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;</i></td>
		</tr>
		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 75px;">&nbsp;</td>
			<td style="vertical-align: top; width: 1151px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 75px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(ii)</i></p>
			</td>
			<td style="vertical-align: top; width: 1151px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 73px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(iii)</i></p>
			</td>
			<td style="vertical-align: top; width: 1153px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be permanently or indefinitely discontinued; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 74px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(iv)</i></p>
			</td>
			<td style="vertical-align: top; width: 1152px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(c)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>the administrator of that Published Rate determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 11%;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(i)</i></p>
			</td>
			<td style="vertical-align: top; width: 84%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lender and the Borrowers) temporary; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 11%;">&nbsp;</td>
			<td style="vertical-align: top; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(ii)</i></p>
			</td>
			<td style="vertical-align: top; width: 84%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than 10 Banking Days; or</i></p>
			</td>
		</tr>

</table>

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(d)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>in the opinion of the Lender and the Borrowers, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><i>"</i><b><i>Quoted Tenor</i></b><i>" means, any period for which Term SOFR is customarily displayed on the relevant page or screen of an information service.</i></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;"><i>"</i><b><i>Relevant Nominating Body</i></b><i>" 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.</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 18pt;"><i>"</i><b><i>Replacement Reference Rate</i></b><i>" means a reference rate which is:</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(a)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>formally designated, nominated or recommended as the replacement for a Published Rate by:</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 146px;">&nbsp;</td>
			<td style="vertical-align: top; width: 82px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(i)</i></p>
			</td>
			<td style="vertical-align: top; width: 1199px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>the administrator of that Published Rate; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width: 145px;">&nbsp;</td>
			<td style="vertical-align: top; width: 86px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>(ii)</i></p>
			</td>
			<td style="vertical-align: top; width: 1196px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>any Relevant Nominating Body,</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 180pt;"><i>and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above;</i></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(b)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>in the opinion of the Lender and the Borrowers, generally accepted in the international or any relevant domestic loan markets as the appropriate successor to a Published Rate; or</i></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>(c)</i></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>in the opinion of the Lender and the Borrowers, an appropriate successor to a Published Rate.</i>&#8221;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>BORROWERS'</u></b><b><u>&nbsp;</u></b><b><u>CONFIRMATION</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">Each Borrower hereby confirms its approval of the contents of this Agreement, and confirms and agrees that its obligations under the Loan Agreement and other Security Documents to which it is a party shall continue to be in full force and effect and shall extend to cover all sums from time to time owing by it under the Loan Agreement as supplemented by this Agreement and the other Security Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>CORPORATE</u></b><b><u>&nbsp;</u></b><b><u>GUARANTOR'S CONFIRMATION</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The Corporate Guarantor hereby confirms its approval of the contents of this Agreement, and confirms and agrees that its obligations under the Security Documents to which it is a party shall continue to be in full force and effect and shall extend to cover all sums from time to time owing by the Borrowers under the Loan Agreement as supplemented by this Agreement and the other Security Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>SHAREHOLDER'S</u></b><b><u>&nbsp;</u></b><b><u>CONFIRMATION</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The Shareholder hereby confirms its approval of the contents of this Agreement, and confirms and agrees that its obligations under the Security Documents to which it is a party shall continue to be in full force and effect and shall extend to cover all sums from time to time owing by the Borrowers under the Loan Agreement as supplemented by this Agreement and the other Security Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>MANAGER'S CONFIRMATION</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">The Manager hereby confirms its approval of the contents of this Agreement, and confirms and agrees that its obligations under the Security Documents to which it is a party shall continue to be in full force and effect and shall extend to cover all sums from time to time owing by the Borrowers under the Loan Agreement as supplemented by this Agreement and the other Security Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>CONTRACTS</u></b><b><u>&nbsp;</u></b><b><u>(RIGHTS</u></b><b><u>&nbsp;</u></b><b><u>OF THIRD PARTIES) ACT 1999</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 36pt;">This Agreement does not give rise to any rights enforceable by a person who is not a party hereto. Without prejudice to the generality of the foregoing, rights that would otherwise arise in favour of third parties under the Contracts (Rights of Third Parties) Act 1999 are hereby excluded.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>9.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>MISCELLANEOUS</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Agreement 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 this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Agreement and any non-contractual obligations arising out of or in connection with it, are governed by and construed in accordance with English law.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Save as amended hereinabove, all other terms and conditions of the Loan Agreement shall remain unchanged and in full force and effect in accordance with the terms and conditions thereof.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>SCHEDULE 1</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>CONDITIONS </b>&nbsp;<b>PRECEDENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security Parties' documents</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of the Constitutional Documents of each Security Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of a resolutions of the board of directors of eac Security Party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute, deliver and perform this Agreement; and</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Authorizing a specified person or persons to execute this Agreement on its behalf.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A specimen of the signature of each person authorised by the resolutions referred to in paragraph 1.2 above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of a resolutions signed by all the holders of the issued shares in each Security Party (other than the Corporate Guarantor) approving the terms of, and the transactions contemplated by, this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The original of any power of attorney under which any person is to execute this Agreement on behalf of any Security Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A certificate of an authorised signatory of each Security Party certifying that each copy document relating to it specified in this Schedule 1 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement and that any resolutions or power of attorney relating to it have not been revoked or amended.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security Documents</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Duly executed originals of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Mortgage. As amended, duly executed by the relevant Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Legal opinions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A legal&nbsp;&nbsp;opinion addressed to the Lender as to English law, substantially in the form approved by the Lender prior to signing this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A legal opinion of the legal advisers to the Lender in each jurisdiction (other than England) in which a Secured Party is incorporated and / or which is to be the Flag State of the Vessel, each substantially in the form approved by the Lender prior to the signing this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><u>EXECUTION PAGE</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><u>THE BORROWERS</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Signed by: Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-in-fact for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>CORFU NAVIGATION LTD</b></p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney in fact</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to a Power of Attorney</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Dated 23 August 2023</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Signed by Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-in-fact for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>JONATHAN JOHN SHIPPING LTD</b></p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney in fact</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to a Power of Attorney</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Dated 23 August 2023</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE CORPORATE GUARANTOR</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Signed by Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-in-fact for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROSEAS LTD</b></p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney in fact</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to a Power of Attorney</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Dated 23 August 2023</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE SHAREHOLDER</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Signed by Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-in-fact for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROCON LTD</b></p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney in fact</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to a Power of Attorney</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Dated 23 August 2023</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE MANAGER</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Signed by Stefania Karmiri</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney-in-fact for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Stefania Karmiri</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>EUROBULK LTD</b></p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Attorney in fact</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to a Power of Attorney</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Dated 23 August 2023</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><u>THE LENDER</u></b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Signed by Lin Chia-Heng</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">for and on behalf of</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/ Lin Chia-Heng</p>
			</td>
		</tr>
		<tr>
			<td colspan="1" style="vertical-align: middle; width: 316px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>SINOPAC CAPITAL INTERNATIONAL</b>&nbsp;</p>
			</td>
			<td style="vertical-align: middle; width: 1119px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Authorised Signatory</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>(HK) LIMITED</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">In the presence of: Hsien Yun-Ta</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 287px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Senior Clerk</p>
			</td>
			<td style="vertical-align: bottom; width: 1119px;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
<div class="PGFTR">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>
</div>


</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.42
<SEQUENCE>9
<FILENAME>ex_660791.htm
<DESCRIPTION>EXHIBIT 4.42
<TEXT>
<html><head>
	<title>ex_660791.htm</title>
	<!-- Generated by ThunderDome Portal - 4/27/2024 8:11:31 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
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<body style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; padding: 0in 0.1in; cursor: auto;">
<div contenteditable="false" data-applyto="t" data-auto-pgnum="start" data-displaynum="1" data-fontname="Times New Roman" data-fontsize="10pt" data-numstyle="a" data-prefix="" data-startnum="1" data-suffix="" data-textalign="center">&nbsp;</div>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"><b><i><u>EXHIBIT 4.42</u></i></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Dated _18__ April 2024</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Up to US$22,000,000</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">TERM LOAN FACILITY</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">LEONIDAS SHIPPING LTD</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">as Borrower</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>EUROSEAS LTD</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">as Guarantor</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">as Facility Agent</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">as Security Agent</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>FACILITY AGREEMENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">relating to<br>
the financing of part of the acquisition cost of hull no. 4237 (tbn "LEONIDAS Z")</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="1" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt; text-align: center;"><b>Index</b></p>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: middle; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Clause</b></p>
			</td>
			<td style="vertical-align: middle; width: 10%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"><b>Page</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 1 Interpretation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">1</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Definitions and Interpretation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">3</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 2 The Facility</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">29</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">2</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">The Facility</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">29</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">3</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Purpose</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">29</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">4</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Conditions of Utilisation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">30</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 3 Utilisation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">31</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">5</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Utilisation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">31</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 4 Repayment, Prepayment and Cancellation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">33</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">6</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Repayment</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">33</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">7</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Prepayment and Cancellation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">34</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 5 Costs of Utilisation</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">37</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">8</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Interest</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">37</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">9</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Interest Periods</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">38</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">10</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Changes to the Calculation of Interest</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">39</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">11</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Fees</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">40</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 6 Additional Payment Obligations</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">42</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">12</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Tax Gross Up and Indemnities</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">42</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">13</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Increased Costs</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">47</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">14</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Other Indemnities</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">48</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">15</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Mitigation by the Finance Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">51</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">16</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Costs and Expenses</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">52</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 7 Guarantee</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">53</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">17</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Guarantee and Indemnity</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">53</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 8 Representations, Undertakings and Events of Default</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">57</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">18</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Representations</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">57</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">19</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Information Undertakings</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">64</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">20</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Financial Covenants</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">68</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">21</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">General Undertakings</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">70</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">22</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Insurance Undertakings</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">78</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">23</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Ship Undertakings</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">83</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">24</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Security Cover</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">90</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">25</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Accounts and Application of Earnings</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">92</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">26</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Events of Default</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">93</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 9 Changes to Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">99</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">27</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Changes to the Lenders</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">99</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="2" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">28</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Changes to the Transaction Obligors</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">104</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 10 The Finance Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">106</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">29</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">The Facility Agent</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">106</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">30</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">The Security Agent</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">117</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">31</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Conduct of Business by the Finance Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">131</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">32</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Sharing among the Finance Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">132</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 11 Administration</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">134</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">33</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Payment Mechanics</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">134</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">34</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Set-Off</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">137</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">35</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Bail-In</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">137</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">36</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Notices</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">138</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">37</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Calculations and Certificates</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">140</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">38</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Partial Invalidity</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">140</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">39</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Settlement or Discharge Conditional</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">140</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">40</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Remedies and Waivers</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">140</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">41</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Entire Agreement</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">141</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">42</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Irrevocable Payment</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">141</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">43</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Amendments and Waivers</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">141</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">44</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Confidential Information</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">147</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">45</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Counterparts</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">151</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Section 12 Governing Law and Enforcement</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">152</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">46</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Governing Law</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">152</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">47</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Enforcement</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">152</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">48</p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Patriot Act Notice</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">152</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Schedules</b></p>
			</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 1 The Parties</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">154</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part A The Obligors</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">154</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part B The Original Lenders</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">155</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part C The Servicing Parties</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">156</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 2 Conditions Precedent</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">157</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part A Conditions Precedent to Utilisation Request</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">157</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part B Conditions Precedent to Utilisation</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">160</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part C Conditions Subsequent to Utilisation</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">162</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 3 Requests</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">163</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part A Utilisation Request</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">163</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 18pt;">Part B Selection Notice</p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">165</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 4 Form of Transfer Certificate</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">166</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 5 Form of Assignment Agreement</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">168</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 6 Form of Compliance Certificate</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">171</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Schedule 7 Timetables</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">172</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>

</table>

<p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="3" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">3</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: middle; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Execution</b></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-transform:uppercase;">Execution Pages</font></p>
			</td>
			<td style="vertical-align: bottom; width: 10%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt;">173</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 5%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 85%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 10%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="4" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">4</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>THIS AGREEMENT </b>is made on __18__ April 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>PARTIES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>LEONIDAS SHIPPING LTD</b>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as borrower (the "<b>Borrower</b>")</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>EUROSEAS LTD</b>, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands and whose common shares are currently listed on the "Nasdaq Capital Market" under the trading symbol "ESEA" as guarantor (the "<b>Guarantor</b>")</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>THE FINANCIAL INSTITUTIONS</b>&nbsp;listed in Part C of Schedule 1 (<i>The Parties</i>) as lenders (the "<b>Original Lenders</b>")</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(4)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b>&nbsp;as agent of the other Finance Parties (the "<b>Facility Agent</b>")</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(5)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b>&nbsp;as security agent for the Secured Parties (the "<b>Security Agent</b>")</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>BACKGROUND</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">The Lenders have agreed to make available to the Borrower a facility of up to the lesser of (i) $22,000,000 and (ii) 55 per cent. of the Initial Market Value of the Ship for the purpose of financing part of the Contract Price of the Ship.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>OPERATIVE PROVISIONS</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="5" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 1</b><br>
<br>
<b>INTERPRETATION</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>DEFINITIONS AND INTERPRETATION</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.1</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Definitions</b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In this Agreement:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Account Bank</b>" means First-Citizens Bank &amp; Trust Company, acting through its office at 75 N. Fair Oaks Ave., Pasadena, California 91103, United States of America or any replacement bank or other financial institution as may be approved by the Facility Agent acting with the authorisation of the Majority Lenders.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Accounts</b>" means the Earnings Account and the Cash Reserve Account.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Account Security</b>" means a document creating Security over any Account in agreed form.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Affiliate</b>" 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.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Brokers</b>" means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorisation of the Majority Lenders.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Classification</b>" means the Approved Classification Society or the equivalent classification with another Approved Classification Society.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Classification Society</b>" means any classification society which is a member of the International Association of Classification Societies and which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Flag</b>" means the flag of the Republic of Marshall Islands or such other flag and, if applicable, port of registry approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders and a reference to "the Approved Flag" shall be a reference to the flag and, if applicable port of registry, under which the Ship is then flagged with the agreement of the Facility Agent acting with the authorisation of the Majority Lenders.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Manager</b>" means Eurobulk Ltd a corporation incorporated in the Republic of Liberia, whose registered office is at 80 Broad street, Monrovia, Liberia and having a place of business at 4 Messogiou &amp; Evropis Street, Maroussi, 151 -24, Greece, or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders as the commercial and technical manager of the Ship.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Approved Valuer</b>" means Howe Robinson, Clarksons, Braemar, Compass and Barry Rogliano Salles (BRS) (or any Affiliate of such person through which valuations are commonly issued) and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent, acting with the authorisation of the Majority Lenders, and by the Borrower.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Article 55 BRRD</b>" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Assignable Charter</b>"<b> </b>means any Charter of a duration (or capable of having or exceeding a duration) of 11 months or longer (including any extension or option of extension) entered or to be entered into between the Borrower (as owner) and the Charterer (as charterer).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Assignment Agreement</b>" means an agreement substantially in the form set out in Schedule 5 (<i>Form of Assignment Agreement</i>) or any other form agreed between the relevant assignor and assignee.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Authorisation</b>" means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Availability Period</b>" means the period from and including the date of this Agreement to and including 15 June 2024 or such later date as may be agreed by the Borrower and the Facility Agent.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Available Commitment</b>" means a Lender's Commitment minus:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the amount of its participation in the outstanding Loan; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to any proposed Utilisation, the amount of its participation in the Loan that is due to be made on or before the proposed Utilisation Date.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Available Facility</b>" means the aggregate for the time being of each Lender's Available Commitment.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Bail-In Action</b>" means the exercise of any applicable Write-down and Conversion Powers.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Bail-In Legislation</b>" means, to the extent applicable:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to any state other than such an EEA Member Country and the United Kingdom, any applicable 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; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to the United Kingdom, the UK Bail-In Legislation.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Base Rate</b>" means for any day a fluctuating rate per annum equal to the highest of:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Federal Funds Rate plus half of one per cent.; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its "prime rate" in effect for such day.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Base Rate is not necessarily the lowest rate of interest charged by Lenders in connection with extensions of credit. Any change in the Base Rate due to a change in the "prime rate" announced by JPMorgan Chase Bank, N.A. or the Federal Funds Rate shall be effective from and including the effective date of such change in the "prime rate" announced by JPMorgan Chase Bank, N.A. or the Federal Funds Rate respectively. For the avoidance of doubt, the Base Rate will in no event be less than zero per cent. per annum.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Break Costs</b>" means the amount (if any) by which:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or an Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 54pt;"><b>exceeds</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the amount which that 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 for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Builder</b>" means HD Hyundai Mipo Co., Ltd., a company organised and existing under the laws of the Republic of Korea and having its principal office at 100, Bangeojinsunhwan-Doro, Dong-Gu, Ulsan 682-712, Korea.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Business Day</b>" means a day (other than a Saturday or Sunday) on which banks are open for general business in New York, Athens and, in connection with any payments to be made to the Builder, Seoul, and includes in relation to the fixing of an interest rate, a day which is a US Government Securities Business Day.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Cash Reserve Account</b>" means:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an account in the name of the Borrower with the Account Bank designated "[Name of the Borrower] - Cash Reserve Account";</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other account in the name of the Borrower with the Account Bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective of the number or designation of such replacement account; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any sub-account of any account referred to in paragraphs (a) or (b) above.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Change of Control</b>" has the meaning set out under Clause 26.10 (<i>Change of Control</i>) of this Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Charter</b>" means any charter relating to the Ship (including, without limitation, any Assignable Charter), or other contract for its employment, whether or not already in existence.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Charterer</b>" means any charterer that has entered into a charter with the Borrower in relation to the Ship.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Charter Guarantee</b>" means any guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Charterparty Assignment</b>" means the specific assignment creating Security over any Assignable Charter in the agreed form.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Code</b>" means the US Internal Revenue Code of 1986.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Commitment</b>" means:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in Part A of Schedule 1 (<i>The Parties</i>) and the amount of any other Commitment transferred to it under this Agreement; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">to the extent not cancelled, reduced or transferred by it under this Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Compliance Certificate</b>" means a certificate in the form set out in Schedule 6 (<i>Form of Compliance Certificate</i>) or in any other form agreed between the Guarantor and the Facility Agent.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Confidential Information</b>" means all information relating to any Transaction Obligor, any Approved Manager, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:</p>

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<div class="hf-cell PGNUM" data-number="8" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">8</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any member of the Group or any of its advisers; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 54pt;">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:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">information that:</p>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(A)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 44 (<i>Confidential Information</i>); or</p>
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			<td style="width: 81pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(B)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 81pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(C)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Confidentiality Undertaking</b>" means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrower and the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Contract Price</b>" means the price payable for the Ship under article II of the Shipbuilding Contract, subject to adjustment in article III of the Shipbuilding Contract.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Corresponding Debt</b>" means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents to which it is a party, in accordance with their terms.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Default</b>" means an Event of Default or a Potential Event of Default.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Delegate</b>" means any delegate, agent, attorney or co-trustee appointed by the Security Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Delivery Date</b>" means the date on which the Ship is delivered by the builder to the Borrower under the Shipbuilding Contract.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Disruption Event</b>" means either or both of:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties or, if applicable, any Obligor; or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="9" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">9</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 or, if applicable, any Obligor preventing that, or any other, Party or, if applicable, any Obligor:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">from performing its payment obligations under the Finance Documents; or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">from communicating with other Parties or, if applicable, any Obligor in accordance with the terms of the Finance Documents,</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Obligor whose operations are disrupted.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Dividend Payment</b>" means, in relation to an Obligor, any of the following:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a declaration, making or payment of 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 its issued shares (or any Clause of its issued shares);</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a repayment or distribution of any dividend or share premium reserve;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a payment of any management, advisory or other fee (other than any management fee payable by the Guarantor to the Approved Manager under the Master Management Agreement); or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a redemption, repurchase, defeasance, retirement or repayment of any of its issued shares or a resolution to do any of the foregoing.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Document of Compliance</b>" has the meaning given to it in the ISM Code.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>dollars</b>" and "<b>$</b>" mean the lawful currency, for the time being, of the United States of America.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Earnings</b>" means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of the Ship, including (but not limited to):</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or shared with any other person:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or in connection with a Charter or a Charter Guarantee;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the proceeds of the exercise of any lien on sub-freights;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">compensation payable to the Borrower or the Security Agent in the event of requisition of the Ship for hire or use;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">remuneration for salvage and towage services;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">demurrage and detention moneys;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all moneys which are at any time payable under any Insurances in relation to loss of hire;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="10" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(viii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all monies which are at any time payable to the Borrower in relation to general average contribution; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if and whenever the Ship is employed on terms whereby any moneys falling within sub-paragraphs (i) to (viii) of paragraph (a) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Earnings Account</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an account in the name of the Borrower with the Account Bank designated "[Name of the Borrower] - Earnings Account";</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other account in the name of the Borrower with the Account Bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective of the number or designation of such replacement account; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any sub-account of any account referred to in paragraphs (a) or (b) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>EEA Member Country</b>" means any member state of the European Union, Iceland, Liechtenstein and Norway.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Eligible Charter</b>" means a Charter having a duration of more than 11 months with a fixed rate of hire over $16,000/day gross, including the Initial Charter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Environmental Approval</b>" means any present or future permit, ruling, variance or other Authorisation required under Environmental Law.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Environmental Claim</b>" means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, "<b>claim</b>" includes a 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 not 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Environmental Incident</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Ship or from the Ship into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than the Ship and which involves a collision between the Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which the Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Ship and/or any Transaction Obligor and/or an Approved Manager and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Ship and in connection with which the Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or an Approved Manager and/or any operator or manager of the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="11" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Environmental Law</b>" means any present or future law relating to vessel disposal, energy efficiency, carbon reduction, emissions, emissions trading, 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Environmentally Sensitive Material</b>" 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>ERISA</b>" means the Employee Retirement Income Security Act of 1974, as amended, and any successor thereto.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>ERISA Affiliate</b>" means each person (and defined in Section 3(9) of ERISA) which together with any Transaction Obligor would be deemed to be a "single employer" within the meaning of Section 414(b), (c), (m) or (o) of the Code.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>EU Bail-In Legislation Schedule</b>" means the document described as such and published by the LMA from time to time.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>EU Ship Recycling Regulation</b>" means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Event of Default</b>" means any event or circumstance specified as such in Clause 26 (<i>Events of Default</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Facility</b>" means the term loan facility made available under this Agreement as described in Clause 2 (<i>The Facility</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Facility Office</b>" means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than 5 Business Days' written notice) as the office or offices through which it will perform its obligations under this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>FATCA</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sections 1471 to 1474 of the Code or any associated regulations;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>FATCA Application Date</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="12" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">12</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>FATCA Deduction</b>" means a deduction or withholding from a payment under a Finance Document required by FATCA.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>FATCA Exempt Party</b>" means a Party that is entitled to receive payments free from any FATCA Deduction.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Federal Funds Rate</b>" means, for any day, the greater of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the rate calculated by the Federal Reserve Bank of New York based on such day's Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the Federal funds effective rate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">zero per cent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Finance Document</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">this Agreement;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Utilisation Request;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Security Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Manager's Undertaking; or</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other document designated as such by the Facility Agent and the Borrower.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Finance Party</b>" means the Facility Agent, the Security Agent, the Account Bank and/or a Lender.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Financial Indebtedness</b>" means any indebtedness for or in relation to:</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">moneys borrowed;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount) shall be taken into account);</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the amount of any liability in relation to any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Fiscal Quarter</b>" means any of the quarterly accounting periods ending on March 31, June 30, September 30 and December 31 of each year.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>"Fleet Vessel</b>"&nbsp;shall have the meaning set out in Clause 20.2 (<i>Guarantor's financial covenants</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>GAAP</b>" means generally accepted accounting principles in the US.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>General Assignment</b>" means the general assignment creating Security over:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Earnings, the Insurances and any Requisition Compensation;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Charter and any Charter Guarantee; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the benefit of any warranties of quality in favour of the Borrower under the Shipbuilding Contract,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">in agreed form.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Group</b>" means the Guarantor and its Subsidiaries from time to time (including the Borrower).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Historic Term SOFR</b>" means, in relation to the Loan or any part of the Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan and which is as of a day which is no more than three US Government Securities Business Days before the Quotation Day.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Holding Company</b>" means, in relation to a person, any other person in relation to which it is a Subsidiary.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Indemnified Person</b>" has the meaning given to it in Clause 14.2 (<i>Other indemnities</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>"Initial Charter"</b> means a time charterparty dated 27 March 2024 and made between the Borrower and the Initial Charterer having a duration of 24 months with an option of extension commencing on and from the delivery of the Ship to the Initial Charterer.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>"Initial Charterer" </b>means Hapag-Lloyd AG, of Hamburg.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Initial Market Value</b>" means the Market Value of the Ship determined pursuant to paragraph 2.5 of Part B of Schedule 2 (<i>Conditions Precedent</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Insurances</b>" means, in relation to the Ship:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war risks association, effected in relation to the Ship, the Earnings or otherwise in relation to the Ship whether before, on or after the date of this Agreement; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="14" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">14</div>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Interest Payment Date</b>" has the meaning given to it in paragraph (a) of Clause 8.2 (<i>Payment of interest</i>).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Interest Period</b>" means, in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 9 (<i>Interest Periods</i>) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (<i>Default interest</i>).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Interpolated Historic Term SOFR</b>" means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear basis between:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">either</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, the most recent Term SOFR for a tenor of one month (as of a day which is not more than three US Government Securities Business Days before the Quotation Day); and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the most recent applicable Term SOFR (as of a day which is not more than three US Government Securities Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Interpolated Term SOFR</b>" means, in relation to the Loan or any part of the Loan, the rate which results from interpolating on a linear basis between:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">either</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if no such Term SOFR is available for a period which is less than the Interest Period of the Loan or that part of the Loan, Term SOFR for a tenor of one month (as of the Specified Time); and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan or that part of the Loan.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Inventory of Hazardous Materials</b>" means an inventory certificate or statement of compliance (as applicable) issued by the relevant classification society or shipyard authority which is supplemented by a list of any and all materials known to be potentially hazardous utilised in the construction of, or otherwise installed on, the Ship, pursuant to the requirements of the EU Ship Recycling Regulation.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>ISM Code</b>" means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.</p>

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<div class="hf-cell PGNUM" data-number="15" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">15</div>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>ISPS Code</b>" means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>ISSC</b>" means an International Ship Security Certificate issued under the ISPS Code.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Lender</b>" means:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Original Lender; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 27 (<i>Changes to the Lenders</i>),</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">which in each case has not ceased to be a Party in accordance with this Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>LMA</b>" means the Loan Market Association or any successor organisation.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Loan</b>" means the loan to be made available under the Facility or the aggregate principal amount outstanding for the time being of the borrowings under the Facility and a "<b>part of the Loan</b>" means any part of the Loan as the context may require.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Major Casualty</b>" means any casualty to the Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $750,000 or the equivalent in any other currency.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Majority Lenders</b>" means:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if the Loan has not yet been advanced, a Lender or Lenders whose Commitments aggregate more than 66&#8532;&nbsp;per cent. of the Total Commitments; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66&#8532;&nbsp;per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66&#8532;&nbsp;per cent. of the Loan immediately before such repayment.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Management Agreement</b>" means the commercial and technical management agreement dated 26 April 2024 (as amended and/or supplemented from time to time) entered into between the Borrower and the Approved Manager regarding the commercial and technical management of the Ship.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Manager's Undertaking</b>" means the letter of undertaking from an Approved Manager subordinating the rights of that Approved Manager against the Ship, the Borrower and the Guarantor to the rights of the Finance Parties in agreed form.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Margin</b>" means:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if, as of the date of this Agreement, the Ship is employed under an Eligible Charter, 1.90 per cent. per annum; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if, as of the date of this Agreement, the Ship is not employed under an Eligible Charter, 2.10 per cent. per annum,</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and, in each case, as the same may be adjusted from time to time pursuant to Clause 10.5 (<i>Calculation of Margin</i>).</p>

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<div class="hf-cell PGNUM" data-number="16" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">16</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Market Value</b>" means, in relation to the Ship or any other vessel, at any date, an amount determined by the Facility Agent as being an amount equal to the market value of the Ship or vessel shown by a valuation prepared:</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as at a date not more than 14 days previously;</p>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by an Approved Valuer selected by the Facility Agent;</p>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with or without physical inspection of the Ship or vessel (as the Facility Agent may require); and</p>
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		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any Charter.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Master Management Agreement</b>" means the master management agreement dated 7 February 2008 entered into between the Guarantor and the Approved Manager.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Material Adverse Effect</b>" means in the reasonable opinion of the Majority Lenders a material adverse effect on:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the business, operations, property, condition (financial or otherwise) or prospects of an Obligor; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the ability of an Obligor to perform its obligations under any Finance Document to which it is a party, in accordance with its terms; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Month</b>" means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The above rules will only apply to the last Month of any period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Mortgage</b>" means the first preferred Marshall Islands ship mortgage on the Ship in agreed form or any replacement first preferred or first priority ship mortgage on the Ship under the laws of an Approved Flag in agreed form.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Nominated Family</b>" means the family disclosed in writing to the Facility Agent prior to the date of this Agreement and "<b>members of the Nominated Family</b>" shall be construed accordingly.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Obligor</b>" means the Borrower or the Guarantor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="17" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">17</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Original Financial Statements</b>" means the unaudited consolidated financial statements of the Guarantor and its subsidiaries (including the Borrower) for the financial year ended 31 December 2023.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Original Jurisdiction</b>" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Overseas Regulations</b>" means the Overseas Companies Regulations 2009 (SI 2009/1801).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Parallel Debt</b>" means any amount which an Obligor owes to the Security Agent under Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) or under that clause as incorporated by reference or in full in any other Finance Document to which it is a party, in accordance with its terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>PATRIOT Act</b>" means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Improvement and Reauthorization Act of 2005 (H.R. 3199).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Party</b>" means a party to this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Permitted Charter</b>" means a Charter:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">which is a time, voyage or consecutive voyage charter;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 11 months plus a redelivery allowance of not more than 30 days;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">which is entered into on <i>bona fide</i>&nbsp;arm's length terms at the time at which the Ship is fixed; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to which not more than two months' hire is payable in advance,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and any other Charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders which authorisation no Lender shall unreasonably withhold or delay.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Permitted Financial Indebtedness</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Financial Indebtedness incurred under the Finance Documents; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to the Borrower, any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a subordination agreement in a form and substance acceptable to the Facility Agent and which is assigned in favour of the Security Agent in such form acceptable to it; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to the Guarantor, any Financial Indebtedness necessary for it to promote its business, including but not limited to, in relation to its subsidiaries or its Fleet Vessels.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Permitted Security</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Security created by the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">liens for unpaid master's and crew's wages in accordance with the usual maritime practice;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">liens for salvage or collision;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">liens for master's disbursements incurred in the ordinary course of trading; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="18" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">18</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Ship:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not as a result of any default or omission by the Borrower; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">subject, in the case of liens for repair or maintenance, to Clause 23.16 (<i>Restrictions on chartering, appointment of managers etc.</i>),</p>
			</td>
		</tr>

</table>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 72pt;"><b>and provided such lien does not secure amounts more than 45 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which adequate reserves are held and provided further that such proceedings do not give rise to a Material Adverse Effect).</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Plan</b>" means any "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed to by any Transaction Obligor or any of their respective ERISA Affiliates.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Potential Event of Default</b>" means any event or circumstance specified in Clause 26 (<i>Events of Default</i>) 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Prohibited Person</b>" means any person, whether designated by name or by reason of being included in a class of persons, that is, or that is directly or indirectly owned or controlled by persons that are, or any vessel that is:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">listed on a Sanctions List;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">resident in, or incorporated or organised under the laws of a Sanctioned Country;</p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">otherwise a target of Sanctions ("<b>target of Sanctions</b>", for the purpose of this paragraph (c), signifying a person with whom a person organised or resident in the US or any other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities, or against whom Sanctions are otherwise directed); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acting or purporting to act on behalf of any of the persons listed in paragraphs (a) to (c) above.</p>
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</table>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Protected Party</b>" has the meaning given to it in Clause 12.1 (<i>Definitions</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>PSC</b>" means port state control.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Quotation Day</b>" means, in relation to any period for which an interest rate is to be determined, two US Government Securities Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Facility Agent in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Receiver</b>" means a receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Reference Rate</b>" means in relation to the Loan or any part of the Loan:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of the Loan or that part of the Loan; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as otherwise determined pursuant to Clause 10.1 (<i>Unavailability of Term SOFR</i>).</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and if in either case such rate is less than zero, the Reference Rate shall be deemed to be zero.</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Related Fund</b>" in relation to a fund (the "<b>first fund</b>"), 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Relevant Jurisdiction</b>" means, in relation to a Transaction Obligor and an Approved Manager:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">its Original Jurisdiction;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to be created, by it is situated;</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any jurisdiction where it conducts its business; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the jurisdiction whose laws govern the perfection of any of the Finance Documents to which it is a party, in accordance with their respective terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Relevant Market</b>" means the market for overnight cash borrowing collateralised by US Government Securities.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Repayment Date</b>" means each date on which a Repayment Instalment is required to be paid under Clause 6.1 (<i>Repayment of Loan</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Repayment Instalment</b>" has the meaning given to it in Clause 6.1 (<i>Repayment of Loan</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Repeating Representation</b>" means each of the representations set out in Clause 18 (<i>Representations</i>) except Clause 18.10 (<i>Insolvency</i>), Clause 18.11 (<i>No filing or stamp taxes</i>) and Clause 18.12 (<i>Deduction of Tax</i>) and any representation of any Obligor made in any other Finance Document that is expressed to be a "Repeating Representation" or is otherwise expressed to be repeated.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Representative</b>" means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Requisition</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a requisition for title) or acquisition of the Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected (whether <i>de jure</i>&nbsp;or <i>de facto</i>) by any government or official authority or by any person or persons claiming to be or to represent a government or official authority; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any capture or seizure of the Ship (including any hijacking or theft) by any person whatsoever.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Requisition Compensation</b>" includes all compensation or other moneys payable to the Borrower by reason of any Requisition or any arrest or detention of the Ship by any government or official authority or by any person or persons claiming to be or to represent a government or official authority in the exercise or purported exercise of any lien or claim.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Resolution Authority</b>" means any competent body which has authority to exercise any Write-down and Conversion Powers.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Safety Management Certificate</b>" has the meaning given to it in the ISM Code.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="20" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">20</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Safety Management System</b>" has the meaning given to it in the ISM Code.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctioned Country</b>" means any country or territory that is subject to comprehensive country-wide or territory-wide Sanctions (currently, Cuba, Iran, North Korea, Syria and the Crimea, Donetsk People's Republic and Luhansk People's Republic regions of Ukraine).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctioned Ship</b>" means a ship which is the subject of Sanctions.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctions</b>" means any trade, economic or financial sanctions laws, regulations, embargoes, freezing provisions, prohibitions or other restrictive measures (including "secondary" or "extraterritorial" sanctions), imposed, administered, enacted or enforced from time to time by any Sanctions Authority. To the extent that any Sanctions applicable to and/or binding on a Finance Party are not applicable to and/or binding to a Transaction Obligor and/or an Approved Manager, such Sanctions shall be deemed to be applicable to and binding on such Transaction Obligor and such Approved Manager.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctions Advisory</b>" means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued 14 May 2020 by the US Department of the Treasury, Department of State and Coast Guard, as may be amended or supplemented, and any similar future advisory.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctions Authority</b>" means the US, the United Nations Security Council, the European Union or any of its member states, the United Kingdom, the respective governmental institutions and agencies of any of the foregoing, including the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, His Majesty's Treasury of the United Kingdom, the Office of Financial Sanctions Implementation, or any other relevant sanctions authority enacting, administering or imposing Sanctions applicable by law to a Finance Party, a Transaction Obligor and/or an Approved Manager.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sanctions List</b>" means the list of Specially Designated Nationals and Blocked Persons, the Sectoral Sanctions Identification List, the Foreign Sanctions Evaders List, in each case, published by the Office of Foreign Assets Control of the United States Department of the Treasury, or any similar list maintained by a Sanctions Authority as a measure of imposing, administering, enacting or enforcing Sanctions, in each case as amended, supplemented or substituted from time to time.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Sectoral Sanctions Identification List</b>" means a list identifying certain countries and/or certain persons operating in certain sectors of activity which are the subject of Sanctions (e.g. the sectoral sanctions identifications list published by the Office of Foreign Assets Control of the U.S. Department of the Treasury).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Secured Liabilities</b>" means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor and the Approved Manager to any Secured Party under or in connection with each Finance Document to which it is a party, in accordance with its terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Secured Party</b>" means each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security</b>" means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security Assets</b>" means all of the assets of the Transaction Obligors and an Approved Manager (but only with respect to the assignment of the relevant Insurances) which from time to time are, or are expressed to be, the subject of the Transaction Security in accordance with its terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="21" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">21</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security Cover Ratio" means, at any relevant time, the aggregate Market Value of the Ship and the net realisable value of any additional Security provided under Clause 24.2</b> <b>(</b><i>Provision of additional security; prepayment) </i><b>plus any cash in the Cash Reserve Account expressed as a percentage of the Loan.</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security Document</b>" means:</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Shares Security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Mortgage;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the General Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Charterparty Assignment;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Account Security; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other document designated as such by the Facility Agent and the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security Period</b>" means the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Security Property</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that Transaction Security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all obligations expressed to be undertaken by a Transaction Obligor and/or an Approved Manager in accordance with any of the Finance Documents to which it is a party and in accordance with their terms to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor and/or an Approved Manager in accordance with any of the Finance Documents to which it is a party and in accordance with their terms in favour of the Security Agent as trustee for the Secured Parties;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Security Agent's interest in any turnover trust created under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties in connection with the Secured Liabilities,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">except:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">rights intended for the sole benefit of the Security Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Selection Notice</b>" means a notice substantially in the form set out in Part B of Schedule 3 (<i>Requests</i>) given in accordance with Clause 9 (<i>Interest Periods</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Servicing Party</b>" means the Facility Agent or the Security Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="22" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">22</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Shareholder</b>" means the Guarantor, in its capacity as the holder of all shares in the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Shares Security</b>" means a document creating Security over the share capital in the Borrower in agreed form.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Ship</b>" means the 2800 TEU class container carrier type of vessel, having Builder's hull number 4237, which is to be constructed by the Builder, and purchased by, the Borrower under the Shipbuilding Contract and which, on delivery, is to be registered in the name of the Borrower under the laws and flag of the Republic of Marshall Islands as an Approved Flag.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Shipbuilding Contract</b>" means the shipbuilding contract dated 28 January 2022 and made between (i) the Builder and (ii) the Borrower for the construction by the Builder of the Ship and its purchase by the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>SOFR</b>" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Specified Time</b>" means, in relation to when a Reference Rate is fixed, the Quotation Day and otherwise a day or time determined in accordance with Schedule 7 (<i>Timetables</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Subsidiary</b>" means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax</b>" 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 of the same).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Credit</b>" has the meaning given to it in Clause 12.1 (<i>Definitions</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Deduction</b>" has the meaning given to it in Clause 12.1 (<i>Definitions</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Payment</b>" has the meaning given to it in Clause 12.1 (<i>Definitions</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Termination Date</b>" means the date falling five years after the Utilisation Date.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Testing Date"</b> means each date falling on December 31 and June 30 throughout the Security Period, at which time the Security Cover Ratio shall be tested pursuant to Clause 24.1 (<i>Minimum required security cover</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Term SOFR</b>" means the rate per annum determined by the Facility Agent as the forward-looking term rate based on SOFR as administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate) and obtained by the Facility Agent through the Bloomberg Data License Service or a comparable service acceptable to the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Third Parties Act</b>" has the meaning given to it in Clause 1.5 (<i>Third party rights</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Total Commitments</b>" means the aggregate of the Commitments, being $22,000,000 at the date of this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Total Loss</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">actual, governmental, constructive, compromised, agreed or arranged total loss of the Ship; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Requisition of the Ship unless the Ship is returned to the full control of the Borrower within 60 days of such Requisition.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="23" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">23</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Total Loss Date</b>" means, in relation to the Total Loss of the Ship:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of an actual loss of the Ship, the date on which it occurred or, if that is unknown, the date when the Ship was last heard of;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of a constructive, compromised, agreed or arranged total loss of the Ship, the earlier of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the date on which a notice of abandonment is given (or deemed or agreed to be given) to the insurers; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the date of any compromise, arrangement or agreement made by or on behalf of the Borrower with the Ship's insurers in which the insurers agree to treat the Ship as a total loss;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of a Requisition, the date on which that Requisition occurs; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of any other type of Total Loss, the date (or the most likely date) on which it appears to the Facility Agent that the event constituting the total loss occurred.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Transaction Document</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Finance Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Shipbuilding Contract;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Assignable Charter; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other document designated as such by the Facility Agent and the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Transaction Obligor</b>" means an Obligor and the Shareholder.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Transaction Security"</b> means the Security created or evidenced or expressed to be created or evidenced under the Finance Documents, in accordance with their respective terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Transfer Certificate</b>" means a certificate substantially in the form set out in Schedule 4 (<i>Form of Transfer Certificate</i>) or any other form agreed between the Facility Agent and the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Transfer Date</b>" means, in relation to an assignment or a transfer, the later of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>UK Bail-In Legislation</b>" means Part 1 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 institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>UK Establishment</b>" means a UK establishment as defined in the Overseas Regulations.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Unpaid Sum</b>" means any sum due and payable but unpaid by an Obligor under the Finance Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="24" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">24</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>US</b>" means the United States of America.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>US Government Securities Business Day</b>" means any day other than:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Saturday or a Sunday; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>US Tax Obligor</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a person which is resident for tax purposes in the US; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a person some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Utilisation</b>" means a utilisation of the Facility.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Utilisation Date</b>" means the date of a Utilisation, being the date on which the Loan is to be advanced.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Utilisation Request</b>" means a notice substantially in the form set out in Part A of Schedule 3 (<i>Requests</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>VAT</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any value added tax imposed by the Value Added Tax Act 1994;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other tax of a similar nature, whether imposed in the United Kingdom or a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) or (b) above, or imposed elsewhere.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Write-down and Conversion Powers</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to the UK Bail-In Legislation, 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 Legislation that are related to or ancillary to any of those powers; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to any other applicable Bail-In Legislation:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="25" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">25</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any similar or analogous powers under that Bail-In Legislation.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Construction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless a contrary indication appears, a reference in this Agreement to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the "<b>Account Bank</b>", the "<b>Facility Agent</b>", any "<b>Finance Party</b>", any "<b>Lender</b>", any "<b>Obligor</b>", any "<b>Party</b>", any "<b>Secured Party</b>", the "<b>Security Agent</b>", any "<b>Transaction Obligor</b>" or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>assets</b>" includes present and future properties, revenues and rights of every description;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a liability which is "<b>contingent</b>" means a liability which is not certain to arise and/or the amount of which remains unascertained;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>document</b>" includes a deed and also a letter, fax, email or telex;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Lender's "<b>cost of funds</b>" in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>expense</b>" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a "<b>Finance Document</b>", a "<b>Security Document</b>" or "<b>Transaction Document</b>" or any other agreement or instrument is a reference to that Finance Document, Security Document or Transaction Document or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(viii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a "<b>group of Lenders</b>" includes all the Lenders;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ix)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>indebtedness</b>" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(x)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>law</b>" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>proceedings</b>" means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="26" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">26</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a "<b>person</b>" includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xiii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a "<b>regulation</b>" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xiv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a reference to the "<b>Ship</b>", its name, its flag and, if applicable, its port of registry shall include any replacement name, flag and, if applicable, replacement port of registry, in each case, as may be approved in writing from time to time by the Facility Agent acting with the authorisation of the Majority Lenders;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a provision of law is a reference to that provision as amended or re-enacted from time to time;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xvi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a time of day is a reference to London time;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xvii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xviii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">words denoting the singular number shall include the plural and vice versa; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xix)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>including</b>" and "<b>in particular</b>" (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The determination of the extent to which a rate is "<b>for a period equal in length</b>" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An Event of Default or a Potential Event of Default is "<b>continuing</b>" if it has not been remedied or waived <b>Provided that</b>, following the exercise by the Facility Agent of any right pursuant to Clause 26.20 (<i>Acceleration</i>), an Event of Default is "<b>continuing</b>" only if it has not been waived.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Construction of insurance terms</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In this Agreement:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>approved</b>" means, for the purposes of Clause 22 (<i>Insurance Undertakings</i>), approved in writing by the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>excess risks</b>" means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="27" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">27</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>obligatory insurances</b>" means all insurances effected, or which the Borrower is obliged to effect, under Clause 22 (<i>Insurance Undertakings</i>) or any other provision of this Agreement or of another Finance Document.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>policy</b>" includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>protection and indemnity risks</b>" means the usual risks covered by a protection and indemnity association, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>war risks</b>" includes the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses (1/11/02), clauses 29 or 30 of the International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of the Institute Time Clauses (Hulls)(1/10/83) or any equivalent provisions.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Agreed forms of Finance Documents</b></p>
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		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">References in Clause 1.1 (<i>Definitions</i>) to any Finance Document being in "agreed form" are to that Finance Document:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower and the Facility Agent); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in any other form agreed in writing between the Borrower and the Facility Agent acting with the authorisation of the Majority Lenders or, where Clause 43.2 (<i>All Lender matters</i>) applies, all the Lenders.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Third party rights</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "<b>Third Parties Act</b>") to enforce or to enjoy the benefit of any term of this Agreement.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 43.3 (<i>Other exceptions</i>) but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Receiver, Delegate, Affiliate or any other person described in paragraph (d) of Clause 14.2 (<i>Other indemnities</i>), paragraph (b) of Clause 29.10 (<i>Exclusion of liability</i>), or paragraph (b) of Clause 30.11 (<i>Exclusion of liability</i>) may, subject to this Clause 1.5 (<i>Third party rights</i>) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="28" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">28</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 2</b><br>
<br>
<b>THE FACILITY</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>THE FACILITY</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>The Facility</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Subject to the terms of this Agreement, the Lenders make available to the Borrower a dollar term loan facility in an aggregate amount not exceeding the Total Commitments.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Finance Parties' rights and obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt of an Obligor to a Finance Party, arising under the Finance Documents to which it is a party in accordance with their respective terms, is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph&nbsp;(c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by an Obligor under the Finance Documents to which it is a party in accordance with their respective terms and which relates to a Finance Party's participation in the Facility or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance Party by that Obligor under the Finance Documents to which it is a party in accordance with their respective terms.</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance Documents subject to and in accordance with their respective terms.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PURPOSE</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Purpose</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall apply all amounts borrowed by it under the Facility only for the purpose stated in the preamble (<i>Background</i>) to this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Monitoring</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CONDITIONS OF UTILISATION</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Initial conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower may not deliver the Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 2 (<i>Conditions Precedent</i>) in form and substance reasonably satisfactory to the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="29" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">29</div>
</div>
</div>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Further conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Lenders will only be obliged to comply with Clause 5.4 (<i>Lenders' participation</i>) if:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">on the date of the Utilisation Request and on the proposed Utilisation Date and before the Loan is made available:</p>
			</td>
		</tr>

</table>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Default is continuing or would result from the proposed Utilisation; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Repeating Representations to be made by each Obligor (as the case may be) are true;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent has received on or before the Utilisation Date, or is satisfied it will receive when the Loan is made available, all of the documents and other evidence listed in Part B of Schedule 2 (<i>Conditions Precedent</i>) in form and substance reasonably satisfactory to the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of satisfaction of conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall notify the Borrower and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 (<i>Initial conditions precedent</i>) and Clause 4.2 (<i>Further conditions precedent</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Conditions Subsequent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrowers undertake to deliver or cause to be delivered to the Facility Agent, the additional documents and other evidence listed in Part C of Schedule 2 (<i>Conditions Precedent</i>) within the time frame specified therein, in form and substance reasonably satisfactory to the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Waiver of conditions precedent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If the Majority Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 (<i>Initial conditions precedent</i>) or Clause&nbsp;4.2 (<i>Further conditions precedent</i>) has been satisfied, the Borrower shall ensure that that condition is satisfied within ten Business Days after the Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Majority Lenders, may agree in writing with the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="30" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">30</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 3</b><br>
<br>
<b>UTILISATION</b></p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>UTILISATION</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Delivery of the Utilisation Request</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may not deliver more than one Utilisation Request in respect of the Loan to be advanced.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Completion of the Utilisation Request</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the proposed Utilisation Date is a Business Day within the Availability Period;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the currency and amount of the Utilisation comply with Clause 5.3 (<i>Currency and amount</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all agreed applicable deductible items have been completed; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the proposed Interest Period complies with Clause 9 (<i>Interest Periods</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency and amount</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The currency specified in the Utilisation Request must be dollars.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amount of the proposed Loan must be an amount which is up to the lower of (i) $22,000,000 and (ii) 55 per cent. of the Initial Market Value of the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amount of the proposed Loan must be an amount which is not more than the Available Facility.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Lenders' participation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the conditions set out in this Agreement have been met, each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amount of each Lender's participation in the Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately before making the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall notify each Lender of the amount of the Loan and the amount of its participation in the Loan by the Specified Time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cancellation of Commitments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Commitments which are unutilised at the end of the Availability Period shall then be cancelled.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Retention and payment to Builder</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower irrevocably authorises the Facility Agent:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="31" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">31</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To deduct from the proceeds of the Loan any agreed fees then payable to the Finance Parties in accordance with Clause 11 (<i>Fees</i>), any agreed solicitors fees and disbursements together with any applicable VAT and any other items listed as deductible items in the relevant Utilisation Request and to apply them in payment of the items to which they relate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On the Utilisation Date to pay to, or for the account of, the Borrower, the balance (after any deduction made in accordance with paragraph (a) above) of the amounts which the Facility Agent receives from the Lenders in respect of the Loan. That payment shall be made:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the account of the Builder which the Borrower specifies in the relevant Utilisation Request; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In like funds as the Facility Agent received from the Lenders in respect of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disbursement of Loan to third party</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Payment by the Facility Agent under Clause 5.6 (<i>Retention and payment to Builder</i>) to a person other than the Borrower shall constitute the making of the Loan and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender's participation in the Loan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prepositioning of funds</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If the Lenders, at the request of the Borrower and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with the Builder's or any other bank, the Borrower and the Guarantor:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1 (<i>Calculation of interest</i>) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on the Loan after the Utilisation Date in respect of it or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="32" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">32</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 4</b><br>
<br>
<b>REPAYMENT, PREPAYMENT AND CANCELLATION</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>REPAYMENT</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repayment of Loan</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall repay the Loan by 20 equal consecutive quarterly instalments, each in an amount of $300,000 (each an "<b>Instalment</b>"), the first of which shall be repaid on the date falling three (3) Months after the Utilisation Date each subsequent Instalment shall be repaid at quarterly intervals thereafter and the last Instalment together with a balloon instalment in an amount of $16,000,000 (the "<b>Balloon Instalment</b>" and together with the Instalments, the "<b>Repayment Instalments</b>") shall be repaid on the Termination Date.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Effect of cancellation and prepayment on scheduled repayments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.5 (<i>Right of repayment and cancellation in relation to a single Lender</i>) or if the Available Commitment of any Lender is cancelled under Clause 7.1 (<i>Illegality and Sanctions affecting a Lender</i>) then the Repayment Instalments falling after that cancellation will be reduced pro rata (including, for the avoidance of doubt, the Balloon Instalment) by the amount of the Available Commitments so cancelled.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the whole or any part of any Available Commitment is cancelled in accordance with Clause&nbsp;7.2 (<i>Voluntary and automatic cancellation</i>) or if the whole or part of any Commitment is cancelled pursuant to Clause 5.5 (<i>Cancellation of Commitments</i>), the Repayment Instalments for each Repayment Date falling after that cancellation will reduce pro rata (including, for the avoidance of doubt, the Balloon Instalment) by the amount of the Commitments so cancelled.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any part of the Loan is repaid or prepaid in accordance with Clause 7.5 (<i>Right of repayment and cancellation in relation to a single Lender</i>) or Clause 7.1 (<i>Illegality and Sanctions affecting a Lender</i>) then the Repayment Instalments for each Repayment Date falling after that repayment or prepayment will be reduced pro rata (including, for the avoidance of doubt, the Balloon Instalment) by the amount of the Loan repaid or prepaid.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any part of the Loan is prepaid in accordance with Clause 7.3 (<i>Voluntary prepayment of Loan</i>) then the amount of the Repayment Instalments for each Repayment Date falling after that repayment or prepayment will be reduced pro rata (including, for the avoidance of doubt, the Balloon Instalment) by the amount of the Loan repaid or prepaid.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Termination Date</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">On the Termination Date, the Borrower shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Reborrowing</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower may not reborrow any part of the Facility which is repaid.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PREPAYMENT AND CANCELLATION</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Illegality and Sanctions affecting a Lender</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If, in any applicable jurisdiction:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="33" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">33</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it is or becomes unlawful or contrary to any regulation for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan or it is or becomes unlawful or contrary to any regulation for any Affiliate of a Lender for that Lender to do so; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it would be unlawful for any Affiliate of a Lender to perform any of its obligations contemplated by this Agreement or to fund or maintain its participation in any Loan if that Affiliate were a Lender under this Agreement; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">either:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the sole discretion of a Lender any Sanction applies to or otherwise affects the performance by that Lender of any; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it is or becomes contrary to, or declared by any Sanctions Authority to be contrary to, Sanctions for a Lender to perform any,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">of its obligations as contemplated by any Finance Document or its funding or participation in the Loan or if, in the sole discretion of a Lender, its Affiliate may be in breach of any Sanctions as a result of that Lender doing so (including in each case, without limitation, due to (x) the non-existence or cessation of legality, validity, binding effect or enforceability of a provision of a Finance Document; or (y) the presence of any circumstances resulting in the imposition of any civil, administrative or criminal measures on a Lender or any Affiliate of a Lender); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the generality of the preceding paragraphs and also without prejudice to any of the express obligations of the Transaction Obligors or an Approved Manager under the Transaction Documents to which they are a party in accordance with their respective terms, any Transaction Obligor or any other member of the Group or any Approved Manager being or becoming a Prohibited Person which would result in a breach of Sanctions by a Lender or an Affiliate of a Lender or, in the opinion of a Lender acting reasonably, anything whatsoever is done or omitted to be done by a Transaction Obligor or an Approved Manager which would result in that Lender or an Affiliate of that Lender being in breach of or made subject to Sanctions, or at risk of being in breach of or made subject to Sanctions:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to the extent permitted by applicable law, that Lender shall promptly notify the Borrower through the Facility Agent upon becoming aware of that event;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">upon the Facility Agent notifying the Borrower, the Available Commitment of that Lender will be immediately cancelled;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Borrower shall repay that Lender's participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law and, in any event, not earlier than 5 Business Days after giving such notice to the Borrower) and that Lender's corresponding Commitment shall be cancelled in the amount of the participation prepaid; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">accrued interest and all other amounts accrued for that Lender under the Finance Documents shall be immediately due and payable.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">For the purposes of this clause, any "anti-blocking" or "anti-boycott" or other similar legislation to which a Lender or its Affiliates may be subject, shall not be considered.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="34" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">34</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Voluntary and automatic cancellation</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may, if it gives the Facility Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $300,000). Any cancellation under this Clause 7.2 (<i>Voluntary and automatic cancellation</i>) shall reduce the Commitments of the Lenders rateably.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The unutilised Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Loan is made available.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Voluntary prepayment of Loan</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (b) below, the Borrower may, if it gives the Facility Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $300,000 or a multiple of that amount).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Loan may only be prepaid after the last day of the Availability Period (or, if earlier, the day on which the Available Facility is zero).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Mandatory prepayment on sale or Total Loss</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If the Ship is sold (without prejudice to paragraph (a) of Clause 21.11 (<i>Disposals</i>)) or becomes a Total Loss, the Borrower shall repay the Loan together with accrued interest, and all other amounts accrued under the Finance Documents. Such repayment shall be made:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of a sale of the Ship, on or before the date on which the sale is completed by delivery of the Ship to the buyer; or</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of a Total Loss, on the earlier of (i) the date falling 120 days after the Total Loss Date and (ii) the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss,</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>Provided that</b> if no Event of Default has occurred and is continuing, any remaining proceeds after the sale or Total Loss of the Ship, following the prepayment referred to in paragraph (a) or, as the case may be, (b) above, together with accrued interest and all other amounts that are due and payable on any such prepayment pursuant to the Finance Documents, shall be repaid to the Borrower or, as it may direct, to the Guarantor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Right of repayment and cancellation in relation to a single Lender</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any sum payable to any Lender by an Obligor under the Finance Documents to which it is a party in accordance with their respective terms, is required to be increased under paragraph (c) of Clause 12.2 (<i>Tax gross-up</i>) or under that clause as incorporated by reference or in full in any other Finance Document; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Lender claims indemnification from the Borrower under Clause 12.3 (<i>Tax indemnity</i>) or Clause 13.1 (<i>Increased costs</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">the Borrower may whilst in the case of sub-paragraphs (i) and (ii) above the circumstance giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender's participation in the Loan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="35" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">35</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be reduced to zero.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that Lender's participation in the Loan.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Restrictions</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any notice of cancellation or prepayment given by any Party under this Clause 7 (<i>Prepayment and Cancellation</i>) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to the fee provided for in Clause 11.3 (<i>Prepayment fee</i>), if applicable, and any Break Costs, without premium or penalty.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may not reborrow any part of the Facility which is prepaid.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent receives a notice under this Clause 7 (<i>Prepayment and Cancellation</i>) it shall promptly forward a copy of that notice to either the Borrower or the affected Lenders.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If all or part of any Lender's participation in the Loan is repaid or prepaid, an amount of that Lender's Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>7.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of prepayments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any prepayment of any part of the Loan other than a prepayment pursuant to Clause 7.1 (<i>Illegality and Sanctions affecting a Lender</i>) or Clause 7.5 (<i>Right of repayment and cancellation in relation to a single Lender</i>) shall be applied pro rata to each Lender's participation in that part of the Loan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="36" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">36</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 5</b><br>
<br>
<b>COSTS OF UTILISATION</b></p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>INTEREST</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Calculation of interest</b></p>
			</td>
		</tr>

</table>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The rate of interest on the Loan or any part of the Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Margin; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Reference Rate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payment of interest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period (each an "<b>Interest Payment Date</b>").</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If an Interest Period is longer than 3 Months, the Borrower shall also pay interest then accrued on the Loan or the relevant part of the Loan on the dates falling at three Monthly intervals after the first day of the Interest Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Default interest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If an Obligor fails to pay any amount payable by it under a Finance Document to which it is a party in accordance with its terms on its due date (after taking into account any grace periods, if applicable), interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent. Any interest accruing under this Clause 8.3 (<i>Default interest</i>) shall be immediately payable by the Obligor on demand by the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If an Unpaid Sum consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan or that part of the Loan:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two per cent. per annum higher than the rate which would have applied if that Unpaid Sum had not become due.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>8.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of rates of interest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Facility Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="37" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">37</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>INTEREST PERIODS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>9.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Selection of Interest Periods</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may select the Interest Period for the Loan in the Utilisation Request. Subject to paragraph (f) below and Clause 9.2 (<i>Changes to Interest Periods</i>), the Borrower may select each subsequent Interest Period in respect of the Loan in a Selection Notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrower not later than the Specified Time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Borrower fails to select an Interest Period in the Utilisation Request or fails to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to paragraph (f) below and Clause 9.2 (<i>Changes to Interest Periods</i>), be three Months.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to this Clause 9 (<i>Interest Periods</i>), the Borrower may select an Interest Period of one, three or six Months or any other period agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An Interest Period in respect of the Loan or any part of the Loan shall not extend beyond the Termination Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In respect of a Repayment Instalment, the Borrower may request in the relevant Selection Notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The first Interest Period for the Loan shall start on the Utilisation Date and, each subsequent Interest Period shall start on the last day of the preceding Interest Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Except for the purposes of paragraph (f) above and Clause 9.2 (<i>Changes to Interest Periods</i>), the Loan shall have one Interest Period only at any time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Interest Period can be selected in respect of a tenor that has ceased to be available in accordance with Clause 43.4 (<i>Benchmark Replacement setting</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>9.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Changes to Interest Periods</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In respect of a Repayment Instalment, prior to determining the interest rate for the Loan, the Facility Agent may establish an Interest Period for a part of the Loan equal to such Repayment Instalment to end on the Repayment Date relating to it and the remaining part of the Loan shall have the Interest Period selected in the relevant Selection Notice, subject to paragraph (d) of Clause 9.1 (<i>Selection of Interest Periods</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent makes any change to an Interest Period referred to in this Clause 9.2 (<i>Changes to Interest Periods</i>), it shall promptly notify the Borrower and the Lenders.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>9.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Non-Business Days</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">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).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="38" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">38</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CHANGES TO THE CALCULATION OF INTEREST</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unavailability of Term SOFR</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Interpolated Term SOFR</i>: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Historic Term SOFR</i>: If no Term SOFR is available for the Interest Period of the Loan or any part of the Loan and it is not possible to calculate the Interpolated Term SOFR by 17:00 New York time on the relevant Quotation Day, the applicable Reference Rate shall be the Historic Term SOFR for the Loan or that part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Interpolated Historic Term SOFR</i>: If paragraph (b) above applies but no Historic Term SOFR is available for the Interest Period of the Loan or any part of the Loan, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of the Loan or that part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Base Rate</i>: If paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for the Loan or that part of the Loan (as applicable) and Clause 10.3 (<i>Base Rate</i>) shall apply to the Loan or that part of the Loan for that Interest Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Market disruption</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If before close of business in New York on the Quotation Day for the relevant Interest Period, the Facility Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 40 per cent. of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the applicable Reference Rate then Clause 10.3 (<i>Base Rate</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Base Rate</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If this Clause 10.3 (<i>Base Rate</i>) applies, the rate of interest on the Loan or the relevant part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Margin; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Base Rate from time to time.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If this Clause 10.3 (<i>Base Rate</i>) applies and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>(c)</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 43.4 (<i>Benchmark Replacement setting</i>), any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Break Costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="39" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">39</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>10.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Calculation of Margin</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The "Margin" for purposes of this Agreement shall be calculated from time to time as of the first day of each Interest Period:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the event that, on the first day of that interest Period, the Ship is employed on an Eligible Charter, the interest shall be 1.90 per cent. per annum for the duration of such Eligible Charter until the end of that Interest Period following the expiration of that Eligible Charter; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the event that, on the first day of that Interest Period, the Ship is not employed on an Eligible Charter, the interest shall be 2.10 per cent. per annum.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">For the avoidance of doubt, if there is an option for extension that results in such Eligible Charter having a fixed rate of hire of over $16,000/day gross, the reduced Margin (1.90 per cent. per annum) shall continue to be maintained for the duration of such optional extension period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FEES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>11.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Commitment fee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of 0.25 per cent. per annum on that Lender's Available Commitment from time to time on and from the date of this Agreement until and including the earlier of (i) the Utilisation Date and (ii) the last day of the Availability Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><sup style="vertical-align:top;line-height:120%;">(b)</sup></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period and, if cancelled, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The commitment fee referred to in paragraphs (a) and (b) of this Clause 11.1 <i>(Commitment Fee)</i>&nbsp;shall not be payable by the Borrower if the Utilisation Date occurs within 5 Business Days from the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>11.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Upfront fee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall pay to the Facility Agent on the earlier of (i) the Utilisation Date and (ii) the last day of the Availability Period an upfront fee in an amount equal to 1.00 per cent. of the Facility.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>11.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prepayment fee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (b) below, the Borrower must pay to the Facility Agent for each Lender (pro rata in accordance with their Commitments) a prepayment fee on the date of prepayment of all or any part of the Loan (by way of a re-financing, including, any sale and lease back financing).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The amount of the prepayment fee is:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if the prepayment occurs on or before the first anniversary of the Utilisation Date, 2 per cent. of the amount prepaid; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if the prepayment occurs after the first anniversary on or before the second anniversary of the Utilisation Date, 1 per cent. of the amount prepaid; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="40" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">40</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if the prepayment occurs after the second anniversary of the Utilisation Date, no prepayment fee is payable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No prepayment fee shall be payable under this Clause if the prepayment is made under Clause 7.1 (<i>Illegality and Sanctions affecting a Lender</i>), Clause 7.4 (<i>Mandatory Prepayment on Sale or Total Loss</i>) and Clause 7.5 (<i>Right of repayment and cancellation in relation to a single Lender</i>), Clause 24.2 (<i>Provision of additional security; prepayment</i>) or Clause 24.6 (<i>Prepayment mechanism</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="41" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">41</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 6</b><br>
<br>
<b>ADDITIONAL PAYMENT OBLIGATIONS</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>TAX GROSS UP AND INDEMNITIES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Definitions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In this Agreement:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Protected Party</b>" means a Finance Party which 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Credit</b>" means a credit against, relief or remission for, or repayment of any Tax.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Deduction</b>" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Tax Payment</b>" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (<i>Tax gross-up</i>) or a payment under Clause 12.3 (<i>Tax indemnity</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless a contrary indication appears, in this Clause 12 (<i>Tax Gross Up and Indemnities</i>) reference to "<b>determines</b>" or "<b>determined</b>" means a determination made in the reasonable discretion of the person making the determination.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Tax gross-up</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall make all payments to be made by it under the Finance Documents to which it is a party in accordance with their terms without any Tax Deduction, unless a Tax Deduction is required by law.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Borrower and that Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If a Tax Deduction is required by law to be made by an Obligor under the Finance Documents to which it is a party in accordance with their terms, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If an Obligor is required to make a Tax Deduction, that 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Tax indemnity</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The relevant Obligor shall (within five Business Days of written demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="42" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">42</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not apply:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with respect to any Tax assessed on a Finance Party:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 54pt;">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 that Finance Party; or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to the extent a loss, liability or cost:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is compensated for by an increased payment under Clause 12.2 (<i>Tax gross-up</i>); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">relates to a FATCA Deduction required to be made by a Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Obligors.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (<i>Tax indemnity</i>), notify the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Tax Credit</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 received; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that Finance Party has obtained and utilised that Tax Credit,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">the Finance Party shall pay an amount to the relevant Obligor which that Finance Party 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 required to be made by the relevant Obligor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Stamp taxes</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The relevant Obligor shall pay and, within five Business Days of written demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document to which it is a party.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>VAT</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent applicable, all amounts expressed to be payable under a Finance Document by any Party to a Finance Party 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, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (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 such Finance Party must promptly provide an appropriate VAT invoice to that Party).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="43" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">43</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If VAT is or becomes chargeable on any supply made by any Finance Party (the "<b>Supplier</b>") to any other Finance Party (the "<b>Recipient</b>") under a Finance Document, and any Party other than the Recipient (the "<b>Relevant Party</b>") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT (if applicable). The Recipient must (where this sub-paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT (if applicable) chargeable on that supply; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply (if applicable) but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part of it as represents VAT (if applicable), save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT (if any) from the relevant tax authority.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any reference in this Clause 12.6 (<i>VAT</i>) to any Party shall, at any time when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes (if applicable), include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union or equivalent provisions imposed elsewhere) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes (if applicable) at the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party's VAT registration (if applicable) and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements (if applicable) in relation to such supply.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">For the avoidance of doubt, no VAT is chargeable by a Finance Party in connection with any Instalment, any payment of interest or any of the fees set out under Clause 11 (<i>Fees</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FATCA Information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="44" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">44</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">confirm to that other Party whether it is:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a FATCA Exempt Party; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not a FATCA Exempt Party; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) 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 that other Party reasonably promptly.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not oblige any Finance Party to do anything and sub-paragraph (iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute a breach of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any law or regulation;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any fiduciary duty; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any duty of confidentiality.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 sub-paragraphs (i) or (ii) of paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FATCA Deduction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 and, in addition, shall notify each Obligor and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>12.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Withholding certificate etc.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Lender shall:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">where that Lender is an Original Lender, on the date of this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="45" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">45</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">where that Lender is a New Lender (as defined in Clause 28.1 (<i>Assignment or transfer by Transaction Obligors</i>)), on the relevant Transfer Date; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">within ten Business Days of the date of a request from the Facility Agent, supply to the Facility Agent:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a withholding certificate on IRS Form W-8, IRS Form W-9 or any other relevant form (including, for the avoidance of doubt, forms required in connection with tax laws other than in the US); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any withholding statement or other document, authorisation or waiver as the Facility Agent may require to certify or establish the status of such Lender under FATCA or that other law or regulation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (a) above to the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Facility Agent by a Lender pursuant to paragraph (a) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Facility Agent unless it is unlawful for that Lender to do so (in which case such Lender shall promptly notify the Facility Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to paragraph (a) or (c) above without further verification. The Facility Agent shall not be liable for any action taken by it under or in connection with paragraphs (a), (b) or (c) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>INCREASED COSTS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>13.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Increased costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 13.3 (<i>Exceptions</i>), the Borrower shall, within five Business Days of written demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs (to the extent applicable) incurred by that Finance Party or13 any of its Affiliates as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">compliance with any law or regulation made,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">in each case after the date of this Agreement; or</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In this Agreement:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>Basel III</b>" means:</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text" published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>CRD IV</b>" means:</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended by Regulation (EU) 2019/876;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Directive 2013/36/EU of the European Parliament and of the Council 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 Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other law or regulation which implements Basel III.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>Increased Costs</b>" means, to the extent applicable:</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an additional or increased cost; or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a reduction of any amount due and payable under any Finance Document,</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 54pt;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding anything in this Clause above to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, rules, guidelines and directives promulgated thereunder, are deemed to have been introduced or adopted after the date of this Agreement, regardless of the date enacted or adopted.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>13.2</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Increased cost claims</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Finance Party intending to make a claim pursuant to Clause 13.1 (<i>Increased costs</i>) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrower.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Clause 13.1 (<i>Increased costs</i>) does not apply to the extent any Increased Cost is:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">attributable to a Tax Deduction required by law to be made by an Obligor;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">attributable to a FATCA Deduction required to be made by a Party;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">compensated for by Clause 12.3 (<i>Tax indemnity</i>) (or would have been compensated for under Clause 12.3 (<i>Tax indemnity</i>) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (<i>Tax indemnity</i>) applied); or</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>14</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>OTHER INDEMNITIES</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency indemnity</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any sum due from an Obligor under the Finance Documents (a "<b>Sum</b>") to which it is a party in accordance with their terms or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the "<b>First Currency</b>") in which that Sum is payable into another currency (the "<b>Second Currency</b>") for the purpose of:</p>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">making or filing a claim or proof against that Obligor; or</p>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due 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) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents to which it is a party in accordance with their terms in a currency or currency unit other than that in which it is expressed to be payable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>14.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other indemnities</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, on written demand, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the occurrence of any Event of Default;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a failure by an Obligor to pay any amount due under a Finance Document to which it is a party in accordance with their terms on its due date;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in the Utilisation Request but not made 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 that Secured Party alone); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="48" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">48</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, on written demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 14.2 (<i>Other indemnities</i>) an "<b>Indemnified Person</b>"), against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) 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 in accordance with their terms, having the benefit of any Security constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, the Ship unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in connection with any Environmental Claim.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause 14.2 (<i>Other indemnities</i>) subject to Clause 1.5 (<i>Third party rights</i>) and the provisions of the Third Parties Act.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor agrees that no Finance Party shall have any liability to any Obligor whether in tort, contract or otherwise for losses suffered by any Obligor in connection with, arising out of or in any way related to the transactions contemplated and the relationship established by any of the Finance Documents in accordance with their terms, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of a competent jurisdiction that such losses resulted from the gross negligence or wilful misconduct of the party from which recovery is sought. No Finance Party shall be liable for any damages arising from the use of others of any information or other materials obtained through 'intralinks' or other similar information transmission systems in connection with any of the Finance Documents in accordance with their terms and in no event shall any Finance Party be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not that Finance Party has been advised of the possibility of such loss or damages.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>14.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Indemnity to the Facility Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, on written demand, indemnify the Facility Agent against:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any reasonably incurred cost, loss or liability incurred by the Facility Agent (acting reasonably) as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">investigating any event which it reasonably believes is a Default; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any reasonably incurred cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="49" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">49</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>14.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Indemnity to the Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, on written demand, indemnify the Security Agent and every Receiver and Delegate against any reasonably incurred cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any of them:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to or as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any failure by the Borrower to comply with its obligations under Clause 16 (<i>Costs and Expenses</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents to which it is a party in accordance with their terms or by law;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any default by any Transaction Obligor or an Approved Manager in the performance of any of the obligations expressed to be assumed by it in the Finance Documents to which it is a party in accordance with their terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any action by any Transaction Obligor or an Approved Manager which vitiates, affects its validity or is otherwise prejudicial to, the Transaction Security; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents in accordance with their terms (otherwise, in each case, than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 14.4 (<i>Indemnity to the Security Agent</i>) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>MITIGATION BY THE FINANCE PARTIES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>15.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Mitigation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (<i>Illegality and Sanctions affecting a Lender</i>), Clause&nbsp;12 (<i>Tax Gross Up and Indemnities</i>), Clause 13 (<i>Increased Costs</i>) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="50" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">50</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above does not in any way limit the obligations of any Transaction Obligor or an Approved Manager under the Finance Documents to which it is a party, in accordance with their respective terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>15.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Limitation of liability</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (<i>Mitigation</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Finance Party is not obliged to take any steps under Clause 15.1 (<i>Mitigation</i>) if either:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Default has occurred and is continuing; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>COSTS AND EXPENSES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>16.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Transaction expenses</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Obligors shall, on demand, pay the Facility Agent, the Security Agent the amount of all costs and expenses (including any agreed legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution, syndication (but excluding any syndication costs <b>Provided that</b> there is no Event of Default which is continuing at the relevant time of such syndication) and perfection of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">this Agreement and any other documents referred to in this Agreement or in a Finance Document; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other Finance Documents executed after the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>16.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amendment costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Transaction Obligor or an Approved Manager requests an amendment, waiver or consent under or in connection with this Agreement or any Finance Document to which it is a party; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an amendment is required either pursuant to Clause 33.9 (<i>Change of currency</i>) or as contemplated in Clause 43.4 (<i>Benchmark Replacement setting</i>); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Transaction Obligor or an Approved Manager requests, and the Security Agent agrees to, the release of all or any part of the Security Assets from the Transaction Security,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">the Obligors shall, on demand, reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement, if such request or requirement is granted or such amendment, waiver, consent or release are effected or, in the case that any external advisors are reasonably required by the Facility Agent or the Security Agent in order to consider such request, amendment, waiver, consent or release or at any time when such request, amendment, waiver, consent or release is related to Clause 24 (<i>Security Cover</i>) or when an Event of Default has occurred.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>16.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Enforcement and preservation costs</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Obligors shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security, in accordance with their respective terms, and with any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking or holding the Transaction Security, or enforcing those rights, always in accordance with their terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="51" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">51</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 7</b><br>
<br>
<b>GUARANTEE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>GUARANTEE AND INDEMNITY</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Guarantee and indemnity</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Guarantor irrevocably and unconditionally:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">guarantees to each Finance Party punctual performance by the Borrower of all the Borrower's obligations under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or in connection with any Finance Document to which it is a party in accordance with their terms, the Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document to which it is a party in accordance with their terms on the date when it would have been due. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 (<i>Guarantee and Indemnity</i>) if the amount claimed had been recoverable on the basis of a guarantee.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Continuing guarantee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Borrower under the Finance Documents to which it is a party in accordance with their terms, regardless of any intermediate payment or discharge in whole or in part.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Reinstatement</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If any discharge, release or arrangement (whether in respect of the obligations of the Borrower or an Approved Manager or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Clause 17 (<i>Guarantee and Indemnity</i>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Waiver of defences</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The obligations of the Guarantor under this Clause 17 (<i>Guarantee and Indemnity</i>) and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 17.4 (<i>Waiver of defences</i>), would reduce, release or prejudice any of its obligations under this Clause 17 (<i>Guarantee and Indemnity</i>) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any time, waiver or consent granted to, or composition with, the Borrower or other person;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the release of the Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="52" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">52</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, the Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any insolvency or similar proceedings.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Immediate recourse</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Guarantor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 17 (<i>Guarantee and Indemnity</i>). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Appropriations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Following the occurrence of a Potential Event of Default which is continuing, each Secured Party (or any trustee or agent on its behalf) may:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor's liability under this Clause 17 (<i>Guarantee and Indemnity</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Deferral of Guarantor's rights</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">All rights which the Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrower or its respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, the Guarantor will not exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17 (<i>Guarantee and Indemnity</i>):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to be indemnified by the Borrower;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="53" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">53</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to claim any contribution from any third party providing security for, or any other guarantor of, the Borrower's obligations under the Finance Documents to which it is a party in accordance with their terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to bring legal or other proceedings for an order requiring the Borrower to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1 (<i>Guarantee and indemnity</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to exercise any right of set-off against the Borrower; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to claim or prove as a creditor of the Borrower in competition with any Secured Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Borrower under or in connection with the Finance Documents to which it is a party in accordance with their terms to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 33 (<i>Payment Mechanics</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Additional security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">This guarantee and any other Security given by the Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents in accordance with their terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Applicability of provisions of Guarantee to other Security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Clauses 17.2 (<i>Continuing guarantee</i>), 17.3 (<i>Reinstatement</i>), 17.4 (<i>Waiver of defences</i>), 17.5 (<i>Immediate recourse</i>), 17.6 (<i>Appropriations</i>), 17.7 (<i>Deferral of Guarantor's rights</i>) and 17.8 (<i>Additional security</i>) shall apply, with any necessary modifications, to any additional Security which the Guarantor agrees to provide (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>17.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Release</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">At the end of the Security Period, the Lenders shall release the Guarantor from this guarantee and indemnity and any of the Guarantor's obligations arising hereunder, with the exception of any indemnities contained in this Agreement or any of the other Finance Documents to which it is a party which are intended to survive <b>Provided that</b> such surviving indemnities shall survive only for a period of 12 months from the date of the relevant deed of release to be entered into by and between the relevant parties at that time.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="54" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">54</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 8</b><br>
<br>
<b>REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>REPRESENTATIONS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor makes the representations and warranties set out in this Clause 18 (<i>Representations</i>) to each Finance Party on the date of this Agreement.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Status</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It is a limited liability company, duly incorporated and validly existing in good standing under the law of its Original Jurisdiction.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It has the power to own its assets and carry on its business as it is being conducted.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Share capital and ownership</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower is authorised to issue 500 registered shares of $0.01 par value each, all of which shares have been issued fully paid.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The legal title to and beneficial interest in the shares in the Borrower is held by the Guarantor free of any Security (other than Permitted Security) or any other claim it being acknowledged however that the Guarantor is a US Nasdaq listed company.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">None of the shares in the Borrower is subject to any option to purchase, pre-emption rights or similar rights.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Binding obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The obligations expressed to be assumed by it in each Transaction Document to which it is a party are, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (<i>Conditions of Utilisation</i>), legal, valid, binding and enforceable obligations in accordance with their terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Validity, effectiveness and ranking of Security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery create, the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it under the Finance Documents to which it is a party in accordance with its terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or <i>pari passu</i>&nbsp;ranking Security.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No concurrence, consent or authorisation of any person that is not party to this Agreement is required for the creation of or otherwise in connection with any Transaction Security.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="55" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">55</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Non-conflict with other obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any law or regulation applicable to it;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">its constitutional documents; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Power and authority</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of the Borrower, its registration of the Ship under the Approved Flag.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Validity and admissibility in evidence</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">To the best of its knowledge and belief after having made due enquiries, all Authorisations required or desirable:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">have been obtained or effected and are in full force and effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Governing law and enforcement</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the best of its knowledge and belief, the choice of governing law of each Transaction Document to which it is a party will be recognised and enforced in its Relevant Jurisdictions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the best of its knowledge and belief, any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Insolvency</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause 26.8 (<i>Insolvency proceedings</i>); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">creditors' process described in Clause 26.9 (<i>Creditors' process</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">has been taken or, to its knowledge, threatened in relation to any Transaction Obligor, an Approved Manager or any member of the Group; and none of the circumstances described in Clause 26.7 (<i>Insolvency</i>) applies to any Transaction Obligor, an Approved Manager or any member of the Group.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="56" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">56</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No filing or stamp taxes</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be registered, filed, recorded, notarised or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except the registration of a Mortgage at the applicable ship registry of the relevant Approved Flag; which registration will be made promptly after the date of the relevant Finance Documents.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Deduction of Tax</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party in accordance with its terms.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No default</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On the date of this Agreement and on the Utilisation Date, no Event of Default has occurred which is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which could have a Material Adverse Effect.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No misleading information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">To the best of its knowledge and belief, after having made due enquiries:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any factual information provided by any Transaction Obligor or an Approved Manager for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any budget contained in such information has been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in any such information being untrue or misleading in any material respect.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial Statements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Original Financial Statements give a true and fair view of the Guarantor's financial condition as at the end of the relevant financial year and its results of operations during the relevant financial year (consolidated and inclusive of the Guarantor's subsidiaries).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">There has been no event having a Material Adverse Effect since 31 December 2023.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Its most recent financial statements delivered pursuant to Clause 19.2 (<i>Financial statements</i>):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have been prepared in accordance with Clause 19.4 (<i>Requirements as to financial statements</i>); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="57" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">57</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition as at the end of the relevant financial year and operations during the relevant financial year (consolidated in the case of the Guarantor).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Since the date of the most recent financial statements delivered pursuant to Clause 19.2 (<i>Financial statements</i>) there has been no event having a Material Adverse Effect.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>Pari passu</i></b><b>&nbsp;ranking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Its payment obligations under the Finance Documents to which it is a party in accordance with its terms rank at least <i>pari passu</i> with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No proceedings pending or threatened</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it or any other Transaction Obligor, an Approved Manager or any member of the Group.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief (having made due and careful enquiry)) been made against it or any other Transaction Obligor, an Approved Manager or any member of the Group.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Validity and completeness of the Shipbuilding Contract</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Shipbuilding Contract constitutes legal, valid, binding and enforceable obligations of the Builder.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Shipbuilding Contract delivered to the Facility Agent before the date of this Agreement is a true and complete copy.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No amendments or additions to the Shipbuilding Contract have been agreed nor has the Borrower or the Builder waived any of their respective rights under the Shipbuilding Contract, other than as disclosed to the Facility Agent in writing on or before the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No rebates etc.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">There is no agreement or understanding to allow or pay any rebate, premium, inducement, commission, discount or other benefit to the Borrower or any other member of the Group, the Builder or a third party in connection with the purchase by the Borrower of the Ship, other than as disclosed to the Facility Agent in writing on or before the date of this Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Valuations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="58" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">58</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">There has been no change to the factual information provided pursuant to paragraph (a) above in relation to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No breach of laws</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">It has not (and no other member of the Group has) breached any applicable law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No Charter</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Ship is not subject to any Charter other than a Permitted Charter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.23</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compliance with Environmental Laws</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">All applicable Environmental Laws relating to the ownership, operation and management of the Ship and the business of each member of the Group and the terms of all applicable Environmental Approvals have been complied with.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.24</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No Environmental Claim</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Environmental Claim has been made or threatened against any member of the Group or the Ship which might reasonably be expected to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.25</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No Environmental Incident</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.26</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ISM and ISPS Code compliance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, an Approved Manager and the Ship have been complied with.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.27</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Taxes paid</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It is not and no other member of the Group is materially overdue in the filing of any applicable Tax returns and it is not (and no other member of the Group is) overdue in the payment of any amount in respect of applicable Tax.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any other member of the Group) with respect to Taxes.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.28</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial Indebtedness</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower has no Financial Indebtedness outstanding other than Permitted Financial Indebtedness.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.29</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Good title to assets</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="59" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">59</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.30</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Ownership</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower is the sole legal and beneficial owner of all rights and interests which the Shipbuilding Contract creates in favour of the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">With effect on and from the Delivery Date, the Borrower will be the sole legal and beneficial owner of the Ship, the Earnings and the Insurances it being acknowledged however that the Guarantor, in its capacity as Shareholder, is a US Nasdaq listed company.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">With effect on and from the date of its creation or intended creation, each Transaction Obligor will be the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to be created by such Transaction Obligor under the Finance Documents to which it is a party in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The constitutional documents of each Obligor do not and could not restrict or inhibit any transfer of the shares of the Borrower on enforcement, following, for the avoidance of doubt, an Event of Default which is continuing, conferred by the Finance Documents in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.31</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Place of business</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor will maintain its place of business and keep its corporate documents and records at the address stated in Clause 36 (<i>Notices</i>) and will not establish or do anything as a result of which it would be deemed to have a place of business in the United States or in the United Kingdom, it being acknowledged however that the Guarantor is a US NASDAQ Stock listed entity.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.32</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No employee or pension arrangements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower does not have any employees (other than the master and crew members of the Ship owned by it) or any outstanding liabilities under any pension scheme.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent applicable, within the last six years, no Transaction Obligor or an Approved Manager nor any ERISA Affiliate has sponsored, maintained or was obligated to contribute to any Plan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent applicable, no Transaction Obligor nor an Approved Manager is deemed to be an entity whose underlying assets constitute "plan assets" within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The execution and delivery of this Agreement and the consummation of the transactions hereunder will not involve any non-exempt "prohibited transaction" for purposes of Section 406 of ERISA or Section 4975 of the Code.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.33</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sanctions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Neither any Approved Manager nor any other Transaction Obligor nor any of their respective Subsidiaries, directors or officers (nor to the Borrower's best knowledge, none of any such person's employees or agents acting within the scope of their agency):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is a Prohibited Person;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">has violated or is violating any Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by any Sanctions Authority; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="60" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">60</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is knowingly engaged in any activity that would reasonably be expected to result in such person being designated as a Prohibited Person.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each of the Transaction Obligors and the Approved Manager has implemented and maintains in effect a Sanctions compliance policy or internal procedure, which is designed to ensure compliance by each such Transaction Obligor and the Approved Manager, its Subsidiaries and their respective directors, officers, employees and agents with Sanctions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Ship is not a Sanctioned Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.34</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>US Tax Obligor</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Transaction Obligor is a US Tax Obligor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.35</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Margin Regulations; Investment Company Act</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor is not engaged, nor will it engage in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States), and no proceeds of the Loan will be used to buy or carry any margin stock or to extend credit to others for the purpose of buying or carrying any margin stock.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Transaction Obligor is required to be registered as an "investment company" under the United States of America Investment Company Act of 1940.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.36</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Anti-bribery</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.37</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PATRIOT Act</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">To the extent applicable each Obligor is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto and (ii) the PATRIOT Act.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>18.38</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repetition</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>INFORMATION UNDERTAKINGS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The undertakings in this Clause 19 (<i>Information Undertakings</i>) remain in force throughout the Security Period unless the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial statements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Obligors shall supply to the Facility Agent in sufficient copies for all the Lenders:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="61" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">61</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as soon as they become available, but in any event within 180 days after the end of each of the Guarantor's financial years, the audited consolidated financial statements of the Guarantor and its subsidiaries (including the Borrower) for that financial year;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as soon as they become available, but in any event within 75 days after the end of each of the Borrower's financial years, the unaudited financial statements of the Borrower for that financial year;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as soon as they become available, but in any event within 75 days after the end of the Guarantor's and the Borrower's Fiscal Quarter, the management accounts for that Fiscal Quarter of the Borrower and the unaudited consolidated financial statements of the Guarantor and its subsidiaries (including the Borrower) for that Fiscal Quarter, unless such information in respect of the financial statements of the Guarantor is otherwise publicly available to the Facility Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as soon as possible, but in any event within 60 days after the end of each financial year of the Borrower, a budget in a format reasonably approved by the Facility Agent which shows the anticipated expenditure in respect of the Ship during the next financial year of the Borrower (including, if applicable, an estimate of the first special survey of the Ship).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compliance Certificate</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Guarantor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to sub-paragraph (a) of Clause 19.2 (<i>Financial statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20.2 (<i>Guarantor's financial covenants</i>) as at the date as at which those financial statements were drawn up.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Compliance Certificate shall be signed by two directors of the Guarantor and shall be reported on by the Guarantor's auditors<b>&nbsp;</b>in the form agreed by the Obligors and all the Lenders before the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Requirements as to financial statements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each set of financial statements delivered by an Obligor pursuant to Clause 19.2 (<i>Financial statements</i>) shall be certified by a director of the relevant Obligor as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Guarantor shall procure that each set of financial statements delivered pursuant to Clause 19.2 (<i>Financial statements</i>) is prepared using GAAP accounting practices unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Facility Agent:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a description of any change necessary for those financial statements to reflect the current GAAP, accounting practices and reference periods; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 20 (<i>Financial Covenants</i>) has been complied with.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Information: miscellaneous</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and an Approved Manager shall, supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="62" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">62</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) which are current, threatened or pending against any member of the Group, and which might, if adversely determined, have a Material Adverse Effect;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any member of the Group and which might have a Material Adverse Effect;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as soon as practicable upon becoming aware of any fact indicating that it or any other member of the Group or an Approved Manager may be in breach, or be exposed to a breach, of Sanctions, <b>Provided that</b>&nbsp;the notification as such does not constitute a breach of mandatory law applicable to it;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">promptly, its constitutional documents where these have been amended or varied;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">promptly, such further information and/or documents regarding:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Ship, the Earnings or the Insurances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Security Assets;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">compliance of the Transaction Obligors and an Approved Manager with the terms of the Finance Documents to which they are a party in accordance with their terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the financial condition, business and operations of any member of the Group,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">as any Finance Party (through the Facility Agent) may reasonably request; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be required by any regulatory authority.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of Default</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall notify the Facility Agent of any Default which is continuing (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Promptly upon a request by the Facility Agent, the Borrower shall supply to the Facility Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default has occurred and is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">"<b>Know your customer</b>"<b>&nbsp;checks</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If (considering that the Guarantor is listed at the US Nasdaq):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any change in the status of a Transaction Obligor or an Approved Manager (or of a Holding Company of that Transaction Obligor or that Approved Manager) (including, without limitation, a change of ownership of a Transaction Obligor or an Approved Manager or of a Holding Company of a Transaction Obligor or an Approved Manager) after the date of this Agreement; or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="63" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">63</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">obliges a Finance Party (or, in the case of sub-paragraph (iii) above, any prospective new Lender) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in sub-paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in sub-paragraph (iii) above, any prospective new Lender, to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations, including without limitation Sanctions, pursuant to the transactions contemplated in the Finance Documents including, without limitation, obtaining, verifying and recording certain information and documentation that will allow the Facility Agent and each of the Lenders to identify each Transaction Obligor and the Approved Manager in accordance with the requirements of the PATRIOT Act.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations, including without limitation Sanctions, pursuant to the transactions contemplated in the Finance Documents including, without limitation, obtaining, verifying and recording certain information and documentation that will allow the Facility Agent and each of the Lenders to identify each Transaction Obligor and the Approved Manager in accordance with the requirements of the PATRIOT Act.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No variation of Shipbuilding Contract</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not, whether by a document, by conduct, by acquiescence or in any other way materially vary the Shipbuilding Contract.</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>19.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of information relating to the Shipbuilding Contract</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Without prejudice to Clause 19.5 (<i>Information: miscellaneous</i>) the Borrower shall:</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">immediately inform the Facility Agent if any breach of the Shipbuilding Contract occurs or a serious risk of such a breach arises and of any other event or matter affecting the Shipbuilding Contract which has or is reasonably likely to have a Material Adverse Effect;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide the Facility Agent, promptly after service, with copies of all notices served on or by the Borrower under or in connection with the Shipbuilding Contract; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide the Facility Agent with any information which it requests about any interest or right of any kind which the Borrower has at any time to, in or in connection with, the Shipbuilding Contract or in relation to any matter arising out of or in connection with the Shipbuilding Contract including the progress of the construction of the Ship.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="64" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">64</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>FINANCIAL COVENANTS</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>20.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Minimum Cash Reserve</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall maintain in the Cash Reserve Account on and from the Delivery Date a credit balance of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">$300,000, at any time when the Ship is employed under an Assignable Charter and for the duration of such Assignable Charter; or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">$500,000, at any time when the Ship is not employed under an Assignable Charter,</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and in each case throughout the duration of the Security Period,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">(the "<b>Minimum Cash Reserve</b>").</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>20.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Guarantor's financial covenants</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">At all times during the Security Period the Guarantor shall:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">maintain Net Worth of not less than $15,000,000;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ensure that the Leverage Ratio shall not exceed 75 per cent; and</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The financial covenants set out in paragraphs (i) and (ii) above shall apply at all times throughout the duration of the Security Period and shall be tested (A) annually by reference to the financial statements of the Guarantor delivered pursuant to paragraph (a) of Clause 19.2 (<i>Financial Statements</i>) together with the Compliance Certificate delivered pursuant to Clause 19.3 (<i>Compliance Certificate</i>) and (B) at any other time that the Facility Agent may reasonably require, by reference to the financial statements of the Guarantor most recently provided pursuant to Clause 19.2 (<i>Financial Statements</i>), commencing with the first relevant quarter test period following the Utilisation Date.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Definitions</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In this Clause 20 (<i>Financial Covenants</i>):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>"Fleet Vessels</b>"&nbsp;means all of the vessels from time to time owned by any member of the Group or, as the case may be, of which any member of the Group is a disponent owner (each a "<b>Fleet Vessel</b>").</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Fleet Book Value</b>" means, at the end of a relevant period, the aggregate book value of the Fleet Vessels less depreciation as stated in the most recent financial statements of the Group delivered pursuant to Clause 19.2(a) (<i>Financial statements</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Fleet Market Value</b>" means, at the date of calculation, the aggregate of the Market Values of the Fleet Vessels.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Leverage Ratio</b>" means, at any relevant time, the ratio of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Total Liabilities; to</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Market Value Adjusted Total Assets.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="65" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">65</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Market Value</b>" means, in relation to each Fleet Vessel (other than the Ship), the market value thereof as obtained by the Guarantor for purposes of Clause 19.2(a) (<i>Financial statements</i>) and, in relation to the Ship, its most recent Market Value obtained for purposes of Clause 24.1 (<i>Minimum required security cover</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Market Value Adjusted Total Assets</b>"<b> </b>means, at any relevant time, the Total Assets as adjusted by replacing the Fleet Book Value with the Fleet Market Value.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Net Worth</b>" means, at any relevant time, the amount obtained by deducting from the Market Value Adjusted Total Assets the amount of the Total Liabilities.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Total Assets</b>" means, at any relevant time, the total assets (including cash and cash equivalents) of the Group as stated in the most recent financial statements provided under Clause 19.2(a) (<i>Financial statements</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">"<b>Total Liabilities</b>" means, at any relevant time, the total liabilities of the Group as stated in the most recent financial statements provided under Clause 19.2(a) (<i>Financial statements</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall provide the valuations (which, for the avoidance of doubt, may be desktop valuations) required to determine the Fleet Market Value for the purpose of this Clause 20.2 (<i>Guarantor's financial covenants</i>) together with each Compliance Certificate to be provided pursuant to Clause 19.3 (<i>Compliance certificate</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In the event that the Facility Agent obtains valuations to test the financial covenants set out under Clause 20.2 (<i>Guarantor's financial covenants</i>) at any other time it so reasonably requires, such valuations (whether desktop or, as the case may be at the Facility Agent's discretion, by an Approved Valuer) shall be at the expense of the Facility Agent unless that testing determines that the Guarantor is not in compliance with Clause 20.2 (<i>Guarantor's financial covenants</i>), in which case, such valuations shall be at the expense of the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>20.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Most favoured Nations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Guarantor shall ensure at all times during the Security period that the financial covenants described in Clause 20.2 (<i>Guarantor's financial covenants</i>) are no less favourable to the financial covenants granted or to be granted by the Guarantor under any existing or, as the case may be, future credit or loan facility or indenture agreement (or guarantee thereof) creating Financial Indebtedness to which the Guarantor or any of its Subsidiaries is a party or any amendment or supplement to that credit, loan facility or indenture agreement (or guarantee thereof) or any agreement creating Financial Indebtedness to refinance or otherwise substitute any existing Financial Indebtedness of, or guarantee by, the Guarantor,</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>Provided that</b>, 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 for the purposes of this Clause.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Notwithstanding this Clause 20.3 (<i>Most favoured Nations</i>) above, the Guarantor shall promptly advise the Facility Agent of those arrangements and covenants in advance and shall, upon the Facility Agent's request (acting on the instructions of the Majority Lenders), enter into such documentation which amends and supplements this Agreement and the other Finance Documents, as the Majority Lenders may require in order to achieve parity with other banks, financiers or other financial institutions under the relevant financing of the Guarantor.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="66" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">66</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>GENERAL UNDERTAKINGS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The undertakings in this Clause 21 (<i>General Undertakings</i>) remain in force throughout the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Authorisations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall promptly:</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtain, comply with and do all that is necessary to maintain in full force and effect;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">supply certified copies to the Facility Agent of,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">any applicable Authorisation required under any law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of the Ship to enable it to:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">perform its obligations under the Transaction Documents to which it is a party in accordance with its terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction and in the state of the Approved Flag at any time of the Ship of any Transaction Document to which it is a party in accordance with its terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">own and operate the Ship (in the case of the Borrower); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the generality of the above, ensure that if, but for the obtaining of an applicable Authorisation, an Obligor would be in breach of any of the provisions of this Agreement which relate to Sanctions or, by reason of Sanctions, would be prohibited from performing any provision of this Agreement, such an Authorisation is obtained so as to avoid such breach or to enable such performance.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compliance with laws</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and an Approved Manager will, comply in all respects with all applicable laws and regulations to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect including (i) the Trading with the Enemy Act and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order thereto and (ii) the PATRIOT Act.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Environmental compliance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and the Approved Manager will, and the Guarantor shall ensure that each other member of the Group will:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">comply with all applicable Environmental Laws;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtain, maintain and ensure compliance with all requisite and applicable Environmental Approvals;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">implement procedures to monitor compliance with and to prevent liability under any applicable Environmental Law,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">where failure to do so has or is reasonably likely to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="67" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">67</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Environmental Claims</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and the Approved Manager will, (through the Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Environmental Claim which is current, pending or threatened against it or any member of the Group or the Approved Manager; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against it or any member of the Group or the Approved Manager,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">where the claim, if determined against it or any member of the Group or, as the case may be, the Approved Manager, has or is reasonably likely to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Taxation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, pay and discharge all applicable Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">such payment is being contested in good faith;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">adequate reserves are maintained for those Taxes and the costs required to contest them and both have been disclosed in its latest financial statements delivered to the Facility Agent under Clause 19.2 (<i>Financial statements</i>); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, change its residence for Tax purposes without a prior written notification to the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No change to centre of main interests</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Obligor shall have any place of business in the US or the UK without prior written notice to the Facility Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>Pari passu</i></b><b>&nbsp;ranking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents to which it is a party in accordance with its terms rank at least <i>pari passu</i> 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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Title</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall hold the legal title to, and own the entire beneficial interest in:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Shipbuilding Contract;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="68" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">68</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect from the Delivery Date the Ship, the Earnings and the Insurances; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with effect on and from its creation or intended creation, any other assets the subject of any Transaction Security created or intended to be created by the Borrower under the Finance Documents to which it is a party in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Guarantor shall hold the legal title to, and own the entire beneficial interest in with effect on and from its creation or intended creation, any assets that are the subject of any Transaction Security created under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Negative pledge</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor or an Approved Manager will, create or permit to subsist any Security over any of its assets which are, in the case of a Transaction Obligor other than the Borrower, the subject of the Security created or intended to be created by the Finance Documents to which it is a party in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall not:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Transaction Obligor, an Approved Manager or any other member of the Group;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">sell, transfer or otherwise dispose of any of its receivables on recourse terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enter into any other preferential arrangement having a similar effect,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraphs (a) and (b) above do not apply to any Permitted Security.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disposals</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless otherwise permitted under this Agreement, the Borrower shall not, 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 (including without limitation the Ship, the Earnings or the Insurances or any sale or transfer or other arrangement pursuant to Clause 21.10 (b) (<i>Negative Pledge</i>)) without the prior consent of the Facility Agent (such consent not to be unreasonably withheld).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above does not apply to any Charter as all Charters are subject to Clause 23.16 (<i>Restrictions on chartering, appointment of managers etc.</i>), to any withdrawals from the Earnings Account which are governed by Clause 25 (<i>Accounts and application of Earnings</i>) or any sale of the Ship <b>Provided that</b>&nbsp;the Borrower is in compliance with Clause 7.4 (<i>Mandatory prepayment on sale or Total Loss</i>) and Clause 7.6 (<i>Restrictions</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Merger</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, enter into any amalgamation, demerger, merger, corporate reconstruction or consolidation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="69" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">69</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not apply to any amalgamation, demerger, merger, corporate reconstruction or consolidation entered into by the Guarantor with the prior written consent of the Facility Agent, such consent not to be unreasonably withheld, if:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Guarantor is the surviving legal entity;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Guarantor continues to comply with the provisions of Clause 20.2 (<i>Guarantor's Financial Covenants</i>) following such amalgamation, demerger, merger, corporate reconstruction or consolidation;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">at the time of such amalgamation, demerger, merger, corporate reconstruction or consolidation there is no Event of Default that is continuing and no Change of Control will result from such amalgamation, demerger, merger, corporate reconstruction or consolidation; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">such amalgamation, demerger, merger, corporate reconstruction or consolidation or does not have or is not reasonably likely to have a Material Adverse Effect.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Change of type of business</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Guarantor shall not change the type of its business from that carried on at the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall not engage in any type of business other than the ownership, chartering, trading and operation of the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Financial Indebtedness</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Obligor shall incur or permit to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Expenditure</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not incur any expenditure, except for expenditure reasonably incurred in the ordinary course of its business of ship-owning, operating, maintaining and repairing the Ship.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Share capital</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">purchase, cancel, redeem or retire any of its issued shares;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">increase or reduce the number of shares that it is authorised to issue or change the par value of such shares or create any new class of shares;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">issue any further shares except to the Shareholder and provided such new shares are made subject to the terms of the Shares Security immediately upon the issue of such new shares in a manner reasonably satisfactory to the Security Agent and the terms of the Shares Security are complied with;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">appoint any further director or officer of the Borrower (unless the provisions of the Shares Security are complied with).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Dividends</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Unless otherwise permitted by the Facility Agent:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="70" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">70</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Borrower shall only be entitled to make a semi-annual Dividend Payment to the Guarantor <b>Provided that</b>:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Event of Default has occurred at the time of such Dividend Payment nor would an Event of Default occur as a result of such Dividend Payment; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Security Cover Ratio is at least 150 per cent. before the making of the relevant Dividend Payment and will remain at least 150 per cent. after the making of the relevant Dividend Payment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Guarantor may only make a quarterly Dividend Payment <b>Provided that </b>no Event of Default has occurred or would result from such Guarantor's Dividend Payment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">For the purposes of this Clause 21.17 (<i>Dividends</i>), "<b>Security Cover Ratio</b>" means, at any relevant time, the aggregate Market Value of the Ship plus any cash in the Cash Reserve Account and the Earnings Account, expressed as a percentage of the Loan.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other transactions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">be the creditor in respect of any loan or any form of credit to any person other than another any member of the Group or an Approved Manager and where such loan or form of credit is Permitted Financial Indebtedness;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any other person other than any guarantee or indemnity given under the Finance Documents or permitted in the ordinary course of its business for operating the Ship up to the maximum amount of $500,000.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enter into any material agreement other than:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Transaction Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other agreement expressly allowed under any other term of this Agreement or required in the ordinary course of its business <b>Provided that</b>&nbsp;it is not otherwise restricted from entering into such agreement pursuant to the terms of this Agreement; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enter into any transaction on terms which are, in any respect, less favourable to the Borrower than those which it could obtain in a bargain made at arms' length; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unlawfulness, invalidity and ranking; Security imperilled</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor or Approved Manager will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which is likely to:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">make it unlawful or contrary to Sanctions for a Transaction Obligor or an Approved Manager to perform any of its obligations under the Transaction Documents to which it is a party in accordance with their terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">cause any obligation of a Transaction Obligor or an Approved Manager under the Transaction Documents to which it is a party to cease to be legal, valid, binding or enforceable in accordance with their terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="71" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">71</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">cause any Transaction Document to which it is a party to cease to be in full force and effect in accordance with its terms;</p>
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		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">cause any Transaction Security to rank after, or lose its priority to, any other Security; and</p>
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		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">imperil or jeopardise the Transaction Security.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sanctions</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor shall, and shall not suffer, permit or authorize any other Transaction Obligor or Approved Manager or any other member of the Group 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 transaction(s) contemplated by this Agreement to fund any trade, business or other activities:</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">involving or for the benefit of any Prohibited Person or any subsidiary or joint venture partner of any Prohibited Person (whether at the time of such funding or otherwise);</p>
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		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in any country or territory, that at the time of such funding is a Sanctioned Country; or</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in any other manner that would result in a violation of Sanctions by any Transaction Obligor, any Approved Manager, any other member of the Group or any Finance Party.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor will, and will ensure that any other Transaction Obligor and Approved Manager and any other member of the Group will:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ensure that no person that is a Prohibited Person will have any legal or beneficial interest in any funds repaid or remitted by that Transaction Obligor or Approved Manager to a Lender in connection with the Loan or any part of the Loan;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not fund all or any part of any payment or repayment under the Loan out of proceeds derived from any activity with a Prohibited Person or in or with a Sanctioned Country;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not fund all or any part of any payment or repayment under the Loan out of proceeds derived from transactions which would be prohibited by Sanctions or would otherwise cause any Finance Party, any Transaction Obligor, the Approved Manager or any other member of the Group to be in breach of Sanctions; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">procure that no proceeds from activities or business with a Prohibited Person or in or with a Sanctioned Country are credited to any Earnings Account or any other Account.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall (and shall procure that each other Transaction Obligor and each other member of the Group shall) maintain in effect a Sanctions compliance policy or internal procedure, which is designed to ensure compliance by each such person and their respective directors, officers, employees and agents with Sanctions and any changes to any Sanctions compliance policy or internal procedure shall be promptly communicated to the Facility Agent upon its request. Without limitation on the foregoing, such Sanctions compliance policy or internal procedure shall procure that each Transaction Obligor, each other member of the Group and their respective directors, officers, employees and agents shall, where applicable:</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">conduct their activities in a manner consistent with Sanctions;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have sufficient resources in place to ensure execution of and compliance with their own Sanctions policies by their personnel, e.g., direct hires, contractors, and staff;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ensure Subsidiaries and Affiliates comply with the relevant policies, as applicable;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="72" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">72</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have relevant controls in place to monitor automatic identification system (AIS) transponders;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to present a high risk;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have controls to assess authenticity of bills of lading, as necessary; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">have controls in place consistent with the Sanctions Advisory.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall procure that each other Transaction Obligor or an Approved Manager and each other member of the Group will comply in all respects with Sanctions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Obligor, no other Transaction Obligor, no Approved Manager nor any other member of the Group shall be a Prohibited Person.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Further assurance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and Approved Manager will, promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right of any kind created or intended to be created under or evidenced by the Finance Documents to which they are a party in accordance with their terms (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of any of the Secured Parties provided by or pursuant to the Finance Documents or by law;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document to which it is a party in respect of which the Security has become enforceable in accordance with its terms; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor shall, and shall procure that each other Transaction Obligor and an Approved Manager will, 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 Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents to which they are a party, in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">At the same time as an Obligor delivers to the Security Agent any document executed by itself or another Transaction Obligor or an Approved Manager pursuant to this Clause 21.21 (<i>Further assurance</i>), that Obligor shall deliver, or shall procure that such other Transaction Obligor or Approved Manager will deliver, to the Security Agent a certificate signed by two of that Obligor's or Transaction Obligor's or Approved Manager's directors or officers which shall:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">set out the text of a resolution of that Obligor's or Transaction Obligor's or Approved Manager's directors specifically authorising the execution of the document specified by the Security Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="73" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">73</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been signed by all the directors or officers and is valid under that Obligor's or Transaction Obligor's or Approved Manager's articles of association or other constitutional documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Employees and ERISA compliance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">To the extent that ERISA is applicable, the Borrower shall not employ any individuals (other than the master and crew members of the Ship owned by it). Neither the Borrower nor any ERISA Affiliate shall sponsor, maintain or become obligated to contribute to any Plan. The Borrower shall provide prompt written notice to the Facility Agent in the event that the Borrower becomes aware that the Borrower or any ERISA Affiliate has incurred or is reasonably likely to incur any liability with respect to any Plan, that, individually or in the aggregate with any other such liability, would be reasonably expected to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>21.23</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Books and records</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Guarantor will keep proper records and accounts which will be accurate in all material respects and in which full, true and correct entries in accordance with GAAP will be made of all dealings or transactions in relation to its business and activities.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>INSURANCE UNDERTAKINGS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The undertakings in this Clause 22 (<i>Insurance Undertakings</i>) remain in force on and from the Delivery Date and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Maintenance of obligatory insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall keep the Ship insured at its expense against:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">fire and usual marine risks (including hull and machinery and excess risks) against all perils of the seas;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">war risks including, but not limited to, violent theft, terrorism and piracy;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">protection and indemnity risks including crew liability, cargo liability, pollution liability, removal of wreck and customary war risks; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other risks against which the Borrower (acting reasonably) is required to insure in light of the Ship's trading pattern and are from time to time required by any competent public body, the Approved Classification Society or any other competent public body having authority over the Borrower, the Ship or an Approved Manager and any other usual insurances that a prudent shipowner would take out in the ordinary course of business or that a reasonable lender would require on the basis of the above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Terms of obligatory insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall effect such insurances:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in dollars;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="74" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">74</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">120 per cent. of the Loan; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Market Value of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market but not less than $1,000,000,000;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of protection and indemnity risks, in respect of the full tonnage of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">on approved terms; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Further protections for the Finance Parties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In addition to the terms set out in Clause 22.3 (<i>Terms of obligatory insurances</i>), the Borrower shall procure that the obligatory insurances shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:0pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">subject always to paragraph (b), name the Borrower as the sole named insured unless the interest of every other named insured is limited:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of any obligatory insurances for hull and machinery and war risks;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named insured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">name the Security Agent as loss payee with such directions for payment as per the agreed loss payable clause;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide that the Security Agent may make proof of loss if the Borrower fails to do so.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="75" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">75</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Renewal of obligatory insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">at least 21 days before the expiry of any obligatory insurance:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which the Borrower proposes to renew that obligatory insurance and of the proposed terms of renewal; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtain the Facility Agents' approval to the matters referred to in sub-paragraph (i) above;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent's approval pursuant to paragraph (a) above; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Copies of policies; letters of undertaking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall ensure that the Approved Brokers provide the Security Agent with:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>pro forma</i>&nbsp;copies of all policies relating to the obligatory insurances which they are to effect or renew; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a letter or letters of undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 22.4 (<i>Further protections for the Finance Parties</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances and at least (14) days' prior to any policy cancellation for non-payment of premium;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will, if they have not received notice of renewal instructions from the Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will not set off against any sum recoverable in respect of a claim relating to the Ship under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">they will arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested by the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="76" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">76</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Copies of certificates of entry</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship is entered provide the Security Agent with:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a certified copy of the certificate of entry for the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a letter or letters of undertaking in such form as may be reasonably required by the Facility Agent acting on the instructions of Majority Lenders; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Deposit of original policies</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall ensure that all policies relating to obligatory insurances are deposited with the Approved Brokers through which the insurances are effected or renewed.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payment of premiums</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Facility Agent or the Security Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Guarantees</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compliance with terms of insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without limiting paragraph (a) above, the Borrower shall:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 22.6 (<i>Copies of policies; letters of undertaking</i>)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not make any changes relating to the classification or classification society or manager or operator of the Ship approved by the underwriters of the obligatory insurances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not employ the Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="77" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">77</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Alteration to terms of insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not make or agree to any material alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance without the prior written consent of the Facility Agent (such consent not to be unreasonably withheld). For the avoidance of doubt, "material alteration" shall include any amendments as a result of which the Borrower would not be in compliance with the required insured value of the Ship or any other requirements under this Clause 22 (<i>Insurance Undertakings</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Settlement of claims</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty without the prior written consent of the Facility Agent (such consent not to be unreasonably withheld); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of copies of communications</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall provide the Security Agent, following the Security Agent's written request to this effect, with copies of all written communications between the Borrower and:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Approved Brokers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the approved protection and indemnity and/or war risks associations; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the approved insurance companies and/or underwriters,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">which relate directly or indirectly to:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Borrower's obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any credit arrangements made between the Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person) requests for the purpose of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">effecting, maintaining or renewing any such insurances as are referred to in Clause 22.16 (<i>Mortgagee's interest and additional perils insurances</i>) or dealing with or considering any matters relating to any such insurances,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and the Borrower shall, forthwith upon demand, indemnify the Security Agent in respect of all fees and other documented expenses incurred by or for the account of the Security Agent in connection with any such report as is referred to in paragraph (a) above <b>Provided that</b> unless there is an Event of Default which is continuing, the Borrower shall only bear the cost of such insurance report once per year.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="78" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">78</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>22.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Mortgagee's interest and additional perils insurances</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee's interest marine insurance and a mortgagee's interest additional perils insurance each in an amount of 120 per cent. of the Loan, on such terms, through such insurers and generally in such manner as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall, upon demand, fully indemnify the Security Agent in respect of all premiums and other documented expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SHIP UNDERTAKINGS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The undertakings in this Clause 23 (<i>Ship Undertakings</i>) remain in force on and from the Delivery Date and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit (such consent not to be unreasonably withheld or delayed in relation to Clause 23.16(b) (<i>Restrictions on chartering, appointment of managers etc.</i>)).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Ship's names and registration</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">keep the Ship registered in its name under the Approved Flag from time to time at its port of registration;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not enter into any dual flagging arrangement in respect of the Ship; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not change the name of the Ship,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">provided that any agreed change of name or flag of the Ship shall be subject to:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Ship remaining subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on the Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgage and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repair and classification</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall keep the Ship in a good and safe condition and state of repair:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">consistent with first class ship ownership and management practice; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">so as to maintain the Approved Classification free of overdue recommendations and conditions affecting the Ship's class.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="79" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">79</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Classification society undertaking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If required by the Facility Agent in writing the Borrower shall instruct the Approved Classification Society (and procure that the Approved Classification Society undertakes with the Security Agent):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to send to the Security Agent, following receipt of a written request from the Security Agent, certified true copies of all original class records held by the Approved Classification Society in relation to the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to allow the Security Agent (or its agents), at any time and from time to time, to inspect the original class and related records of the Borrower and the Ship at the offices of the Approved Classification Society and to take copies of them;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to notify the Security Agent immediately in writing if the Approved Classification Society:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">receives notification from the Borrower or any person that the Ship's Approved Classification Society is to be changed; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of the Ship's class under the rules or terms and conditions of the Borrower or the Ship's membership of the Approved Classification Society;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">following receipt of a written request from the Security Agent:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to confirm that the Borrower is not in default of any of its contractual obligations or liabilities to the Approved Classification Society, including confirmation that it has paid in full all fees or other charges due and payable to the Approved Classification Society; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to confirm that the Borrower is in default of any of its contractual obligations or liabilities to the Approved Classification Society, to specify to the Security Agent in reasonable detail the facts and circumstances of such default, the consequences of such default, and any remedy period agreed or allowed by the Approved Classification Society.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Modifications</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not make any modification or repairs to, or replacement of, the Ship or equipment installed on it which would or might materially and adversely alter the structure, type or performance characteristics of the Ship, subject to the Ship maintaining at all times the requirements of the Approved Classification Society and its Approved Classification. For the avoidance of doubt, the installation of a scrubber on the Ship does not constitute such modification.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Removal and installation of parts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (b) below, the Borrower shall not remove any material part of the Ship, or any item of equipment installed on the Ship unless:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the replacement part or item is free from any Security in favour of any person other than the Security Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the replacement part or item becomes, on installation on the Ship, the property of the Borrower and subject to the security constituted by the Mortgage.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="80" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">80</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Surveys</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall submit the Ship regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Inspection</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall permit the Security Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at once annually (unless an Event of Default or a Major Casualty has occurred, in which case, at any time), with prior notice reasonably in advance, without delaying or interfering with the Ship's operation and/or loading or unloading schedule, to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The reasonable cost of one (1) inspection annually shall be for the account of the Borrower only after the third anniversary of the Utilisation Date (unless an Event of Default or a Major Casualty has occurred, in which case, the cost shall, at all such times, be for the account of the Borrowers).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prevention of and release from arrest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall promptly discharge:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship, the Earnings or the Insurances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all Taxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall promptly upon receiving notice of the arrest of the Ship or of its detention in exercise or purported exercise of any lien or claim, take all steps necessary to procure its release within 48 hours upon receipt of such notice by providing bail or otherwise as the circumstances may require.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Compliance with laws etc.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">comply, or procure compliance with all applicable laws or regulations:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">relating to its business generally; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">relating to the Ship, its ownership, employment, operation, management and registration,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">including, but not limited to:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the ISM Code;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the ISPS Code;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all applicable Environmental Laws;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="81" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">81</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all applicable Sanctions; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the laws of the Approved Flag; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ISPS Code</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Without limiting paragraph (a) of Clause 23.10 (<i>Compliance with laws etc.</i>), the Borrower shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">procure that the Ship and the company responsible for the Ship's compliance with the ISPS Code comply with the ISPS Code; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">maintain an ISSC for the Ship; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sanctions and Ship trading</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Without limiting Clause 23.10 (<i>Compliance with laws etc.</i>), the Borrower shall procure:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that the Ship shall not be used by or for the benefit of a Prohibited Person or in trading to or from a Sanctioned Country;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that the Ship shall not otherwise be used to or from a Sanctioned Country or otherwise in any manner contrary to Sanctions, or in a manner that creates a risk that a Transaction Obligor or an Approved Manager will become a Prohibited Person or in any manner which would cause any Finance Party to be in breach of or made subject to Sanctions, or at risk of being in breach of or made subject to Sanctions;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that the Ship shall not be used in trading in any manner that creates a risk that the Ship will become a Sanctioned Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that the Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the above provisions of this Clause 23.12 (<i>Sanctions and Ship trading</i>), that each time charterparty in respect of the Ship shall contain, for the benefit of the Borrower, the BIMCO Sanctions Clause and the BIMCO Non Designated Entities Clause.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Trading in war zones or excluded areas</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not, and shall procure that any Approved Manager shall not, cause or permit the Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship's war risks insurers or which is otherwise excluded from the scope of coverage of the obligatory insurances unless:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it has provided prior written notice to the Facility Agent of its intention to do so;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the prior written consent of the Ship's insurers has been given; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Borrower has (at its expense) effected any special, additional or modified insurance cover which the Ship's insurers may require and has provided evidence thereof satisfactory to the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="82" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">82</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Without prejudice to Clause 19.5 (<i>Information: miscellaneous</i>) the Borrower shall promptly provide the Facility Agent with any information which it reasonably requests regarding:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Ship, its employment, position and engagements;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Earnings and payments and amounts due to its master and crew;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of the Ship and any payments made by it in respect of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any towages and salvages; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">its compliance, the Approved Manager's compliance and the compliance of the Ship with the ISM Code and the ISPS Code,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and, upon the Facility Agent's request, promptly provide copies of any current Charter relating to the Ship, of any current guarantee of any such Charter, the Ship's Safety Management Certificate and any relevant Document of Compliance.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of certain events</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall immediately notify the Facility Agent by email of:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any casualty to the Ship which is or is likely to be or to become a Major Casualty;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any occurrence as a result of which the Ship has become or is, by the passing of time or otherwise, likely to become a Total Loss;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any requisition of the Ship for hire;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any requirement, condition or recommendation made in relation to the Ship by any insurer, or classification society, Approved Flag or PSC or by any competent authority which is not complied with in accordance with its terms;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any arrest or detention of the Ship or any exercise or purported exercise of any lien on the Ship or the Earnings;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any intended dry docking of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental Incident;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any claim for breach of the ISM Code or the ISPS Code being made against the Borrower, an Approved Manager or otherwise in connection with the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(j)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any notice, or the Borrower becoming aware, of any claim, action, suit, proceeding or investigation against any Transaction Obligor, any member of the Group or any Approved Manager or any of their respective directors, officers or employees with respect to Sanctions; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="83" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">83</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(k)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any circumstances which could give rise to a breach of any representation or undertaking in this Agreement, or any Event of Default, relating to Sanctions,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and the Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to the Borrower's, any such Approved Manager's or any other person's response to any of those events or matters.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Restrictions on chartering, appointment of managers etc.</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not without the prior consent of the Facility Agent (which shall not be unreasonably withheld or delayed with respect to paragraphs (b), (c) or (d)):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">let the Ship on demise charter for any period;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enter into any time, voyage or consecutive voyage charter in respect of the Ship other than a Permitted Charter;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">materially amend any terms of a Management Agreement or any Assignable Charter (such "material" amendment to include (as applicable), without limitation, any terms relating to any commissions, management fees, duration of the contract, sanctions, change of control or merger in respect of the relevant Approved Manager or, as the case may be, Charterer);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">amend, supplement or terminate a Management Agreement (other than as set out in paragraph (c) above);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">appoint a manager of the Ship other than an Approved Manager or agree to any alteration to the terms of an Approved Manager's appointment (other than as set out in paragraph (c) above);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">de activate or lay up the Ship; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">put the Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $750,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on the Ship or the Earnings for the cost of such work or for any other reason.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Charterparty Assignment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If the Borrower enters into any Assignable Charter and subject to obtaining the prior consent of the Facility Agent in accordance with paragraph (b) of Clause 23.16 (<i>Restrictions on chartering, appointment of managers etc.</i>), the Borrower shall promptly after the date of entry into such Assignable Charter:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">provide the Facility Agent with a certified true copy of such Assignable Charter (or, alternatively if a copy is not then available, a copy of a binding and unconditional recapitulation of charterparty terms);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">execute in favour of the Security Agent a Charterparty Assignment in respect of that Assignable Charter (such Charterparty Assignment to be notified to the relevant Charterer and any charter guarantor and the Borrower shall use its best efforts to procure that an executed acknowledgment of such notice from the relevant Charterer and charter guarantor is obtained); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">shall deliver to the Facility Agent such other documents as it may reasonably require in connection with the Borrower entering into such Charterparty Assignment (including, without limitation, documents equivalent to those referred to at paragraphs 1.2, 1.3, 1.4, 1.5, 1.6, 1.7, 1.8, 5.1, 5.2, 6.1, 6.2, 6.6 of Part A of Schedule 2 (<i>Conditions Precedent</i>) and paragraph 2.1 of Part B of Schedule 2 (<i>Conditions Precedent</i>)).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="84" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">84</div>
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</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notice of Mortgage</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall keep the Mortgage registered against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the master's cabin of the Ship a framed printed notice stating that the Ship is mortgaged by the Borrower to the Security Agent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sharing of Earnings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall not enter into any agreement or arrangement for the sharing of any Earnings, other than, subject to the prior written consent of the Facility Agent (such consent not to be unreasonably withheld), customary profit-sharing arrangements under a Charter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Inventory of Hazardous Materials</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall maintain the Inventory of Hazardous Materials.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Ship tracking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower hereby acknowledges the Finance Parties' right to track the Ship.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>23.22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of compliance</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 23 (<i>Ship Undertakings</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SECURITY COVER</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Minimum required security cover</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Clause 24.2 (<i>Provision of additional security; prepayment</i>) applies if, the Facility Agent at any time following the Delivery Date, notifies the Borrower that the Security Cover Ratio is below 130 per cent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall test the minimum required security cover under this Clause 24.1 (<i>Minimum required security </i>cover) on each Testing Date and at any other time as the Facility Agent may require at the Finance Parties' expense (unless, as a result of such test, the Facility Agent determines that a Default has occurred and is continuing, in which case, at the expense of the Borrower).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of additional security; prepayment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent serves a notice on the Borrower under Clause 24.1 (<i>Minimum required security cover</i>), the Borrower shall, on or before the date falling one Month after the date on which the Facility Agent's notice is served (the "<b>Prepayment Date</b>"), prepay such part of the Loan as shall eliminate the shortfall.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">has a net realisable value at least equal to the shortfall; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is documented in such terms as the Facility Agent may approve or require,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="85" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">85</div>
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Value of additional vessel security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The net realisable value of any additional security which is provided under Clause 24.2 (<i>Provision of additional security; prepayment</i>) which constitutes a first preferred or first priority mortgage over a vessel shall be the Market Value of the vessel concerned.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Valuations binding</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any valuation under this Clause 24 (<i>Security Cover</i>) shall (absent manifest error) be binding and conclusive as regards the Borrower.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause 24 (<i>Security Cover</i>) with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Borrower fails to provide the information referred to in paragraph (a) above by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prepayment mechanism</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any prepayment pursuant to Clause 24.2 (<i>Provision of additional security; prepayment</i>) shall be made in accordance with the relevant provisions of Clause 7 (<i>Prepayment and Cancellation</i>) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (<i>Voluntary prepayment of Loan</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Provision of valuations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may, at any time obtain a valuation of the Ship and any other vessel over which additional Security has been created in accordance with Clause 24.3 (<i>Value of additional vessel security</i>), from an Approved Valuer, addressed to the Finance Parties, to enable the Facility Agent to determine the Market Value of the Ship or that vessel.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The cost of the valuations obtained under sub-paragraphs (i) and (ii) below shall be borne or reimbursed by the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not more than 10 Business Days before the Utilisation Date; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">following the Utilisation Date, on one of the two Testing Dates during the Security Period (which shall include for the purposes of allowing a Dividend Payment to be made under Clause 21.17 (<i>Dividends</i>)).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Facility Agent may also obtain such a valuation evidencing the Market Value of the Ship or any other vessel over which additional Security has been created in accordance with Clause 24.3 (<i>Value of additional vessel security</i>) at any other time at the Finance Parties' expense (unless, as a result of such test, the Facility Agent determines that a Default has occurred and is continuing, in which case, at the expense of the Borrower).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>24.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Release of Security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">If, at any time, after the Borrower has provided additional security in accordance with the Facility Agent's request under this Clause &#8206;24 (<i>Security Cover</i>), the Facility Agent determines (at the cost and the request of the Borrower) that the required Security Cover Ratio under this Clause &#8206;24 (<i>Security Cover)</i> has been maintained for the duration of at least three (3) months and that all or any part of that additional security may be released without resulting in a shortfall in such Security Cover Ratio and <b>Provided that</b> no Event of Default has occurred which is continuing, the Facility Agent shall instruct the Security Agent to release all or any part of that additional security in accordance with the Facility Agent's instructions (at the Borrower's cost), subject to the Facility Agent being satisfied that, immediately following such release, the Security Cover Ratio will be in line with the requirements of this Clause 24 (<i>Security Cover</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="86" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">86</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ACCOUNTS AND APPLICATION OF EARNINGS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Accounts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower may not, without the prior consent of the Facility Agent, maintain any bank account other than the Accounts.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payment of Earnings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall ensure that subject only to the provisions of the General Assignment, all the Earnings are paid in to the Earnings Account.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of Earnings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any sums standing to the credit of the Earnings Account may be applied by the Borrower from time to time in connection with:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any payments required under this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the supply, crewing, management, maintenance, repair, insurance, operation and trading of the Ship;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any payment of management fees, administration and legal expenses; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Dividend Payment,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;"><b>Provided that</b>, in each case, no Event of Default has occurred which is continuing.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Interest accrued on the Cash Reserve Account </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any credit balance on the Cash Reserve Account shall bear interest at the rate from time to time offered by the Account Bank to its customers for dollars deposits of similar amounts and for periods similar to those for which such balances appear to the Account Bank likely to remain on the Cash Reserve Account.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Release of accrued interest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Interest accruing under Clause 25.4 (<i>Interest accrued on the Cash Reserve Account</i>) shall be credited respectively to the Cash Reserve Account and, to the extent not applied previously pursuant to Clause 25.3 (<i>Application of earnings</i>), shall be released to the Borrower at the end of the Security Period.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>25.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Location of Accounts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Borrower shall promptly:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">comply with any requirement of the Facility Agent as to the location or relocation of the Accounts; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent, Security over (and/or rights of set-off, consolidation or other rights in relation to) the Accounts.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="87" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">87</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>EVENTS OF DEFAULT</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>General</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Each of the events or circumstances set out in this Clause 26 (<i>Events of Default</i>) is an Event of Default except for Clause 26.20 (<i>Acceleration</i>) and Clause 26.21 (<i>Enforcement of security</i>).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Non-payment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">its failure to pay is caused by:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">administrative or technical error; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Disruption Event; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">payment is made within three Business Days of its due date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Specific obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">A breach occurs of Clause 4.5 (<i>Waiver of conditions precedent</i>), Clause 20 (<i>Financial Covenants</i>), Clause 21 (<i>General Undertakings</i>), Clause 21.9 (<i>Title</i>), Clause 21.10 (<i>Negative pledge</i>), Clause 21.19 (<i>Unlawfulness, invalidity and ranking; Security imperilled</i>), Clause 22.2 (<i>Maintenance of obligatory insurances</i>), Clause 22.3 (<i>Terms of obligatory insurances</i>), Clause 22.5 (<i>Renewal of obligatory insurances</i>), Clause 23.12 (<i>Sanctions and Ship trading</i>) or, save to the extent such breach is a failure to pay and therefore subject to Clause 26.2 (<i>Non-payment</i>), Clause 24 (<i>Security Cover</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other obligations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Transaction Obligor or an Approved Manager does not comply with any provision of the Finance Documents to which it is a party (other than those referred to in Clause 26.2 (<i>Non-payment</i>) and Clause 26.3 (<i>Specific obligations</i>)).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 3 Business Days of the Facility Agent giving notice to the Borrower or (if earlier) any Transaction Obligor or an Approved Manager becoming aware of the failure to comply.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Misrepresentation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any representation or statement made or deemed to be made by a Transaction Obligor or an Approved Manager in the Finance Documents to which it is a party or any other document delivered by or on behalf of any Transaction Obligor or an Approved Manager under or in connection with any Finance Document to which it is a party is or proves to have been incorrect or misleading when made or deemed to be made, unless the relevant representation or statement can be repeated within 3 Business Days of the date on which the Facility Agent notifies the Borrower of its not being true and accurate and on the date of such repetition it is not incorrect or misleading in any respect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cross default</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="88" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">88</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Financial Indebtedness of any Obligor 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).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Event of Default will occur under this Clause 26.6 (<i>Cross default</i>) in respect of the Guarantor if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above does not exceed $1,000,000 (or its equivalent in any other currency).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Insolvency</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An Obligor:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is unable or admits inability to pay its debts as they fall due;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is deemed to, or is declared to, be unable to pay its debts under applicable law;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">suspends or threatens to suspend making payments on any of its debts; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium, unless if otherwise agreed by the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Insolvency proceedings</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a composition, compromise, assignment or arrangement with any creditor of any Obligor;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any Obligor or any of its assets; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">enforcement of any Security over any assets of any Obligor,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">or any analogous procedure or step is taken in any jurisdiction.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 21 days of commencement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="89" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">89</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Creditors' process</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor (other than an arrest or detention of the Ship referred to in Clause 7.4 (<i>Mandatory prepayment on sale or Total Loss</i>)).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Change of Control</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The shares (or any part thereof) of the Guarantor cease to be quoted on the Nasdaq Capital Market or any other Nasdaq Market Tier or any other internationally recognised stock exchange acceptable to the Facility Agent (acting on the instructions of the Majority Lenders).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Borrower is not or ceases to be a 100 per cent.&nbsp;&nbsp;directly owned Subsidiary of the Guarantor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">After the date of this Agreement, there is a Change of Control without the prior written consent of the Facility Agent (such consent not to be unreasonably withheld).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">For the purpose of paragraph (c) above "<b>Change of Control</b>" means:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the members of the Nominated Family cease to own directly or indirectly more than 10 per cent. of the shares (and the voting rights attaching to those shares) in the Guarantor; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the members of the Nominated Family own between 10.1 per cent. to 19.9 per cent. (inclusive) of the shares (and the voting rights attaching to those shares) in the Guarantor and the aggregate Market Value of the Ship plus the net realisable value of additional Security previously provided under Clause 24 (<i>Security Cover</i>) plus the Minimum Cash Reserve, is equal to or less than 143 per cent. of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Unlawfulness, invalidity and ranking</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">It is or becomes unlawful for a Transaction Obligor or an Approved Manager to perform any of its obligations under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any obligation of a Transaction Obligor or an Approved Manager under the Finance Documents to which it is a party is not or ceases to be legal, valid, binding or enforceable in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security imperilled</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Cessation of business</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any Transaction Obligor or an Approved Manager suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Expropriation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The authority or ability of a Transaction Obligor or an Approved Manager 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 or other person in relation to that Transaction Obligor or an Approved Manager or any of its assets other than:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="90" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">90</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any arrest or detention of the Ship referred to in Clause 26.18 (<i>Arrest</i>) below; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Requisition.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Repudiation and rescission of agreements</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">A Transaction Obligor or an Approved Manager (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document to which it is a party or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Litigation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of a court, arbitral body or agency is made, in relation to any of the Transaction Documents or the transactions contemplated in any of the Transaction Documents or against any member of the Group or its assets which has or is reasonably likely to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Sanctions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Transaction Obligor or an Approved Manager or any of their respective Subsidiaries, directors, officers or employees is designated a Prohibited Person or the Ship is designated a Sanctioned Ship.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Clause 26.17 (<i>Sanctions</i>) is without prejudice to any other Event of Default which may occur by reason of breach of, or non-compliance with, any of the other provisions of this Agreement which relate to Sanctions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Arrest</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any arrest of the Ship or its detention in the exercise or the purported exercise of any lien or claim, unless it is redelivered to the full control of the Borrower within 45 days of such arrest or detention.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Material adverse change</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Acceleration</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">by notice to the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">cancel the Available Commitment of each Lender, whereupon they shall immediately be cancelled;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="91" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">91</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and the Facility Agent may serve notices under sub-paragraphs (i), (ii) and (iii) of paragraph (a) above simultaneously or on different dates and any Servicing Party may take any action referred to in paragraph (b) above or Clause 26.21 (<i>Enforcement of security</i>) if no such notice is served or simultaneously with or at any time after the service of any of such notice.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Enforcement of security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">On and at any time after the occurrence of an Event of Default which is continuing, the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 26.20 (<i>Acceleration</i>), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>26.22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exceptions for Approved Manager</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Other than in respect of Clause 26.4 (<i>Other obligations</i>), no Event of Default will occur under any other provision of Clause 26 (<i>Events of Default</i>) in respect of any event or circumstance related to an Approved Manager if the Borrower replaces the Approved Manager with another Approved Manager and delivers to the Facility Agent the documents referred to under paragraphs 1, 5 and 6 of Part A of Schedule 2 (<i>Conditions Precedent</i>) and paragraph 2.3 of Part B of Schedule 2 (<i>Conditions Precedent</i>) and any other documents reasonably required by the Facility Agent, applicable to the replacement Approved Manager, within 10 days (or any such longer time period agreed by the Facility Agent) from the date of the relevant event or circumstance.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="92" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">92</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 9</b><br>
<br>
<b>CHANGES TO PARTIES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CHANGES TO THE LENDERS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Assignments and transfers by the Lenders</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject to this Clause 27 (<i>Changes to the Lenders</i>), a Lender (the "<b>Existing Lender</b>") may:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;">&nbsp;</p>

			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">assign any of its rights; or</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;">&nbsp;</p>

			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">transfer by novation any of its rights and obligations,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">under the Finance Documents 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 "<b>New Lender</b>") without the Obligors' consent.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">For the avoidance of doubt, no Obligor shall have any responsibility for any fees and/or expenses and/costs for such assignments and transfers which shall solely be for the Lenders to bear <b>Provided that</b> there is no Event of Default that is continuing.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Conditions of assignment or transfer or sub-participation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Prior notice of assignment or transfer pursuant to Clause 27.1 (<i>Assignments and transfers by the Lenders</i>) stating the assignment or transfer consideration agreed between the Existing Lender and the New Lender (the "<b>Loan Transfer Price</b>") shall be given by the relevant Existing Lender or (as the case may be) the relevant Lender to the Obligors and the Obligors may within 10 Business Days of such notification irrevocably exercise a right of first refusal ("<b>ROFR</b>") by sending a notice to the Facility Agent, following which the Borrower shall, within 30 days of such notification to the Facility Agent prepay to the relevant Existing Lender an amount equal to the Loan Transfer Price and following such prepayment shall extinguish the Borrower's obligations with respect to such part of the Loan.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraphs (a) of this Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>) shall not apply if:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">such assignment or transfer pursuant to Clause 27.1 (<i>Assignments and transfers by the Lenders</i>) is:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to another Lender or an Affiliate of a Lender; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">made at a time when an Event of Default has occurred which is continuing; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Borrower has exercised its ROFR but either (A) does not proceed with the prepayment of the Loan within 30 days of the Facility Agent's notification or (B) an Event of Default occurs at any time prior to its prepayment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless otherwise provided in this Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>), any prepayment made pursuant to paragraph (b) above shall be made in accordance with the relevant provisions of Clause 7 (<i>Prepayment and Cancellation</i>) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (<i>Voluntary prepayment of Loan</i>). For the avoidance of doubt, any prepayment made under this Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">shall not be subject to Break Costs; and</p>
			</td>
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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="93" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">93</div>
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<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the provisions of Clause 7.3 (<i>Voluntary prepayment of Loan</i>) and 11.3 (<i>Prepayment fee</i>) shall not apply.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Should the Borrower not make the prepayment in accordance with paragraph (a) above then the remaining provisions of this Clause 27 (<i>Changes to the Lenders</i>) shall apply.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An assignment will only be effective on:</p>
			</td>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">performance by the Facility Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor on behalf of itself and each other Transaction Obligor and any Approved Manager agrees that all rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents to which it is a party are assigned to the New Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which the Borrower, any other Transaction Obligor or an Approved Manager had against the Existing Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A transfer will only be effective if the procedure set out in Clause 27.5 (<i>Procedure for transfer</i>) is complied with.</p>
			</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (<i>Tax Gross Up and Indemnities</i>) or under that clause as incorporated by reference or in full in any other Finance Document to which it is a party in accordance with its terms or Clause 13 (<i>Increased Costs</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.&nbsp; This paragraph (h) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="94" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">94</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Assignment or transfer fee</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $5,000.</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Limitation of responsibility of Existing Lenders</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction Security or any other documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the financial condition of any Obligor;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the performance and observance by any Transaction Obligor or an Approved Manager of its obligations under the Transaction Documents or any other documents; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document or any other document,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">and any representations or warranties implied by law are excluded.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor, any Approved Manager 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 Existing Lender or any other Finance Party in connection with any Transaction Document or the Transaction Security; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities throughout the Security Period.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in any Finance Document obliges an Existing Lender to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27 (<i>Changes to the Lenders</i>); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor or an Approved Manager of its obligations under the Transaction Documents or otherwise.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Procedure for transfer</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to the conditions set out in Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>), a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="95" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">95</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 27.9 (<i>Pro rata interest settlement</i>), on the Transfer Date:</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Transaction Obligors, any Approved Manager and the Existing Lender shall be released from further obligations towards one another under the Finance Documents to which they are a party and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the "<b>Discharged Rights and Obligations</b>");</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">each of the Transaction Obligors, any Approved Manager and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Transaction Obligor, that Approved Manager and the New Lender have assumed and/or acquired the same in place of that Transaction Obligor, that Approved Manager and the Existing Lender;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent, the Security Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the New Lender shall become a Party as a "<b>Lender</b>".</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Procedure for assignment</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to the conditions set out in Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>) an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 27.9 (<i>Pro rata interest settlement</i>), on the Transfer Date:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Existing Lender will be released from the obligations (the "<b>Relevant Obligations</b>") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="96" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">96</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Lenders may utilise procedures other than those set out in this Clause 27.6 (<i>Procedure for assignment</i>) to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or an Approved Manager or unless in accordance with Clause 27.5 (<i>Procedure for transfer</i>), to obtain a release by that Transaction Obligor or that Approved Manager from the obligations owed to that Transaction Obligor or Approved Manager by the Lenders nor the assumption of equivalent obligations by a New Lender) <b>provided that</b>&nbsp;they comply with the conditions set out in Clause 27.2 (<i>Conditions of assignment or transfer or sub-participation</i>).</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:0pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>27.7</b></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Copy of Transfer Certificate or Assignment Agreement to Borrower</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate or Assignment Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security over Lenders' rights</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">In addition to the other rights provided to Lenders under this Clause 27 (<i>Changes to the Lenders</i>), each Lender may without consulting with or obtaining consent from any Transaction Obligor or Approved Manager, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">except that no such charge, assignment or Security shall:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents to which it is a party in accordance with their terms.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>27.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Pro rata interest settlement</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a "<i>pro rata</i>&nbsp;basis" to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.5 (<i>Procedure for transfer</i>) or any assignment pursuant to Clause 27.6 (<i>Procedure for assignment</i>) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ("<b>Accrued Amounts</b>") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="97" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">97</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 27.9 (<i>Pro rata interest settlement</i>), have been payable to it on that date, but after deduction of the Accrued Amounts.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In this Clause 27.9 (<i>Pro rata interest settlement</i>) references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 27.9 (<i>Pro rata interest settlement</i>) but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>28</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CHANGES TO THE TRANSACTION OBLIGORS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>28.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Assignment or transfer by Transaction Obligors</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">Neither any Transaction Obligor nor any Approved Manager may assign any of its rights or transfer any of its rights or obligations under the Finance Documents to which it is a party.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>28.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Release of security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If a disposal of any asset subject to security created by a Finance Document is made in the following circumstances:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the disposal is permitted by the terms of any Finance Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the Majority Lenders agree to the disposal;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the disposal is being made at the request of the Security Agent in circumstances where any security created by the Finance Documents has become enforceable, following the occurrence of an Event of Default which is continuing; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">the disposal is being effected by enforcement of a Finance Document, following the occurrence of an Event of Default which is continuing,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">the Security Agent may release the asset(s) being disposed of from any security over those assets created by a Finance Document, in accordance with its terms. However, the proceeds of any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Security Agent is satisfied that a release is allowed under this Clause 28.2 (<i>Release of security</i>) (at the request and expense of the Borrower) each Finance Party must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into any such document. Any release will not affect the obligations of any other Transaction Obligor or an Approved Manager (as the case may be) under the Finance Documents to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="98" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">98</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 10</b><br>
<br>
<b>THE FINANCE PARTIES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>THE FACILITY AGENT</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Appointment of the Facility Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each of the Lenders appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each of the Lenders authorises the Facility Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Instructions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in all other cases, the Majority Lenders; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not apply:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">where a contrary indication appears in a Finance Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified action;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="99" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">99</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in respect of any provision which protects the Facility Agent's own position in its personal capacity as opposed to its role of Facility Agent for the relevant Finance Parties.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If giving effect to instructions given by the Majority Lenders would in the Facility Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause 43 (<i>Amendments and Waivers</i>), the Facility Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Facility Agent) whose consent would have been required in respect of that amendment or waiver.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has not received any instructions as to the exercise of that discretion the Facility Agent shall do so having regard to the interests of all the Finance Parties.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the remainder of this Clause 29.2 (<i>Instructions</i>), in the absence of instructions, the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties. The Facility Agent may act (or refrain from acting) as it considers to be in the best interest of the Finance Parties.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or enforcement of the Transaction Security or Finance Documents, following the occurrence of an Event of Default which is continuing.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Duties of the Facility Agent</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to Clause 27.7 (<i>Copy of Transfer Certificate or Assignment Agreement to Borrower</i>), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or the Security Agent) under this Agreement, it shall promptly notify the other Finance Parties.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="100" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">100</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No fiduciary duties</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in any Finance Document constitutes the Facility Agent as a trustee or fiduciary of any other person.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall not be bound to account to other Finance Party for any sum or the profit element of any sum received by it for its own account.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of receipts</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 33.5 (<i>Application of receipts; partial payments</i>).</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Business with the Group</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Facility Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Rights and discretions</b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">assume that:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">unless it has received notice of revocation, that those instructions have not been revoked; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">rely on a certificate from any person:</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">as sufficient evidence that that is the case and, in the case of sub-paragraph (A) above, may assume the truth and accuracy of that certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Finance Parties) that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.2 (<i>Non-payment</i>));</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="101" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">101</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any notice or request made by the Borrower (other than the Utilisation Request or a Selection Notice) is made on behalf of and with the consent and knowledge of all the Transaction Obligors and any Approved Manager.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts and the reimbursement by an Obligor of such costs shall be subject to Clause 16.2 (<i>Amendment costs</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Facility Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">be liable for any error of judgment made by any such person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">unless such error or such loss was directly caused by the Facility Agent's gross negligence or wilful misconduct.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Responsibility for documentation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Facility Agent is not responsible or liable for:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, a Transaction Obligor or an Approved Manager or any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="102" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">102</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any determination as to whether any information provided or to be provided to any Finance Party or Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No duty to monitor</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Facility Agent shall not be bound to enquire:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether or not any Default has occurred;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as to the performance, default or any breach by any Transaction Obligor or an Approved Manager of its obligations under any Transaction Document; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether any other event specified in any Transaction Document has occurred.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exclusion of liability</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 33.11 (<i>Disruption to Payment Systems etc.</i>) or any other provision of any Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any shortfall which arises on the enforcement or realisation of the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any damages, costs or losses to any person, any diminution in value, or any other liability whatsoever arising as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Benchmark Replacement implemented pursuant to Clause 43.4 (<i>Benchmark Replacement setting</i>); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the selection and implementation of any Conforming Changes,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">including, without limitation, whether the composition or characteristics of any Benchmark Replacement will be similar to, or produce the same value or economic equivalence of the relevant Benchmark or have the same volume or liquidity as did the relevant Benchmark before its discontinuance or unavailability;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the generality of sub-paragraphs (i) to (iv) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="103" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">103</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any act, event or circumstance not reasonably within its control; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the general risks of investment in, or the holding of assets in, any jurisdiction,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Facility Agent may rely on this paragraph (b) subject to Clause 1.5 (<i>Third party rights</i>) and the provisions of the Third Parties Act.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in this Agreement shall oblige the Facility Agent to carry out:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any "know your customer" or other checks in relation to any person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on behalf of any Finance Party and each Finance Party confirms to the Facility Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent's liability, any liability (including, without limitation, for negligence or any other category of liability whatsoever) of the Facility Agent arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Facility Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount of that loss. In no event shall the Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, Reference Rate, Term SOFR, or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="104" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">104</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Lenders' indemnity to the Facility Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Facility Agent (otherwise than by reason of the Facility Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 33.11 (<i>Disruption to Payment Systems etc.</i>) notwithstanding the Facility Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by a Transaction Obligor pursuant to a Finance Document to which it is a party).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Facility Agent to an Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Resignation of the Facility Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Alternatively, the Facility Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a successor Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under paragraph (c) above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor Facility Agent amendments to this Clause 29 (<i>The Facility Agent</i>) and any other term of this Agreement dealing with the rights or obligations of the Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Facility Agent's normal fee rates and those amendments will bind the Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The retiring Facility Agent shall make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility Agent under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Facility Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent's resignation notice shall only take effect upon the appointment of a successor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 14.3 (<i>Indemnity to the Facility Agent</i>) and this Clause 29 (<i>The Facility Agent</i>) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility Agent. Any fees for the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date. Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="105" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">105</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (e) above shall be for the account of the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The consent of the Borrower (or any other Transaction Obligor or any Approved Manager) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Confidentiality</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If information is received by a division or department of the Facility Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any other provision of any Finance Document to the contrary, the Facility Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Relationship with the other Finance Parties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 27.9 (<i>Pro rata interest settlement</i>), the Facility Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Facility Agent's principal office as notified to the Finance Parties from time to time) as a Lender acting through its Facility Office:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">entitled to or liable for any payment due under any Finance Document on that day; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 36.5 (<i>Electronic communication</i>)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 36.2 (<i>Addresses</i>) and sub-paragraph (ii) of paragraph (a) of Clause 36.5 (<i>Electronic communication</i>) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="106" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">106</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Credit appraisal by the Finance Parties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without affecting the responsibility of any Transaction Obligor or any Approved Manager for information supplied by it or on its behalf in connection with any Transaction Document to which it is a party, each Finance Party confirms to the Facility Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including but not limited to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the financial condition, status and nature of each member of the Group;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Deduction from amounts payable by the Facility Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Reliance and engagement letters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each Secured Party confirms that the Facility Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Full freedom to enter into transactions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without prejudice to Clause 30.7 (<i>Business with the Group</i>) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="107" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">107</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any Approved Manager or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any Approved Manager or any person who is party to, or referred to in, a Finance Document);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to deal in and enter into and arrange transactions relating to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any securities issued or to be issued by any Transaction Obligor or any Approved Manager or any other person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any options or other derivatives in connection with such securities; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to engage in transactions that may affect the calculation of any Benchmark Replacement and/or any relevant adjustments to it without any consideration of the interests of, or liability to, any Transaction Obligor or any Approved Manager or any other Party,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>29.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amounts paid in error </b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent pays an amount to another Party and the Facility Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Neither:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the obligations of any Party to the Facility Agent; nor</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the remedies of the Facility Agent,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(whether arising under this Clause 29.19 (<i>Amounts paid in error</i>) or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Facility Agent or any other Party).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All payments to be made by a Party to the Facility Agent (whether made pursuant to this Clause 29.19 (<i>Amounts paid in error</i>) or otherwise) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In this Agreement, "<b>Erroneous Payment</b>" means a payment of an amount by the Facility Agent to another Party which the Facility Agent determines (in its sole discretion) was made in error.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="108" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">108</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>THE SECURITY AGENT</b></p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Trust</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent declares that it holds the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 30 (<i>The Security Agent</i>) and the other provisions of the Finance Documents.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each other Finance Party authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Parallel Debt (Covenant to pay the Security Agent)</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Parallel Debt of an Obligor:</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">shall become due and payable at the same time as its Corresponding Debt;</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is independent and separate from, and without prejudice to, its Corresponding Debt.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">For the purposes of this Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>), the Security Agent:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is the independent and separate creditor of each Parallel Debt;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Parallel Debt of an Obligor shall be:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">increased to the extent that its Corresponding Debt has increased,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Corresponding Debt of an Obligor shall be decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged, in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt to avoid any double recovery whatsoever from any Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All amounts received or recovered by the Security Agent in connection with this Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) to the extent permitted by applicable law, shall be applied in accordance with Clause 33.5 (<i>Application of receipts; partial payments</i>) so to avoid any double recovery whatsoever from any Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) shall apply, with any necessary modifications, to each Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="109" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">109</div>
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</div>

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<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Enforcement through Security Agent only</b></p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Finance Documents except through the Security Agent.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Instructions</b></p>
			</td>
		</tr>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall:</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by:</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter is an all Lender decision; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in all other cases, the Majority Lenders (or the Facility Agent on their behalf); and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (a) above shall not apply:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">where a contrary indication appears in a Finance Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">where a Finance Document requires the Security Agent to act in a specified manner or to take a specified action;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in respect of any provision which protects the Security Agent's own position in its personal capacity as opposed to its role of Security Agent for the relevant Secured Parties.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:36pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">in respect of the exercise of the Security Agent's discretion to exercise a right, power or authority under any of:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Clause 30.27 (<i>Application of receipts</i>);</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Clause 30.28 (<i>Permitted Deductions</i>); and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:71pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Clause 30.29 (<i>Prospective liabilities</i>).</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="110" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">110</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If giving effect to instructions given by the Majority Lenders would in the Security Agent's opinion have an effect equivalent to an amendment or waiver referred to in Clause 43 (<i>Amendments and Waivers</i>), the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would have been required in respect of that amendment or waiver.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it has not received any instructions as to the exercise of that discretion; or</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">the Security Agent shall do so having regard to the interests of all the Secured Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the remainder of this Clause 30.4 (<i>Instructions</i>), in the absence of instructions, the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance Party's consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or enforcement of the Transaction Security or Finance Documents, following the occurrence of an Event of Default which is continuing.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Duties of the Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No fiduciary duties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any Transaction Obligor or Approved Manager.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="111" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">111</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Business with the Group</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Rights and discretions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">assume that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly given in accordance with the terms of the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">unless it has received notice of revocation, that those instructions have not been revoked;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">rely on a certificate from any person:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">as sufficient evidence that that is the case and, in the case of sub-paragraph (A) above, may assume the truth and accuracy of that certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through the Facility Agent and may give to the Facility Agent any notice or other communication required to be given by the Security Agent to any Finance Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent for the Secured Parties) that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Default has occurred;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any notice or request made by the Borrower (other than a Utilisation Request or a Selection Notice) is made on behalf of and with the consent and knowledge of all the Transaction Obligors and the Approved Manager.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts and the reimbursement by an Obligor of such costs shall be subject to Clause 16.2 (<i>Amendment costs</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="112" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">112</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this to be desirable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may act in relation to the Finance Documents and the Security Property through its officers, employees and agents and shall not:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">be liable for any error of judgment made by any such person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part of any such person,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">unless such error or such loss was directly caused by the Security Agent's gross negligence or wilful misconduct.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party any information it reasonably believes it has received as security agent under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(j)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Responsibility for documentation</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">None of the Security Agent, any Receiver or Delegate is responsible or liable for:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the Security Agent, any Transaction Obligor or an Approved Manager any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any determination as to whether any information provided or to be provided to any Secured Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="113" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">113</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No duty to monitor</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">The Security Agent shall not be bound to enquire:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether or not any Default has occurred;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as to the performance, default or any breach by any Transaction Obligor or an Approved Manager of its obligations under any Transaction Document to which it is a party; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether any other event specified in any Transaction Document has occurred.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exclusion of liability</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver or Delegate will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Transaction Document or the Security Property, unless directly caused by its gross negligence or wilful misconduct;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any shortfall which arises on the enforcement or realisation of the Security Property; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">without prejudice to the generality of sub-paragraphs (i) to (iii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any act, event or circumstance not reasonably within its control; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the general risks of investment in, or the holding of assets in, any jurisdiction,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this paragraph (b) subject to Clause 1.5 (<i>Third party rights</i>) and the provisions of the Third Parties Act.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="114" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">114</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Security Agent if the Security Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Security Agent for that purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Nothing in this Agreement shall oblige the Security Agent to carry out:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any "know your customer" or other checks in relation to any person; or</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent or any Receiver or Delegate, any liability (including, without limitation, for negligence or any other category of liability whatsoever) of the Security Agent or any Receiver or Delegate arising under or in connection with any Transaction Document or the Security Property shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent. Receiver or Delegate or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Security Agent, any Receiver or Delegate at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent, the Receiver or Delegate has been advised of the possibility of such loss or damages.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.12</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Lenders' indemnity to the Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by any of them (otherwise than by reason of the Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which a Lender claims reimbursement relates to a liability of the Security Agent to an Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.13</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Resignation of the Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Alternatively, the Security Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrower, in which case the Majority Lenders may appoint a successor Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="115" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">115</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The retiring Security Agent shall make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Security Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and records and providing such assistance.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent's resignation notice shall only take effect upon:</p>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the appointment of a successor; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 30.24 (<i>Winding up of trust</i>) and paragraph (d) above) but shall remain entitled to the benefit of Clause 14.4 (<i>Indemnity to the Security Agent</i>) and this Clause 30 (<i>The Security Agent</i>) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Security Agent. Any fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date. Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The consent of the Borrower (or any other Transaction Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.14</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Confidentiality</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any other of its divisions or departments.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If information is received by a division or department of the Security Agent other than the division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.15</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Credit appraisal by the Finance Parties</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without affecting the responsibility of any Transaction Obligor or an Approved Manager for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Transaction Document including but not limited to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="116" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">116</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the financial condition, status and nature of each member of the Group;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.16</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Reliance and engagement letters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each Secured Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.17</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No responsibility to perfect Transaction Security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Security Agent shall not be liable for any failure to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Security Assets;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any Finance Document or the Transaction Security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">require any further assurance in relation to any Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="117" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">117</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.18</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Insurance by Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent shall not be obliged:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to insure any of the Security Assets;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to require any other person to maintain any insurance; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to verify any obligation to arrange or maintain insurance contained in any Finance Document,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and the Security Agent fails to do so within 14 days after receipt of that request.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.19</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Custodians and nominees</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.20</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Delegation by the Security Agent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.21</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Additional Security Agents</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if it considers that appointment to be in the interests of the Secured Parties; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent deems to be relevant; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">for obtaining or enforcing any judgment in any jurisdiction,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and the Security Agent shall give prior notice to the Borrower and the Finance Parties of that appointment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="118" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">118</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.22</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Acceptance of title</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Transaction Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.23</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Releases</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security Agent, the Security Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Secured Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.24</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Winding up of trust</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">If the Security Agent, with the approval of the Facility Agent determines that:</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">all of the Secured Liabilities and all other obligations secured by the Finance Documents have been fully and finally discharged; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor or an Approved Manager pursuant to the Finance Documents,</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">then</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Finance Documents; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Security Agent which has resigned pursuant to Clause 30.13 (<i>Resignation of the Security Agent</i>) shall release, without recourse or warranty, all of its rights under each Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.25</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Powers supplemental to Trustee Acts</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.26</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disapplication of Trustee Acts</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="119" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">119</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.27</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of receipts</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes of this Clause 30 (<i>The Security Agent</i>), the "<b>Recoveries</b>") shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the remaining provisions of this Clause 30 (<i>The Security Agent</i>)), in the following order of priority:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant to Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>) or any Receiver or Delegate;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties, for application towards the discharge of all sums due and payable by any Obligor under any of the Finance Documents in accordance with Clause 33.5 (<i>Application of receipts; partial payments</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if none of the Transaction Obligors is under any further actual or contingent liability under any Finance Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Transaction Obligor or Approved Manager; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the balance, if any, in payment or distribution to the relevant Transaction Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.28</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Permitted Deductions</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">The Security Agent may, in its discretion:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.29</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Prospective liabilities</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">Following enforcement of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for application in accordance with Clause 30.27 (<i>Application of receipts</i>) in respect of:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any sum to the Security Agent, any Receiver or any Delegate; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any part of the Secured Liabilities,</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="120" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">120</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.30</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Investment of proceeds</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 30.27 (<i>Application of receipts</i>) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of Clause 30.27 (<i>Application of receipts</i>).</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.31</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency conversion</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">For the avoidance of doubt, this provision<b> </b>shall in no way alter the currency and the repayment of the Facility, which shall always be in dollars.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.32</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Good discharge</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.33</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Amounts received by Obligors</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.34</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application and consideration</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">In consideration for the covenants given to the Security Agent by each Obligor in relation to Clause 30.2 (<i>Parallel Debt (Covenant to pay the Security Agent)</i>), the Security Agent agrees with each Obligor to apply all moneys from time to time paid by such Obligor to the Security Agent in accordance with the foregoing provisions of this Clause 30 (<i>The Security Agent</i>).</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>30.35</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Full freedom to enter into transactions</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">Without prejudice to any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or an Approved Manager or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or Approved Manager or any person who is party to, or referred to in, a Finance Document);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="121" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">121</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to deal in and enter into and arrange transactions relating to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any securities issued or to be issued by any Transaction Obligor or any other person; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any options or other derivatives in connection with such securities; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance Document,</p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:0pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>31</b></p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>CONDUCT OF BUSINESS BY THE FINANCE PARTIES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">No provision of this Agreement will:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SHARING AMONG THE FINANCE PARTIES</b></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payments to Finance Parties</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">If a Finance Party (a "<b>Recovering Finance Party</b>") receives or recovers any amount from an Obligor other than in accordance with Clause 33 (<i>Payment Mechanics</i>) (a "<b>Recovered Amount</b>") and applies that amount to a payment due to it under the Finance Documents then:</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 33 (<i>Payment Mechanics</i>), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the "<b>Sharing Payment</b>") equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 33.5 (<i>Application of receipts; partial payments</i>).</p>
			</td>
		</tr>

</table>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="122" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">122</div>
</div>
</div>

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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Redistribution of payments</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the "<b>Sharing Finance Parties</b>") in accordance with Clause 33.5 (<i>Application of receipts; partial payments</i>) towards the obligations of that Obligor to the Sharing Finance Parties.</td>
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</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Recovering Finance Party's rights</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">On a distribution by the Facility Agent under Clause 32.2 (<i>Redistribution of payments</i>) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.</td>
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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Reversal of redistribution</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</td>
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</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "<b>Redistributed Amount</b>"); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.</p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>32.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Exceptions</b></p>
			</td>
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</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Clause 32 (<i>Sharing among the Finance Parties</i>) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</p>
			</td>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">it notified that other Finance Party of the legal or arbitration proceedings; and</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</p>
			</td>
		</tr>

</table>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="123" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">123</div>
</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 11</b><br>
<br>
<b>ADMINISTRATION</b></p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PAYMENT MECHANICS</b></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Payments to the Facility Agent</b></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document to which it is a party in accordance with its terms, that Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Facility Agent, in each case, specifies.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Distributions by the Facility Agent</b></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 33.3 (<i>Distributions to an Obligor</i>) and Clause 33.4 (<i>Clawback and pre-funding</i>) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that currency, as specified by that Party or, in the case of the Loan, to such account of such person as may be specified by the Borrower in the Utilisation Request.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Distribu</b>t<b>ions to an Obligor</b></p>
			</td>
		</tr>

</table>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">The Facility Agent may (with the consent of the Obligors or in accordance with Clause 34 (<i>Set-Off</i>)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Clawback and pre-funding</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent has notified the Lenders that it is willing to make available amounts for the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent shall notify the Borrower of that Lender's identity and the Borrower shall on demand refund it to the Facility Agent; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="124" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">124</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Application of receipts; partial payments</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents to which it is a party in accordance with their terms, the Facility Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>first</b>, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>secondly</b>, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>thirdly</b>, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>fourthly</b>, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security Agent to vary (as applicable) the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraphs (a) and (b) above will override any appropriation made by an Obligor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>No set-off by Transaction Obligors</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">All payments to be made by an Obligor under the Finance Documents to which it is a party in accordance with their terms shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Business Days</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any payment under the Finance Documents 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).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.8</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency of account</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="125" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">125</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.9</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Change of currency</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Borrower); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.10</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Currency Conversion</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">To the extent applicable and subject to Clause 30.31 (<i>Currency conversion</i>):</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">for the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>33.11</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disruption to Payment Systems etc.</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">If either the Facility Agent determines (in its reasonable discretion) that a Disruption Event has occurred, or the Facility Agent is notified by the Borrower that a Disruption Event has occurred:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Facility Agent may deem necessary in the circumstances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above 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 such changes;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any such changes agreed upon by the Facility Agent and the Borrower shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties and any Obligor as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 43 (<i>Amendments and Waivers</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability 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 Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 33.11 (<i>Disruption to Payment Systems etc.</i>); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="126" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">126</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>34</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SET-OFF</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents to which it is a party in accordance with their terms (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>35</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>BAIL-IN</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document 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:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any Bail-In Action in relation to any such liability, including (without limitation):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a cancellation of any such liability; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>NOTICES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Communications in writing</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">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 electronic mail or letter.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Addresses</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">The postal address and email address (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 are:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of the Borrower, that specified in Schedule 1 (<i>The Parties</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of each Lender or any other Obligor, that specified in Schedule 1 (<i>The Parties</i>) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="127" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">127</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of the Facility Agent, that specified in Schedule 1 (<i>The Parties</i>); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of the Security Agent, that specified in Schedule 1 (<i>The Parties</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">or any substitute postal address, email address or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days' notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Delivery</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address; or,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if by way of electronic mail, in accordance with Clause 36.5 (<i>Electronic communication</i>),</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">and, if a particular department or officer is specified as part of its address details provided under Clause 36.2 (<i>Addresses</i>), if addressed to that department or officer.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (<i>The Parties</i>) (or any substitute department or officer as that Servicing Party shall specify for this purpose).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All notices from or to a Transaction Obligor or any Approved Manager shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any communication or document made or delivered to the Borrower in accordance with this Clause will be deemed to have been made or delivered to each of the Transaction Obligors or the Approved Manager (as applicable).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any communication or document which becomes effective, in accordance with paragraphs&nbsp;(a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of address</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Promptly upon receipt of notification of a postal address and email address or change of postal address or email address pursuant to Clause 36.2 (<i>Addresses</i>) or changing its own postal address or email address, the Facility Agent shall notify the other Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Electronic communication</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any communication to be made or document to be delivered by one Party to another under or in connection with the Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="128" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">128</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any such electronic communication or delivery as specified in paragraph (a) above to be made between an Obligor and a Finance Party may only be made in that way 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 or delivery.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any such electronic communication or document as specified in paragraph (a) above made or delivered by one Party to another will be effective only when actually received (or made available) in readable form and in the case of any electronic communication or document made or delivered by a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the Security Agent shall specify for this purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any electronic communication or document which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant communication or document is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any reference in a Finance Document to a communication being sent or received or a document being delivered shall be construed to include that communication or document being made available in accordance with this Clause 36.5 (<i>Electronic communication</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>36.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>English language</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any notice given under or in connection with any Finance Document must be in English.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All other documents provided under or in connection with any Finance Document must be:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in English; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>37</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CALCULATIONS AND CERTIFICATES</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>37.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Accounts</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <i>prima facie</i> evidence of the matters to which they relate subject to absence of a manifest error.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>37.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Certificates and determinations</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Any certification or determination by a Finance Party 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>37.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Day count convention</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">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 (except that interest computed by reference to paragraph (b) of the definition "Base Rate" shall be computed on the basis of a year of 365 days (or 366 days in a leap year)) or, in any case where the practice in the Relevant Market differs, in accordance with that market practice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="129" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">129</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>38</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PARTIAL INVALIDITY</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">If, at any time, any provision of a Finance Document 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 under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>39</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>SETTLEMENT OR DISCHARGE CONDITIONAL</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">Any settlement or discharge under any Finance Document between any Finance Party and any Transaction Obligor or any Approved Manager (as the case may be) shall be conditional upon no security or payment to any Finance Party by any Transaction Obligor or Approved Manager (as the case may be) or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>40</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>REMEDIES AND WAIVERS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No failure to exercise, nor any delay in exercising, on the part of 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 a 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 each Finance Document are cumulative and not exclusive of any rights or remedies provided by law.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">No variation or amendment of a Finance Document shall be valid unless in writing and signed by or on behalf of all the relevant Finance Parties in accordance with the provisions of Clause 43 (<i>Amendments and Waivers</i>).</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>41</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ENTIRE AGREEMENT</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Agreement, in conjunction with the other Finance Documents, constitutes the entire agreement between the Parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect of its subject matter.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor acknowledges that it has not entered into this Agreement or any other Finance Document in reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement or in any other Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>42</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>IRREVOCABLE PAYMENT</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">If the Facility Agent reasonably considers that an amount paid or discharged by, or on behalf of, an Obligor or by any other person in purported payment or discharge of an obligation of that Obligor to a Secured Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>AMENDMENTS AND WAIVERS</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Required consents</b></p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Subject to Clause 43.2 (<i>All Lender matters</i>) and Clause 43.3 (<i>Other exceptions</i>) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 43 (<i>Amendments and Waivers</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="130" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">130</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to the generality of Clause 29.7 (<i>Rights and discretions</i>), the Facility Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Paragraph (c) of Clause 27.9 (<i>Pro rata interest settlement</i>) shall apply to this Clause 43 (<i>Amendments and Waivers</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>All Lender matters</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Subject</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to Clause 43.4 (<i>Benchmark Replacement setting</i>), an amendment of or waiver or consent in relation to any term of any Finance Document that has the effect of changing or which relates to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the definition of "Majority Lenders" in Clause 1.1 (<i>Definitions</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a postponement to or extension of the date of payment of any amount under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a change in currency of payment of any amount under the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a change to any Transaction Obligor or any Approved Manager other than in accordance with Clause 28 (<i>Changes to the Transaction Obligors</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(g)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any provision which expressly requires the consent of all the Lenders;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(h)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">this Clause 43 (<i>Amendments and Waivers</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any change to the preamble (Background), Clause 2 (<i>The Facility</i>), Clause 3 (<i>Purpose</i>), Clause 5 (<i>Utilisation</i>), Clause 6.2 (<i>Effect of cancellation and prepayment on scheduled repayments</i>), Clause 7.4 (<i>Mandatory prepayment on sale or Total Loss</i>), Clause 8 (<i>Interest</i>), Clause 23.10 (<i>Compliance with laws etc</i>.), Clause 23.12 (<i>Sanctions and Ship trading</i>), Clause 25 (<i>Accounts and Application of Earnings</i>), Clause 27 (<i>Changes to the Lenders</i>), Clause 32 (<i>Sharing among the Finance Parties</i>), Clause 46 (<i>Governing Law</i>) or Clause 47 (<i>Enforcement</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(j)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the guarantee and indemnity granted under Clause 17 (<i>Guarantee and Indemnity</i>) or any other guarantee and indemnity forming part of the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the Security Assets; or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the manner in which the proceeds of enforcement of the Transaction Security are distributed,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">(except in the case of sub-paragraphs (ii) and (iii) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(k)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the release or any material variation of the guarantee and indemnity granted under Clause 17 (<i>Guarantee and Indemnity</i>) or of any Transaction Security or any guarantee, indemnity or subordination arrangement set out in a Finance Document unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document, shall not be made, or given, without the prior consent of all the Lenders.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="131" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">131</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other exceptions</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">An amendment or waiver which relates to the rights or obligations of a Servicing Party (each in their capacity as such) may not be effected without the consent of that Servicing Party, as the case may be.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Benchmark Replacement setting</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Benchmark Replacement</i>: Notwithstanding anything to the contrary herein or in any other Finance Document, upon the occurrence of a Benchmark Transition Event, the Facility Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Borrower so long as the Facility Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Majority Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this paragraph will occur prior to the applicable Benchmark Transition Start Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Conforming Changes</i>: In connection with the use or administration of Term SOFR, or the use, administration, adoption or implementation of a Benchmark Replacement, the Facility Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Finance Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Finance Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Notices</i>: Standards for Decisions and Determinations: The Facility Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes. The Facility Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (d) below. Any determination, decision or election that may be made by the Facility Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Clause 43.4 (<i>Benchmark Replacement setting</i>), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Finance Document, except, in each case, as expressly required pursuant to this Clause 43.4 (<i>Benchmark Replacement setting</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Unavailability of Tenor of Benchmark</i>: Notwithstanding anything to the contrary herein or in any other Finance Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Facility Agent in its reasonable discretion or (B) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Facility Agent may modify the definition of "Interest Period" (or any similar or analogous definition or related provisions) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Facility Agent may modify the definition of "Interest Period" (or any similar or analogous definition or related provisions) for all Benchmark settings at or after such time to reinstate such previously removed tenor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="132" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">132</div>
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<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><i>Benchmark Unavailability Period</i>: Upon the Borrowers' receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a borrowing of the Loan to be made during any Benchmark Unavailability Period.</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(f)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The following terms shall have the following meanings:</p>
			</td>
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		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">"<b>Available Tenor</b>" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (i) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (ii) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" or related provisions pursuant to paragraph (d) of this Clause 43.4 (<i>Benchmark Replacement setting</i>).</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">"<b>Benchmark</b>" means, initially, Term SOFR; provided that if a Benchmark Transition Event has occurred with respect to Term SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to paragraph (a) of this Clause 43.4 (<i>Benchmark Replacement setting</i>).</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">"<b>Benchmark Replacement</b>" means with respect to any Benchmark Transition Event, the sum of:</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the alternate benchmark rate that has been selected by the Facility Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the related Benchmark Replacement Adjustment;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">provided that, if such Benchmark Replacement as so determined would be less than zero, such Benchmark Replacement will be deemed to be zero for the purposes of this Agreement and the other Finance Documents.</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Benchmark Replacement Adjustment</b>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Facility Agent and the Borrower giving due consideration to:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM" data-number="133" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">133</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
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</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body; or</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Benchmark Replacement Date</b>" means the earliest to occur of the following events with respect to the then-current Benchmark:</p>
			</td>
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</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of paragraph (a) or paragraph (b) of the definition of "Benchmark Transition Event", the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in the case of paragraph (c) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such paragraph (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of paragraph (a) or paragraph (b) above with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).</p>
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		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Benchmark Transition Event</b>" means the occurrence of one or more of the following events with respect to the then-current Benchmark:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="134" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">134</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Benchmark Transition Start Date</b>" means, in the <b>case</b> of a Benchmark Transition Event, the earlier of:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the applicable Benchmark Replacement Date; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Benchmark Unavailability Period</b>" means, the period (if any):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Finance Document in accordance with this Clause 43.4 (<i>Benchmark Replacement setting</i>); and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Finance Document in accordance with this Clause 43.4 (<i>Benchmark Replacement setting</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Conforming Changes</b>" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", "Business Day", "U.S. Government Securities Business Day," or "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Facility Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Facility Agent in a manner substantially consistent with market practice (or, if the Facility Agent decides that adoption of any portion of such market practice is not administratively feasible or determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Facility Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Finance Documents).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Relevant Governmental Body</b>" 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">"<b>Unadjusted Benchmark Replacement</b>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>43.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Obligor Intent</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Without prejudice to the generality of Clauses 1.2 (<i>Construction</i>), the Borrower expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of any of the following (including, without limitation): business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="135" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">135</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>CONFIDENTIAL INFORMATION</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Confidentiality</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 44.2 (<i>Disclosure of Confidential Information</i>) and Clause 44.3 (<i>Disclosure to numbering service providers</i>) or as the case may be required by the U.S. Securities as Exchange Commissions in relation to the Guarantor, and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disclosure of Confidential Information</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">Any Finance Party may disclose:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, insurers, insurance advisors, insurance brokers, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to any person:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Transaction Obligors or any Approved Manager and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">appointed by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 29.14 (<i>Relationship with the other Finance Parties</i>));</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="136" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">136</div>
</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 27.8 (<i>Security over Lenders' rights</i>);</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(viii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">who is a Party, a member of the Group or any related entity of an Obligor;</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ix)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(x)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">with the consent of the Borrower;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to sub-paragraphs (i), (ii) and (iii) of paragraph (b) above, 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;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to sub-paragraph (iv) of paragraph (b) above, 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 some or all of such Confidential Information may be price-sensitive information;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 54pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">in relation to sub-paragraphs (v) and (vi) of paragraph (b) above, 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 that Finance Party, it is not practicable so to do in the circumstances;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">to any person appointed by that Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above 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 paragraph (c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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 Transaction Obligors and/or any Approved Manager.</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Disclosure to numbering service providers</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Transaction Obligors and/or any Approved Manager the following information:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">names of Transaction Obligors or Approved Managers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">country of domicile of Transaction Obligors or Approved Managers;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">place of incorporation of Transaction Obligors or Approved Managers;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-cell PGNUM" data-number="137" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">137</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(iv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">date of this Agreement;</p>
			</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(v)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Clause 46 (<i>Governing Law</i>);</p>
			</td>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the names of the Facility Agent;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(vii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">date of each amendment and restatement of this Agreement;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

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			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(viii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">amount of Total Commitments;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ix)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">currency of the Facility;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(x)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">type of Facility;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xi)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">ranking of Facility;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Termination Date for Facility;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xiii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">changes to any of the information previously supplied pursuant to sub-paragraphs (i) to (xii) above; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(xiv)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">such other information agreed between such Finance Party and the Borrower,</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Transaction Obligors or Approved Managers 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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Each Obligor represents, on behalf of itself and the other Transaction Obligors and Approved Managers, that none of the information set out in sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Entire agreement</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">This Clause 44 (<i>Confidential Information</i>) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Inside information</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Finance Parties 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 each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Notification of disclosure</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (v) of paragraph (b) of Clause 44.2 (<i>Disclosure of Confidential Information</i>) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="138" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">138</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 44 (<i>Confidential Information</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>44.7</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Continuing obligations</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">The obligations in this Clause 44 (<i>Confidential Information</i>) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">the date on which such Finance Party otherwise ceases to be a Finance Party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>45</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>COUNTERPARTS</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">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.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="139" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">139</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SECTION 12</b><br>
<br>
<b>GOVERNING LAW AND ENFORCEMENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>46</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>GOVERNING LAW</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>47</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>ENFORCEMENT</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>47.1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Jurisdiction</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Unless specifically provided in another Finance Document in relation to that Finance Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a "<b>Dispute</b>").</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent allowed by law, this Clause 47.1 (<i>Jurisdiction</i>) is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>47.2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Service of process</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">irrevocably appoints Shoreside Agents Ltd of 11, the Timber Yard, Drysdale Street, London N1 6ND, England, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>48</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>PATRIOT ACT NOTICE</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">Each of the Secured Parties notifies the Borrower that pursuant to the requirements of the PATRIOT Act and the policies and practices of the Secured Parties, each of the Secured Parties is required to obtain, verify and record certain information and documentation that identifies the Borrower, which information includes the name and address of the Borrower and such other information that will allow the Facility Agent and each of the Lenders to identify the Borrower in accordance with the PATRIOT Act.</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify; font-size: 10pt;"><b>&nbsp; &nbsp; &nbsp;This Agreement has been entered into on the date stated at the beginning of this Agreement.</b></td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="140" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">140</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>THE PARTIES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 1</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><br>
<b>The Obligors</b></p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:24pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align: top; width: 23%; padding: 0px;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Name of Borrower</b></p>
			</td>
			<td style="vertical-align:top;width:25.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Place of Incorporation</b></p>
			</td>
			<td style="vertical-align:top;width:23.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Registration number (or equivalent, if any)</b></p>
			</td>
			<td style="vertical-align:top;width:28.6%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Address for Communication</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:23.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>LEONIDAS SHIPPING LTD.</b></p>
			</td>
			<td style="vertical-align:top;width:25.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Marshall Islands</p>
			</td>
			<td style="vertical-align:top;width:23.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">112879</p>
			</td>
			<td style="vertical-align:top;width:28.6%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">c/o Eurobulk Ltd.</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">4 Messogiou &amp; Evropis Street, Maroussi, 151 -24,</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Greece</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e-mail: njp@euroltd.gr</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">sih@eurobulk.gr&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:23.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>EUROSEAS LTD.</b></p>
			</td>
			<td style="vertical-align:top;width:25.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Marshall Islands</p>
			</td>
			<td style="vertical-align:top;width:23.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">14606</p>
			</td>
			<td style="vertical-align:top;width:28.6%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">c/o Eurobulk Ltd.</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">4 Messogiou &amp; Evropis Street, Maroussi, 151 -24,</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Greece</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e-mail: njp@euroltd.gr</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">sih@eurobulk.gr</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:23.4%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>EUROBULK LTD.</b></p>
			</td>
			<td style="vertical-align:top;width:25.2%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Liberia</p>
			</td>
			<td style="vertical-align:top;width:23.9%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">112879</p>
			</td>
			<td style="vertical-align:top;width:28.6%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">c/o Eurobulk Ltd.</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">4 Messogiou &amp; Evropis Street, Maroussi, 151 -24,</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Greece</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">e-mail: njp@euroltd.gr</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">sih@eurobulk.gr</p>
			</td>
		</tr>

</table>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="141" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">141</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 2</b><br>
&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>The Original Lenders</b><br>
&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 27.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Name of Original Lender</b></p>
			</td>
			<td style="vertical-align: top; width: 28.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Commitment</b></p>
			</td>
			<td style="vertical-align: top; width: 42.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Address for Communication</b></p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 27.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>
			</td>
			<td style="vertical-align: top; width: 28.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">$22,000,000</p>
			</td>
			<td style="vertical-align: top; width: 42.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">11 West 42<sup style="vertical-align:top;line-height:120%;">nd</sup>&nbsp;Street<br>
			New York<br>
			New York 10036<br>
			USA<br>
			<br>
			Email: Christos.Giannopoulos@firstcitizens.com</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">Attention: FCB Maritime Finance</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 27.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 28.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 42.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 27.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 28.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 42.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 24.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.7%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 24.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.7%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="vertical-align: top; width: 24.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.6%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 24.7%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="142" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">142</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 3</b><br>
<br>
<b>The Servicing Parties</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Name of Facility Agent</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Address for Communication</b></p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">11 West 42<sup style="vertical-align:top;line-height:120%;">nd</sup>&nbsp;Street<br>
			New York<br>
			New York 10036<br>
			USA<br>
			<br>
			Email: Christos.Giannopoulos@firstcitizens.com</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">Attention: FCB Maritime Finance</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Name of Security Agent</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>Address for Communication</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">&nbsp;</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>
			</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">11 West 42<sup style="vertical-align:top;line-height:120%;">nd</sup>&nbsp;Street<br>
			New York<br>
			New York 10036<br>
			USA<br>
			<br>
			Email: Christos.Giannopoulos@firstcitizens.com</p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt; font-variant: normal; margin: 0pt 0pt 0pt 44pt;">Attention: FCB Maritime Finance</p>
			</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 52.8%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td colspan="2" style="vertical-align: top; width: 46.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 32.9%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.2%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 32.9%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.2%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">
			<td style="vertical-align: top; width: 32.9%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33.2%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 9pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 9pt; font-variant: normal; margin: 0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="143" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">143</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>CONDITIONS PRECEDENT</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 1</b><br>
<br>
<b>Conditions Precedent to Utilisation Request</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Obligors</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of the constitutional documents of each Transaction Obligor and the Approved Manager.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of a resolution of the board of directors of each Transaction Obligor and the Approved Manager:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request and each Selection Notice) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An original of the power of attorney of any Transaction Obligor and the Approved Manager authorising a specified person or persons to execute the Finance Documents to which it is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of a resolution signed by the board of directors of the Shareholder as the holder of the issued shares in the Borrower, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Borrower is a party.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A certificate of each Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Obligor to be exceeded.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A certificate of each Transaction Obligor and the Approved Manager that is incorporated outside the UK (signed by a director) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A certificate of an authorised signatory of the relevant Transaction Obligor and the Approved Manager certifying that each copy document relating to it specified in this Part A of Schedule 2 (<i>Conditions Precedent</i>) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Shipbuilding Contract</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Copies of the Shipbuilding Contract and of all documents signed or issued by the Borrower or the Builder (or both of them) under or in connection with it.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution by the Borrower and the Builder of the Shipbuilding Contract and of all documents to be executed by the Borrower and the Builder.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="144" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">144</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Finance Documents</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A duly executed original of any Finance Document not otherwise referred to in this Schedule 2 (<i>Conditions Precedent</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A duly executed original of any other document required to be delivered by each Finance Document if not otherwise referred to this Schedule 2 (<i>Conditions Precedent</i>).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A duly executed original of each Account Security and of the Shares Security (and of each document to be delivered under each of them).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>5</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Legal opinions</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A legal opinion of Watson, Farley &amp; Williams, Greece, legal advisers to the Facility Agent and the Security Agent in England, substantially in the form distributed to the Original Lenders before signing this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">If a Transaction Obligor or an Approved Manager is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed to the Original Lenders before signing this Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>6</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other documents and evidence</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Evidence that any process agent referred to in Clause 47.2 (<i>Service of process</i>), if not an Obligor, has accepted its appointment.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Original Financial Statements of the Guarantor.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The original of any mandates or other documents required in connection with the opening or operation of the Accounts.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause&nbsp;11 (<i>Fees</i>) and Clause 16 (<i>Costs and Expenses</i>) have been paid or will be paid by the Utilisation Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6.6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="145" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">145</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 2</b><br>
<br>
<b>Conditions Precedent to Utilisation </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt; font-size: 48pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>1</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Borrower</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify; font-size: 10pt;">A certificate of an authorised signatory of the Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 2 (<i>Conditions Precedent</i>) is correct, complete and in full force and effect as at the Utilisation Date.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>2</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Ship and other security</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A duly executed original of the Mortgage, the General Assignment and any Charterparty Assignment and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage has been duly recorded or will be duly recorded simultaneously or shortly after delivery of the Ship from the Builder as a valid first preferred ship mortgage in accordance with the laws of the jurisdiction of the Approved Flag.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Documentary evidence that the Ship:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">has been unconditionally delivered or will be delivered by the Builder to, and accepted by, the Borrower under the Shipbuilding Contract (including, without limitation, evidence of completion of all relevant trials) and that the full contract price payable and all other sums due to the Builder under the Shipbuilding Contract, other than the sums to be financed pursuant to the Utilisation of the Loans, have been paid to the Builder;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is definitively and provisionally registered in the name of the Borrower under the Approved Flag;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">maintains the Approved Classification with the Approved Classification Society free of overdue recommendations and conditions of the Approved Classification Society affecting class; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(e)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Documents establishing that the Ship will, as from the Utilisation Date, be managed commercially and technically (as the case may be) by an Approved Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a Manager's Undertaking by each Approved Manager; and</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">copies of the Inventory of Hazardous Materials, the relevant Approved Manager's Document of Compliance and of the Ship's Safety Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Ship including without limitation an ISSC.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A valuation of the Ship, obtained by the Facility Agent at the cost of the Borrower and addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 10 Business Days before the Utilisation Date from an Approved Valuer.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="146" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">146</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>3</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Legal opinions</b></p>
			</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: auto; text-align: justify; font-size: 10pt;">Legal opinions of the legal advisers to the Facility Agent and the Security Agent in the jurisdiction of the Approved Flag of the Ship, Marshall Islands and New York and such other relevant jurisdictions as the Facility Agent may require.</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>4</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Other documents and evidence</b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (<i>Fees</i>) and Clause 16 (<i>Costs and Expenses</i>) have been paid or will be paid by the Utilisation Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Evidence satisfactory to the Facility Agent that the Minimum Cash Reserve is standing to the credit of the Cash Reserve Account on the Utilisation Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4.3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">A copy of any other Authorisation or other document, opinion or assurance which the Lenders consider to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document referred to in Paragraph 2 (<i>Ship and other security</i>) above or for the validity and enforceability of any such Transaction Document.</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="147" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">147</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 3</b><br>
<br>
<b>Conditions Subsequent to Utilisation</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Evidence satisfactory to the Facility Agent that the Ship has completed survey status report and copies of the Class Survey Status Report within 5 Business Days of the Delivery Date.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="148" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">148</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>REQUESTS</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 4</b><br>
<br>
<b>Utilisation Request</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp; &nbsp; &nbsp;From: [<i>Borrower</i>]</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp; &nbsp; &nbsp;To: [<i>Facility Agent</i>]</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 44pt;">Dated: [&#9679;]</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp; &nbsp; &nbsp;[Borrower] &#8211; [&#9679;] Facility Agreement dated [&#9679;] (the "<b>Agreement</b>")</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We wish to borrow the Loan on the following terms:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px; font-size: 10pt;">Proposed Utilisation Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
			<td style="width: 1065px; font-size: 10pt;">[&#9679;] (or, if that is not a Business Day, the next Business Day)</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px;">&nbsp;</td>
			<td style="width: 1065px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px; font-size: 10pt;">Amount:</td>
			<td style="width: 1065px; font-size: 10pt;">[&#9679;] or, if less, the Available Facility</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px;">&nbsp;</td>
			<td style="width: 1065px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">Interest Period for the Loan:</p>
			</td>
			<td style="width: 1065px;">
			<p style="margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">[&#9679;]</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">[You are authorised and requested to deduct from the Loan prior to funds being remitted the following amounts set out against the following items:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px; font-size: 10pt;">Deductible Items&nbsp;&nbsp;</td>
			<td style="width: 1065px; font-size: 10pt;">$</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px;">&nbsp;</td>
			<td style="width: 1065px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px; font-size: 10pt;">Arrangement Fee</td>
			<td style="width: 1065px; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px;">&nbsp;</td>
			<td style="width: 1065px;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 261px; font-size: 10pt;">Net proceeds of the Loan&nbsp;&nbsp;</td>
			<td style="width: 1065px; font-size: 10pt;">_____________]</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We confirm that each condition specified in Clause 4.1 (<i>Initial conditions precedent</i>) and Clause 4.2 (<i>Further conditions precedent</i>) of the Agreement is satisfied on the date of this Utilisation Request.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The [net] proceeds of the Loan should be credited to [account].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Utilisation Request is irrevocable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Yours faithfully</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">____________________</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Name:</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Title:</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">authorised signatory for</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">[<i>Borrower</i>]</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="149" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">149</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>Part 5</b><br>
<br>
<b>Selection Notice</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">From:&nbsp;&nbsp;&nbsp;&nbsp;<b>[</b>&#9679;<b>]</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 44pt;">Dated: [&#9679;] 2024</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>[</b>&#9679;<b>]- $22,000,000 Facility Agreement dated [</b>&#9679;<b>] 2024 (the "Agreement")</b></p>

<p style="margin: 0pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We request [that the next Interest Period for the Loan be [&#9679;]] OR [an Interest Period for a part of the Loan in an amount equal to [&#9679;] (which is the amount of the Repayment Instalment next due) ending on [&#9679;] (which is the Repayment Date relating to that Repayment Instalment) and that the Interest Period for the remaining part of the Loan shall be [&#9679;]].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Selection Notice is irrevocable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Yours faithfully</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">____________________</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Name:</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Title:</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">authorised signatory for</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">[<i>Borrower</i>]</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="150" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">150</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>FORM OF TRANSFER CERTIFICATE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b> as Facility Agent</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">From:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[The Existing Lender] (the "<b>Existing Lender</b>") and [The New Lender] (the "<b>New Lender</b>")</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 44pt;">Dated: [&#9679;]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>[</b>&#9679;<b>] </b>&#8211;<b> $22,000,000 Facility Agreement dated [</b>&#9679;<b>] 2024 (the "Agreement")</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to Clause 27.5 (<i>Procedure for transfer</i>) of the Agreement:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender's rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause 27.5 (<i>Procedure for transfer</i>) of the Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The proposed Transfer Date is [&#9679;].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 36.2 (<i>Addresses</i>) of the Agreement are set out in the Schedule.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 27.4 (<i>Limitation of responsibility of Existing Lenders</i>) of the Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Transfer Certificate 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 this Transfer Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="151" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">151</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;"><b>THE SCHEDULE</b><br>
<br>
<b>Commitment/rights</b> <b>and obligations to be transferred</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;"><b>[insert relevant details]</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;">[Facility Office address, fax number and attention details<br>
for notices and account details for payments.]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">[Existing Lender]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New Lender]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 277pt;text-indent:-277pt;">By: [&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: [&#9679;]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [&#9679;].</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">By: [&#9679;]</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="152" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">152</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>FORM OF ASSIGNMENT AGREEMENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;text-indent:-36pt;">To:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b> as Facility Agent and [&#9679;] as Borrower, for and on behalf of each Transaction Obligor and the Approved Manager</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">From:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[the Existing Lender] (the "<b>Existing Lender</b>") and [the New Lender] (the "<b>New Lender</b>")</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 44pt;">Dated: [&#9679;]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>[</b>&#9679;<b>]</b> <b>- $22,000,000 Facility Agreement dated [</b>&#9679;<b>] 2024 (the "Agreement")</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to Clause 27.6 (<i>Procedure for assignment</i>) of the Agreement:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender's Commitment and participations in the Loan under the Agreement as specified in the Schedule.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitments and participations in the Loan under the Agreement specified in the Schedule.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">All rights and interests (present, future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely, free of any defects in the Existing Lender's title and of any rights or equities which the Borrower or any other Transaction Obligor or Approved Manager had against the Existing Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The proposed Transfer Date is [&#9679;].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">4</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">5</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Facility Office and address, fax, number and attention details for notices of the New Lender for the purposes of Clause 36.2 (<i>Addresses</i>) of the Agreement are set out in the Schedule.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">6</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in paragraph (c) of Clause 27.4 (<i>Limitation of responsibility of Existing Lenders</i>) of the Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">7</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 27.7 (<i>Copy of Transfer Certificate or Assignment Agreement to Borrower</i>) of the Agreement, to the Borrower (on behalf of each Transaction Obligor and the Approved Manager) of the assignment referred to in this Assignment Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">8</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Assignment Agreement 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 this Assignment Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">9</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="153" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">153</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">10</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender's Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="154" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">154</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;"><b>THE SCHEDULE</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;"><b>Commitment rights and obligations to be transferred by assignment, release and accession</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;">[insert relevant details]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 44pt;">[Facility office address, fax number and attention details for notices<br>
and account details for payments]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">[Existing Lender]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[New Lender]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">By: [&#9679;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: [&#9679;]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as [&#9679;].</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party.</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">By:</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" data-number="155" data-prefix="" data-suffix="" style="text-align: center; width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">155</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>FORM OF COMPLIANCE CERTIFICATE</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">To:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b> as Facility Agent</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">From:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>[</b>&#9679;<b>]</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 44pt;">Dated: [&#9679;]</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>[</b>&#9679;<b>] </b>&#8211;<b> $22,000,000 Facility Agreement dated [</b>&#9679;<b>] 2024 (the "Agreement")</b></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">We confirm that:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>(a)</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The credit balance of the Cash Reserve Account is $[&#9679;].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Market Value Adjusted Total Assets [&#9679;] minus Total Liabilities [&#9679;] = [&#9679;] (Net Worth).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Leverage Ratio:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(i)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Total Liabilities [&#9679;]; to</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">&nbsp;</td>
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(ii)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Market Value Adjusted Total Assets [&#9679;].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</p>
			</td>
			<td style="width: auto;">
			<p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">= [&#9679;].</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 27pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">3</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">[We confirm that no Default is continuing.]</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%;">

		<tr>
			<td style="width: 59px;">&nbsp;</td>
			<td style="width: 192px;">Signed:</td>
			<td style="width: 1111px;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 59px;">&nbsp;</td>
			<td style="width: 192px;">________________________</td>
			<td style="width: 1111px;">________________________</td>
		</tr>
		<tr>
			<td style="width: 59px;">&nbsp;</td>
			<td style="width: 192px;">Director</td>
			<td style="width: 1111px;">Director</td>
		</tr>
		<tr>
			<td style="width: 59px;">&nbsp;</td>
			<td style="width: 192px;">of</td>
			<td style="width: 1111px;">of</td>
		</tr>
		<tr>
			<td style="width: 59px;">&nbsp;</td>
			<td style="width: 192px;"><b>[</b>&#9679;<b>]</b></td>
			<td style="width: 1111px;"><b>[</b>&#9679;<b>]</b></td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">________________________</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">for and on behalf of</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;"><b>[</b><b><i>name of Auditors of the Guarantor</i></b><b>]</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="156" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">156</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>SCHEDULE</b><br>
<br>
<b>TIMETABLES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:73.2434640522876%;margin-left:0pt;margin-right:auto;">

		<tr>
			<td style="vertical-align:top;width:50.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Delivery of a duly completed Utilisation Request (Clause 5.1 (<i>Delivery of the Utilisation Request</i>)) or a Selection Notice (Clause 9.1 (<i>Selection of Interest Periods</i>))</p>
			</td>
			<td style="vertical-align:top;width:50.7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Five Business Days before the intended Utilisation Date (Clause 5.1 (<i>Delivery of the Utilisation Request</i>)) or the expiry of the preceding Interest Period (Clause 9.1 (<i>Selection of Interest Periods</i>))</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:50.5%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Facility Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (<i>Lenders' participation</i>)</p>
			</td>
			<td style="vertical-align:top;width:50.7%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 44pt;">Three Business Days before the intended Utilisation Date.</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="157" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">157</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>EXECUTION PAGES</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>BORROWER</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 50%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNED</b> by</td>
			<td style="width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">)</td>
			<td style="width: 40%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">as attorney-in-fact</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Stefania Karmiri</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">for and on behalf of</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;"><b>LEONIDAS SHIPPING LTD</b>&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">in the presence of:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' signature:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' name:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' address:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>GUARANTOR</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 50%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNED</b> by</td>
			<td style="width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">)</td>
			<td style="width: 40%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">as attorney-in-fact</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Stefania Karmiri</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">for and on behalf of</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;"><b>EUROSEAS LTD</b>&nbsp;&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">in the presence of:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' signature:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' name:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' address:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>ORIGINAL LENDERS</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 50%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNED</b> by</td>
			<td style="width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">)</td>
			<td style="width: 40%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">duly authorised attorney-in-fact</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Stavroula Giannopoulou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">for and on behalf of</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">in the presence of:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' signature:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Ifigeneia-Dafni Soldatou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' name:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' address:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="158" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">158</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>FACILITY AGENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 50%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNED</b> by</td>
			<td style="width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">)</td>
			<td style="width: 40%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">/s/ Stavroula Giannopoulou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">duly authorised attorney-in-fact</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">for and on behalf of</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">in the presence of:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' signature:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Ifigeneia-Dafni Soldatou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' name:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' address:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>SECURITY AGENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table cellpadding="0pt" cellspacing="0pt" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">

		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="width: 50%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b>SIGNED</b> by</td>
			<td style="width: 10%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; text-align: right;">)</td>
			<td style="width: 40%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">/s/ Stavroula Giannopoulou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">duly authorised attorney-in-fact</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">for and on behalf of</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;"><b>FIRST-CITIZENS BANK &amp; TRUST COMPANY</b></td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">in the presence of:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%;">&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' signature:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">/s/ Ifigeneia-Dafni Soldatou</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' name:</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>
		<tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 50%;">Witness' address:&nbsp;</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 10%; text-align: right;">&nbsp;)</td>
			<td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 40%;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="LAST-PAGE-BREAK">
<div class="PGFTR">
<div class="hf-row">
<div class="hf-cell PGNUM" data-number="159" data-prefix="" data-suffix="" style="text-align: center; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">159</div>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>10
<FILENAME>ex_660784.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html><head>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; padding:0in .1in;">
<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 8.1</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">List of Subsidiaries</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">

		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><u>Subsidiary</u></b></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><u>Country of Incorporation</u></b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Noumea Maritime Ltd.</p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Joanna Maritime Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Jonathan John Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Gregos Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Corfu Navigation Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Diamantis Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Hydra Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Spetses Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Kea Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Antwerp Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Keelung Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Oakland Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Busan Shipping Ltd</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Jonathan Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Marcos Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Gregos Maritime Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Terataki Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Emmanuel Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Rena Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Tender Soul Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Leonidas Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Monica Shipowners Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Stephania Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Pepi Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Dear Panel Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Symeon Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Liberia</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Manolis Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Athens Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Oinousses Navigation Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Bridge Shipping Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><u>Eurocon Ltd.</u></p>
			</td>
			<td style="vertical-align: top; width: 50%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><u>Marshall Islands</u></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>11
<FILENAME>ex_660785.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 12.1</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><u>CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">I, Aristides J. Pittas, certify that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">1. I have reviewed this annual report on Form 20-F of Euroseas Ltd. (the &#8220;Company&#8221;);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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:</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">b)</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
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</table>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">b)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Date: April 30, 2024</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><u>/s/ Aristides J. Pittas</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Aristides J. Pittas</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Chief Executive Officer</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>12
<FILENAME>ex_660786.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 12.2</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b><u>CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</u></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">I, Anastasios Aslidis, certify that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">1. I have reviewed this annual report on Form 20-F of Euroseas Ltd. (the &#8220;Company&#8221;);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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;</p>
			</td>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">c)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">d)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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):</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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</p>
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		</tr>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">b)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">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.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Date: April 30, 2024</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><u>/s/ Anastasios Aslidis</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Anastasios Aslidis</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Chief Financial Officer</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>13
<FILENAME>ex_660787.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 13.1</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>CHIEF EXECUTIVE OFFICER CERTIFICATION</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>PURSUANT TO 18 U.S.C. SECTION 1350</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In connection with this Annual Report of Euroseas Ltd. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Aristides J. Pittas, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p>
			</td>
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			<td style="width: 18pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Date: April 30, 2024</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><u>/s/ Aristides J. Pittas</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Aristides J. Pittas</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Chief Executive Officer</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>14
<FILENAME>ex_660788.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 13.2</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>CHIEF FINANCIAL OFFICER CERTIFICATION</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>PURSUANT TO 18 U.S.C. SECTION 1350</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In connection with the Annual Report of Euroseas Ltd. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2023 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:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">1.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</p>
			</td>
		</tr>

</table>

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			<td style="width: 18pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">2.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Date: April 30, 2024</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><u>/s/ Anastasios Aslidis</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u><u>&nbsp;</u></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Dr. Anastasios Aslidis</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Chief Financial Officer</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>15
<FILENAME>ex_660789.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 15.1</u></i></b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">We consent to the incorporation by reference in Registration Statement Nos. 333-268708 and 333-269066 on Form F-3 of our report dated April 30, 2024, relating to the consolidated financial statements of Euroseas Ltd. appearing in the&nbsp;Annual Report on Form 20-F of Euroseas Ltd. for the year ended December 31, 2023.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">/s/ Deloitte Certified Public Accountants S.A.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Athens, Greece</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">April 30, 2024</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<DOCUMENT>
<TYPE>EX-97.1
<SEQUENCE>16
<FILENAME>ex_660790.htm
<DESCRIPTION>EXHIBIT 97.1
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<p style="font-family:Times New Roman;font-size:12pt;font-variant:normal;text-align:right;margin:0pt 0pt 0pt 8pt;"><b><i><u>EXHIBIT 97.1</u></i></b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>EUROSEAS LTD.</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>POLICY REGARDING THE RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>I.</b></p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Introduction</u></b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Board of Euroseas Ltd., a Marshall Islands corporation (the &#8220;<u>Company</u>&#8221;), is dedicated to maintaining and enhancing a culture that emphasizes integrity and accountability and that reinforces the Company&#8217;s pay-for-performance compensation philosophy. In accordance with the applicable rules of the Nasdaq (the &#8220;<u>Exchange Rules</u>&#8221;), and Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), the Board has therefore adopted this Policy, which provides for the recoupment, otherwise referred to as &#8220;clawback&#8221;, of certain erroneously awarded Incentive-Based Compensation from Executive Officers in the event of an Accounting Restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws, and which is intended to comply with Section&nbsp;954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Section II.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>II.</b></p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Definitions </u></b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Accounting Restatement</i></b>&#8221;&nbsp;means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a &#8220;Big R&#8221;&nbsp;or reissuance restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a &#8220;little r&#8221;&nbsp;or revision restatement). For the avoidance of doubt, in no event will a restatement of the Company&#8217;s financial statements that is not due in whole or in part to the Company&#8217;s material noncompliance with any financial reporting requirement under applicable law (including any rule or regulation promulgated thereunder) be considered an Accounting Restatement under this Policy. For example, a restatement due exclusively to a retrospective application of any one or more of the following will not be considered an Accounting Restatement under this Policy: (i) a change in accounting principles; (ii) revision to reportable segment information due to a change in the structure of the Company&#8217;s internal organization; (iii) reclassification due to a discontinued operation; (iv) application of a change in reporting entity, such as from a reorganization of entities under common control; and (v) revision for stock splits, reverse stock splits, stock dividends or other changes in capital structure.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Board</i></b>&#8221;<i>&nbsp;</i>means the Board of Directors of the Company.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Clawback Eligible Incentive Compensation</i></b>&#8221;&nbsp;means all Incentive-Based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Exchange rules adopted in order to comply with Rule 10D-1, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to the applicable Incentive-Based Compensation (whether or not such Executive Officer is serving as such at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(4)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Clawback Period</i></b>&#8221;&nbsp;means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date (as defined below), and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.</p>
			</td>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(5)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Committee</i></b>&#8221;<b>&nbsp;</b>means the<b><i>&nbsp;</i></b>Compensation Committee of the Company (if composed entirely of independent directors, or in the absence of such a committee, a majority of independent directors serving on the Board).</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(6)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Erroneously Awarded Compensation</i></b>&#8221;&nbsp;means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-Based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(7)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Exchange</i></b>&#8221;&nbsp;means Nasdaq.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(8)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Executive Officer</i></b>&#8221;&nbsp;means each individual who is (a) a current or former executive officer, as determined by the Committee (as defined below) in accordance with Section 10D and Rule 10D-1 of the Exchange Act and the listing standards of the Exchange, (b) a current or former employee who is classified by the Committee as an executive officer of the Company, which includes without limitation any of the Company&#8217;s president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), vice president in charge of a principal business unit, division or function (such as sales, administration or finance), and any other person who performs policy-making functions for the Company (including executive officers of a parent or subsidiary if they perform policy-making functions for the Company), and (3) an employee who may from time to time be deemed subject to the Policy by the Committee. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include each executive officer who is or was identified pursuant to Item 6.A of Form 20-F, as applicable.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(9)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Financial Reporting Measures</i></b>&#8221;&nbsp;means measures that are determined and presented in accordance with the accounting principles used in preparing the Company&#8217;s financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company&#8217;s financial statements or included in a filing with the SEC.</p>
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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(10)</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Incentive-Based Compensation</i></b>&#8221;&nbsp;shall have the meaning set forth in Section III below.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(11)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Exchange Effective Date</i></b>&#8221;&nbsp;means October 2, 2023.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(12)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Policy</i></b>&#8221;<i>&nbsp;</i>means this Clawback Policy, as the same may be amended and/or restated from time to time.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(13)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Incentive-Based Compensation will be deemed &#8220;<b><i>Received</i></b>&#8221;&nbsp;in the Company&#8217;s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation documentation is attained, even if (a) the payment or grant of the Incentive-Based Compensation to the Executive Officer occurs after the end of that period or (b) the Incentive-Based Compensation remains contingent and subject to further conditions thereafter, such as time-based vesting.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(14)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;Restatement Date</i></b>&#8221;&nbsp;means the earlier to occur of (i) the date the Board, a committee of the Board, or the officer(s) of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(15)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;SARs</i></b>&#8221;<i>&nbsp;</i>means shareholder appreciate rights.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(16)</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>&#8220;SEC</i></b>&#8221;<i>&nbsp;</i>means the U.S. Securities and Exchange Commission.</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>III.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Incentive-Based Compensation</u></b></p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">&#8220;Incentive-Based Compensation&#8221; shall mean any compensation that is granted, earned or vested wholly or in part upon the attainment of a Financial Reporting Measure.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 27pt;">For purposes of this Policy, specific examples of Incentive-Based Compensation include, but are not limited to:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Non-equity incentive plan awards that are earned based, wholly or in part, on satisfaction of a Financial Reporting Measure performance goal;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Bonuses paid from a &#8220;bonus pool,&#8221;&nbsp;the size of which is determined, wholly or in part, based on satisfaction of a Financial Reporting Measure performance goal;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Other&nbsp;cash awards based on satisfaction of a Financial Reporting Measure performance goal;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Restricted stock, restricted stock units, performance share units, stock options and SARs that are granted or become vested, wholly or in part, on satisfaction of a Financial Reporting Measure performance goal; and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Proceeds&nbsp;received upon the sale of shares acquired through an incentive plan that were granted or vested based, wholly or in part, on satisfaction of a Financial Reporting Measure performance goal.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">For purposes of this Policy, Incentive-Based Compensation excludes:</p>

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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Any base salaries (except with respect to any salary increases earned, wholly or in part, based on satisfaction of a Financial Reporting Measure performance goal);</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Bonuses paid solely at the discretion of the Committee or Board that are not paid from a &#8220;bonus pool&#8221;&nbsp;that is determined by satisfying a Financial Reporting Measure performance goal;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
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			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period;</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Non-equity incentive plan awards earned solely upon satisfying one or more strategic measures (e.g., consummating a merger or divestiture) or operational measures (e.g., completion of a project, acquiring a specified number of vessels, attainment of a certain market share); and</p>
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			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Equity awards that vest solely based on the passage of time and/or satisfaction of one or more non-Financial Reporting Measures (e.g., a time-vested award, including time-vesting stock options or restricted share rights).</p>
			</td>
		</tr>

</table>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>IV.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Administration and Interpretation </u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">This Policy shall be administered by the Committee and/or the Board, and any determinations made by the Committee and/or the Board shall be final and binding on all affected individuals. The Committee and/or the Board shall determine the amount of any Erroneously Awarded Compensation Received by each Executive Officer and shall promptly deliver written notice to each Executive Officer containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such compensation, as applicable. For the avoidance of doubt, recovery of Erroneously Awarded Compensation is on a &#8220;no fault&#8221; basis, meaning that it will occur regardless of whether the Executive Officer engaged in misconduct or was otherwise directly or indirectly responsible, in whole or in part, for the Accounting Restatement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Committee is authorized to interpret and construe this Policy and to make all determinations and to take such actions as may be necessary, appropriate, or advisable for the administration of this Policy and for the Company&#8217;s compliance with the Exchange Rules, Section 10D, Rule 10D-1 and any other applicable law, regulation, rule or interpretation of the SEC or the Exchange promulgated or issued in connection therewith.</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>V.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Recovery of Erroneously Awarded Compensation</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In the event of an Accounting Restatement, the Committee shall promptly determine in good faith the amount of any Erroneously Awarded Compensation Received in accordance with the Exchange Rules and Rule 10D-1 for each Executive Officer in connection with such Accounting Restatement and shall promptly thereafter provide each Executive Officer with a written notice containing the amount of Erroneously Awarded Compensation (without regard to any taxes paid thereon by the Executive Officer) and a demand for repayment or return, as applicable.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">a.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><u>Cash Awards</u>. With respect to cash awards, the Erroneously Awarded Compensation is the difference between the amount of the cash award (whether payable as a lump sum or over time) that was Received and the amount that should have been received applying the restated Financial Reporting Measure.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">b.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><u>Cash Awards Paid from Bonus Pools</u>. With respect to cash awards paid from bonus pools, the Erroneously Awarded Compensation is the pro rata portion of any deficiency that results from the aggregate bonus pool that is reduced based on applying the restated Financial Reporting Measure.</p>
			</td>
		</tr>

</table>

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<div class="hf-cell PGNUM">&nbsp;</div>
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<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">c.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><u>Equity Awards</u>. With respect to equity awards, if the shares, options or SARs are still held at the time of recovery, the Erroneously Awarded Compensation is the number of such securities Received in excess of the number that should been received applying the restated Financial Reporting Measure (or the value in excess of that number). If the options or SARs have been exercised, but the underlying shares have not been sold, the Erroneously Awarded Compensation is the number of shares underlying the excess options or SARs (or the value thereof). If the underlying shares have already been sold, then the Committee and/or Board shall determine the amount which most reasonably estimates the Erroneously Awarded Compensation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 72pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">d.</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><u>Compensation Based on Stock Price or Total Shareholder Return</u>. For Incentive-Based Compensation based on (or derived from) stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement, (i) the amount shall be determined by the Committee and/or Board based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was Received; and (ii) the Committee and/or Board shall maintain documentation of such determination of that reasonable estimate and provide such documentation to the Exchange in accordance with applicable listing standards.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Committee shall have discretion to determine the appropriate means of recovering Erroneously Awarded Compensation based on the particular facts and circumstances. Notwithstanding the foregoing, except as set forth in Section VI below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of an Executive Officer&#8217;s obligations hereunder.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent that the Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy. To the extent that the Erroneously Awarded Compensation is recovered under a foreign recovery regime, the recovery would meet the obligations of Rule 10D-1.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(4)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">To the extent that an Executive Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Executive Officer. The applicable Executive Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal and other collection related fees) by the Company in recovering such Erroneously Awarded Compensation.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>VI.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Discretionary Recovery</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section V above if the Committee determines that recovery would be impracticable and any of the following three conditions are met.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">The Committee has determined that the direct expenses, such as reasonable legal expenses and consulting fees, paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. In order for the Committee to make this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Compensation, document such attempt(s) to recover, and provide such documentation to the Exchange&#894;&nbsp;&nbsp;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(2)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Recovery would violate home country law where that law was adopted prior to November 28, 2022, provided that, before determining that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company has obtained an opinion of home country counsel, acceptable to the Exchange, that recovery would result in such a violation and a copy of the opinion is provided to Exchange;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
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<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
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<div class="hf-cell TOCLink">&nbsp;</div>
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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

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		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">(3)</p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;">Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>VII.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Recoupment Period Covered and Amount</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">If an Accounting Restatement occurs, the Committee shall review all Incentive-Based Compensation that was granted, vested or earned on the basis of having met or exceeded Financial Reporting Measures and that was Received by an Executive Officer during the Clawback Period. With respect to each Executive Officer, the Committee shall, as provided under this Policy, seek to require the forfeiture or repayment of (1)&nbsp;the Erroneously Awarded Compensation, whether vested or unvested and including proceeds received upon the sale of shares acquired through an incentive plan that were granted or vested based wholly or in part on satisfying a Financial Reporting Measure, Received during the Clawback Period in the event of an Accounting Restatement, and (2) to the extent the Executive Officer engages in Detrimental Conduct, applicable Incentive-Based Compensation received thereafter.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">Compensation shall be deemed to have been Received in the fiscal period in which the Financial Reporting Measure is attained, even if the Incentive-Based Compensation is not actually paid until a later date or where the compensation is subject to additional service-based or non-financial goal-based vesting conditions after the period ends. The amount to be recovered will be as provided for in this Policy.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>VIII.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Method of Recovery of Erroneously Awarded Compensation</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Committee will determine, in its sole discretion, the method for recovering Erroneously Awarded Compensation hereunder, which may include, without limitation:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Requiring reimbursement of cash Incentive-Based Compensation previously paid;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(2)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Seeking recovery of any gain realized on the granting, vesting, exercise, settlement, sale, transfer or other disposition of any equity or equity-based awards;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(3)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Offsetting the recouped amount from any compensation otherwise owed by the Company or its affiliates to the Executive Officer;</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(4)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cancelling outstanding vested or unvested equity or equity-based awards and/or reducing outstanding future payments due or possibly due in respect of amounts already Received; and/or</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:37pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(5)</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Taking any other remedial and recovery action permitted by law, as determined by the Committee.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>IX.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Disclosure Requirements</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Company shall file all disclosures with respect to this Policy in accordance with the requirements of the federal securities laws, including the disclosure required by the rules and applicable filings required to be made with the SEC.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>X.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>No Indemnification</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company&#8217;s enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-Based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company&#8217;s right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy). While an Executive Officer may purchase a third-party insurance policy to fund potential recovery obligations under this Policy, the Company may not pay or reimburse the Executive Officer for premiums for such an insurance policy.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGFTR" style="text-align: center; width: 100%">
<div class="hf-row">
<div class="hf-cell PGNUM">&nbsp;</div>
</div>
</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">
<div class="hf-row">
<div class="hf-cell TOCLink">&nbsp;</div>
</div>
</div>
</div>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>XI.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Effective Date</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">This Policy shall be effective as of the Exchange Effective Date.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>XII.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Amendment; Termination</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">The Committee and thereafter, the Board, may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to comply with the requirements of any federal securities laws, SEC rule or the rules of any national securities exchange or national securities association on which the Company&#8217;s securities are then listed.&nbsp;Notwithstanding anything in this Section XII to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule, or the rules of any national securities exchange or national securities association on which the Company&#8217;s securities are then listed.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>XIII.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Other Recovery Rights</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">This Policy will be applied to the fullest extent of the law. The Board and/or the Committee may, to the fullest extent of the law, require that any employment agreement, equity award agreement, or other plan, agreement or arrangement providing for incentive compensation shall, as a condition to the grant, receipt or vesting of any benefit thereunder, require an Executive Officer to agree to abide by the terms of this Policy, including requiring the execution of the attestation and acknowledgement set forth in Exhibit&nbsp;A to this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity or equity-based plan or award agreement, or other plan, agreement or arrangement providing for incentive compensation and any other legal remedies available to the Company. However, this Policy shall not provide for recovery of Incentive-Based Compensation that the Company has already recovered pursuant to Section 304 of the Sarbanes-Oxley Act or other recovery obligations.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 36pt;">&nbsp;</td>
			<td style="width: 36pt;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>XIV.</b></p>
			</td>
			<td style="width: auto;">
			<p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><u>Successors</u></b></p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">This Policy shall be binding and enforceable against all Executive Officers and their beneficiaries, executors, administrators, permitted transferees, permitted assignees or other legal representatives, and shall inure to the benefit of any successor or assignee of the Company.</p>

<div class="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div class="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div class="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>Exhibit A</b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><b>ATTESTATION AND ACKNOWLEDGEMENT OF POLICY REGARDING THE RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">By my signature below, I acknowledge and agree that:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:49pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">I have received and read the attached Policy Regarding the Recovery of Erroneously Awarded Compensation (this &#8220;<b><i>Policy</i></b>&#8221;).</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">

		<tr>
			<td style="width:49pt;">&nbsp;</td>
			<td style="vertical-align:top;width:18pt;">
			<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">I hereby agree to abide by all of the terms of this Policy both during and after my employment with the Company, including, without limitation, by promptly repaying or returning any Erroneously Awarded Compensation to the Company as determined in accordance with this Policy.</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:middle;width:72.3%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">Signature:<u>_____________________</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 72.4%; text-align: right;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:middle;width:72.4%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">Printed Name:<u>_____________________</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 72.4%; text-align: right;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:middle;width:99.6%;">
			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">Date:<u>_____________________</u></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:13.4%;">&nbsp;</td>
			<td style="vertical-align: middle; width: 72.4%; text-align: right;">&nbsp;</td>
		</tr>

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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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  <xsd:element abstract="true" id="esea_FirstDebtAgreementMember" name="FirstDebtAgreementMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_FirstTwelveInstallmentsMember" name="FirstTwelveInstallmentsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_FixedManagementFeesMember" name="FixedManagementFeesMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" name="FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" name="FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" name="FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element id="esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" name="FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_GregosShippingLtd1Member" name="GregosShippingLtd1Member" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_HSBCBankPLCMember" name="HSBCBankPLCMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InstallationOfEnergySavingDevicesMember" name="InstallationOfEnergySavingDevicesMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember" name="InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InstallationOfWbtSystemImprovementsOnVesselMember" name="InstallationOfWbtSystemImprovementsOnVesselMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InsuranceMember" name="InsuranceMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_InterestAndOtherFinancingCosts" name="InterestAndOtherFinancingCosts" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_InterestAndOtherFinancingCostsRelatedParty" name="InterestAndOtherFinancingCostsRelatedParty" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InterestRateContractsRealizedLossGainMember" name="InterestRateContractsRealizedLossGainMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_InterestRateContractsUnrealizedLossGainMember" name="InterestRateContractsUnrealizedLossGainMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_InventoryOnBoard" name="InventoryOnBoard" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember" name="JonathanJohnShippingLtdCorfuNavigationLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_JonathanJohnShippingLtdMember" name="JonathanJohnShippingLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_JonathanShipownersLtdMember" name="JonathanShipownersLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" name="KeaShipownersLtdSpetsesShipownersLtdHydraShipownersLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LessorOperatingLeaseOptionToRenewalTerm" name="LessorOperatingLeaseOptionToRenewalTerm" nillable="true" substitutionGroup="xbrli:item" type="xbrli:durationItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent" name="LiabilityAssociatedWithAssetHeldForSaleCurrent" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_LiabilityAssociatedWithAssetHeldForSaleMember" name="LiabilityAssociatedWithAssetHeldForSaleMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" name="LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="instant"/>
  <xsd:element abstract="true" id="esea_LoanAgreementsMember" name="LoanAgreementsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_LoanEquivalentToDepositsMember" name="LoanEquivalentToDepositsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_LoanExceedingDepositAmountMember" name="LoanExceedingDepositAmountMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_LoanPayableSixteenQuarterlyInstruments" name="LoanPayableSixteenQuarterlyInstruments" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_LoanPayableTwelveQuarterlyInstruments" name="LoanPayableTwelveQuarterlyInstruments" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" 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="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_LubricantsMember" name="LubricantsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVEMAstoriaMember" name="MVEMAstoriaMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVEmmanuelPMember" name="MVEmmanuelPMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVManolisPMember" name="MVManolisPMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVMarcosVMember" name="MVMarcosVMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVRenaPMember" name="MVRenaPMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSeaspanManilaMember" name="MVSeaspanManilaMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MVSeaspanMelbourneMember" name="MVSeaspanMelbourneMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MaerskLineASMember" name="MaerskLineASMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MarcosShipptingLtdMember" name="MarcosShipptingLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvAkinadaBridgeMember" name="MvAkinadaBridgeMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvGregosMember" name="MvGregosMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvJonathanPMember" name="MvJonathanPMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvLeonidasMember" name="MvLeonidasMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvLeonidasZMember" name="MvLeonidasZMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvMonicaAndMvStephaniaMember" name="MvMonicaAndMvStephaniaMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvTenderSoulMember" name="MvTenderSoulMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_MvTeratakiMember" name="MvTeratakiMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types: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 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_NoumeaShippingLtdGregosShippingLtdMember" name="NoumeaShippingLtdGregosShippingLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types: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_NumberOfVesselsUnderConstruction" name="NumberOfVesselsUnderConstruction" nillable="true" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_NumberOfVesselsUnencumbered" name="NumberOfVesselsUnencumbered" nillable="true" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_NumberOfVesselsUsedAsCollateral" name="NumberOfVesselsUsedAsCollateral" nillable="true" substitutionGroup="xbrli:item" type="xbrli:integerItemType" xbrli:periodType="instant"/>
  <xsd:element id="esea_OfferingExpensesPolicyTextBlock" name="OfferingExpensesPolicyTextBlock" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_OfficersAndDirectorsMember" name="OfficersAndDirectorsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" name="OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" 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 id="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" name="OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim" name="OtherOperatingIncomeRelatedToUnrepairedDamageClaim" 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="dtr-types: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_PaymentsForVesselsUnderConstruction" name="PaymentsForVesselsUnderConstruction" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels" name="PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements" name="PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" name="PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" name="PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_PiraeusBankSAMember" name="PiraeusBankSAMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_PortChargesAndCanalDuesMember" name="PortChargesAndCanalDuesMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types: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_ProceedsFromSaleOfVessels" name="ProceedsFromSaleOfVessels" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_ProfessionalAndLegalFeesMember" name="ProfessionalAndLegalFeesMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements" name="PropertyPlantAndEquipmentAcquisitionsAndImprovements" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PropertyPlantAndEquipmentNetVesselImpairment" name="PropertyPlantAndEquipmentNetVesselImpairment" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PropertyPlantAndEquipmentVesselImpairment" name="PropertyPlantAndEquipmentVesselImpairment" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="debit" xbrli:periodType="duration"/>
  <xsd:element id="esea_PurchaseTransactionsPolicyTextBlock" name="PurchaseTransactionsPolicyTextBlock" nillable="true" substitutionGroup="xbrli:item" type="dtr-types: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_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="dtr-types:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionCommissionPercentage" name="RelatedPartyTransactionCommissionPercentage" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:percentItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" name="RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_RenaShippingLtdMember" name="RenaShippingLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_RepairsAndMaintenanceMember" name="RepairsAndMaintenanceMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types: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_RevolvingLoanFacilityMember" name="RevolvingLoanFacilityMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_SaleAndLeasebackFinancing" name="SaleAndLeasebackFinancing" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" xbrli:balance="credit" xbrli:periodType="duration"/>
  <xsd:element id="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" name="ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" name="ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element id="esea_ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" name="ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SealandMaerskAsiaPteLtdMember" name="SealandMaerskAsiaPteLtdMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SeaspanManilaInplaceAttachedTimeCharterMember" name="SeaspanManilaInplaceAttachedTimeCharterMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SeaspanManilaVesselsMember" name="SeaspanManilaVesselsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember" name="SeaspanMelbourneInplaceAttachedTimeCharterMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SeaspanMelbourneVesselsMember" name="SeaspanMelbourneVesselsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementFirstPaymentsMember" name="SecondDebtAgreementFirstPaymentsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementMember" name="SecondDebtAgreementMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondDebtAgreementSecondPaymentsMember" name="SecondDebtAgreementSecondPaymentsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecondTwelveInstallmentsMember" name="SecondTwelveInstallmentsMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
  <xsd:element abstract="true" id="esea_SecuredOvernightFinancingRateSOFRMember" name="SecuredOvernightFinancingRateSOFRMember" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:domainItemType" xbrli:periodType="duration"/>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>18
<FILENAME>esea-20231231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>20
<FILENAME>esea-20231231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <link:label xlink:label="esea_statement-statement-note-14-voyage-expenses-and-vessel-operating-expenses-tables-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 14 - Voyage Expenses and Vessel Operating Expenses</link:label>
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    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain" xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain</link:label>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Instruments Not Designated as Hedging Instruments, Gain</link:label>
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    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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"/>
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    <link:loc xlink:href="esea-20231231.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>
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    <link:loc xlink:href="esea-20231231.xsd#esea_statement-statement-note-4-advances-for-vessels-under-construction-schedule-of-advances-for-vessels-under-construction-details" xlink:label="esea_statement-statement-note-4-advances-for-vessels-under-construction-schedule-of-advances-for-vessels-under-construction-details" xlink:type="locator"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_statement-statement-note-4-advances-for-vessels-under-construction-schedule-of-advances-for-vessels-under-construction-details" xlink:to="esea_statement-statement-note-4-advances-for-vessels-under-construction-schedule-of-advances-for-vessels-under-construction-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_statement-statement-note-5-vessels-net-summary-of-vessels-details" xlink:label="esea_statement-statement-note-5-vessels-net-summary-of-vessels-details" xlink:type="locator"/>
    <link:label xlink:label="esea_statement-statement-note-5-vessels-net-summary-of-vessels-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 5 - Vessels, Net - Summary of Vessels (Details)</link:label>
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    <link:label xlink:label="esea_statement-statement-note-6-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 6 - Accrued Expenses - Summary of Accrued Expenses (Details)</link:label>
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    <link:label xlink:label="esea_statement-statement-note-9-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 9 - Long-term Bank Loans - Summary of Long-term Debt (Details)</link:label>
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    <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>
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    <link:label xlink:label="esea_statement-statement-note-16-financial-instruments-fair-value-measurement-on-a-nonrecurring-basis-details-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Note 16 - Financial Instruments - Fair Value measurement on a Non-recurring Basis (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-measurement-on-a-nonrecurring-basis-details" xlink:to="esea_statement-statement-note-16-financial-instruments-fair-value-measurement-on-a-nonrecurring-basis-details-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_NotesToFinancialStatements" xlink:label="esea_NotesToFinancialStatements" xlink:type="locator"/>
    <link:label xlink:label="esea_NotesToFinancialStatements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes To Financial Statements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NotesToFinancialStatements" xlink:to="esea_NotesToFinancialStatements-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_NotesToFinancialStatementsAbstract" xlink:label="esea_NotesToFinancialStatementsAbstract" xlink:type="locator"/>
    <link:label xlink:label="esea_NotesToFinancialStatementsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Notes To Financial Statements [Abstract]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NotesToFinancialStatementsAbstract" xlink:to="esea_NotesToFinancialStatementsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Granted, 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:label="us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeNumberOfInstrumentsHeld-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeNumberOfInstrumentsHeld</link:label>
    <link:label xlink:label="us-gaap_DerivativeNumberOfInstrumentsHeld-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative, Number of Instruments Held, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeNumberOfInstrumentsHeld" xlink:to="us-gaap_DerivativeNumberOfInstrumentsHeld-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/label" xlink:type="resource" xml:lang="en-US">Interest rate swap contracts, current liability</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:type="locator"/>
    <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>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="locator"/>
    <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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" xlink:type="locator"/>
    <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</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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:type="locator"/>
    <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>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:to="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1</link:label>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1-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, Options, Vested in Period, Fair Value</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AsyadLineLlcMember" xlink:label="esea_AsyadLineLlcMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AsyadLineLlcMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asyad Line LLC [Member]</link:label>
    <link:label xlink:label="esea_AsyadLineLlcMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Asyad Line LLC.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AsyadLineLlcMember" xlink:to="esea_AsyadLineLlcMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_LessorOperatingLeaseOptionToRenewalTerm" xlink:label="esea_LessorOperatingLeaseOptionToRenewalTerm" xlink:type="locator"/>
    <link:label xlink:label="esea_LessorOperatingLeaseOptionToRenewalTerm-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LessorOperatingLeaseOptionToRenewalTerm</link:label>
    <link:label xlink:label="esea_LessorOperatingLeaseOptionToRenewalTerm-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Option to Renewal Term (Month)</link:label>
    <link:label xlink:label="esea_LessorOperatingLeaseOptionToRenewalTerm-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents option to renewal term for operating lease of lessor.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LessorOperatingLeaseOptionToRenewalTerm" xlink:to="esea_LessorOperatingLeaseOptionToRenewalTerm-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares</link:label>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares-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, Options, Nonvested Options Forfeited, Number of Shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.xsd#esea_CashAndLeasebackFinancingTransaction" xlink:label="esea_CashAndLeasebackFinancingTransaction" xlink:type="locator"/>
    <link:label xlink:label="esea_CashAndLeasebackFinancingTransaction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CashAndLeasebackFinancingTransaction</link:label>
    <link:label xlink:label="esea_CashAndLeasebackFinancingTransaction-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and Leaseback Financing Transaction</link:label>
    <link:label xlink:label="esea_CashAndLeasebackFinancingTransaction-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of cash and leaseback financing transaction for he vessel construction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CashAndLeasebackFinancingTransaction" xlink:to="esea_CashAndLeasebackFinancingTransaction-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_VesselConstructionCosts" xlink:label="esea_VesselConstructionCosts" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselConstructionCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_VesselConstructionCosts</link:label>
    <link:label xlink:label="esea_VesselConstructionCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vessel Construction Costs</link:label>
    <link:label xlink:label="esea_VesselConstructionCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cost related to the construction and rebuilding of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselConstructionCosts" xlink:to="esea_VesselConstructionCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvLeonidasMember" xlink:label="esea_MvLeonidasMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvLeonidasMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V &#8220;Leonidas&#8221; [Member]</link:label>
    <link:label xlink:label="esea_MvLeonidasMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel known as M/V &#8220;Leonidas&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvLeonidasMember" xlink:to="esea_MvLeonidasMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvTenderSoulMember" xlink:label="esea_MvTenderSoulMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvTenderSoulMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V &#8220;Tender Soul&#8221; [Member]</link:label>
    <link:label xlink:label="esea_MvTenderSoulMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel known as M/V &#8220;Tender Soul&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvTenderSoulMember" xlink:to="esea_MvTenderSoulMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeaseTermOfContract" xlink:label="us-gaap_LessorOperatingLeaseTermOfContract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LessorOperatingLeaseTermOfContract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LessorOperatingLeaseTermOfContract</link:label>
    <link:label xlink:label="us-gaap_LessorOperatingLeaseTermOfContract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lessor, Operating Lease, Term of Contract (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeaseTermOfContract" xlink:to="us-gaap_LessorOperatingLeaseTermOfContract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ForeignCurrencyExchangeRateRemeasurement1" xlink:label="us-gaap_ForeignCurrencyExchangeRateRemeasurement1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ForeignCurrencyExchangeRateRemeasurement1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ForeignCurrencyExchangeRateRemeasurement1</link:label>
    <link:label xlink:label="us-gaap_ForeignCurrencyExchangeRateRemeasurement1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign Currency Exchange Rate, Remeasurement (in USD per EUR)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyExchangeRateRemeasurement1" xlink:to="us-gaap_ForeignCurrencyExchangeRateRemeasurement1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/label" xlink:type="resource" xml:lang="en-US">Accrued dividends</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_VesselTeratakiMember" xlink:label="esea_VesselTeratakiMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselTeratakiMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel &#8220;Terataki&#8221; [Member]</link:label>
    <link:label xlink:label="esea_VesselTeratakiMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel known as &#8220;Terataki&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselTeratakiMember" xlink:to="esea_VesselTeratakiMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_VesselGregosMember" xlink:label="esea_VesselGregosMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselGregosMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel &#8220;Gregos&#8221; [Member]</link:label>
    <link:label xlink:label="esea_VesselGregosMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel known as &#8220;Gregos&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselGregosMember" xlink:to="esea_VesselGregosMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_InstallationOfEnergySavingDevicesMember" xlink:label="esea_InstallationOfEnergySavingDevicesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InstallationOfEnergySavingDevicesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Installation of Energy Saving Devices [Member]</link:label>
    <link:label xlink:label="esea_InstallationOfEnergySavingDevicesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the installation of energy saving devices.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InstallationOfEnergySavingDevicesMember" xlink:to="esea_InstallationOfEnergySavingDevicesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvTeratakiMember" xlink:label="esea_MvTeratakiMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvTeratakiMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V &#8220;Terataki&#8221; [Member]</link:label>
    <link:label xlink:label="esea_MvTeratakiMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessel known as M/V &#8220;Terataki&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvTeratakiMember" xlink:to="esea_MvTeratakiMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 and improvements for vessels under construction 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</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="esea-20231231.xsd#esea_PropertyPlantAndEquipmentVesselImpairment" xlink:label="esea_PropertyPlantAndEquipmentVesselImpairment" xlink:type="locator"/>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PropertyPlantAndEquipmentVesselImpairment</link:label>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">- Vessel impairment</link:label>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of impairment recognized during the period on vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PropertyPlantAndEquipmentVesselImpairment" xlink:to="esea_PropertyPlantAndEquipmentVesselImpairment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_GregosShippingLtd1Member" xlink:label="esea_GregosShippingLtd1Member" xlink:type="locator"/>
    <link:label xlink:label="esea_GregosShippingLtd1Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gregos Shipping Ltd. 1[Member]</link:label>
    <link:label xlink:label="esea_GregosShippingLtd1Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Gregos Shipping Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_GregosShippingLtd1Member" xlink:to="esea_GregosShippingLtd1Member-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_The32KeyPersonsMember" xlink:label="esea_The32KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The32KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 32 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The32KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the The 32 Key Persons.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The32KeyPersonsMember" xlink:to="esea_The32KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_DepreciationVesselImparirment" xlink:label="esea_DepreciationVesselImparirment" xlink:type="locator"/>
    <link:label xlink:label="esea_DepreciationVesselImparirment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DepreciationVesselImparirment</link:label>
    <link:label xlink:label="esea_DepreciationVesselImparirment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">- Vessel impairment</link:label>
    <link:label xlink:label="esea_DepreciationVesselImparirment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of expense recognized as vessel impairment 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.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DepreciationVesselImparirment" xlink:to="esea_DepreciationVesselImparirment-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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: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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NoncashInvestingAndFinancingItemsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing, and investing activities fees:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_NoncashInvestingAndFinancingItemsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</link:label>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-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, Number of Shares Authorized (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:type="locator"/>
    <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>
    <link:label xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-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, Award Vesting Rights, Percentage</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:label="us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FinancialInstrumentsDisclosureTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments Disclosure [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsDisclosureTextBlock" xlink:to="us-gaap_FinancialInstrumentsDisclosureTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LiabilitiesCurrentAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestPaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestPaid</link:label>
    <link:label xlink:label="us-gaap_InterestPaid-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_VestingDomain" xlink:label="us-gaap_VestingDomain" xlink:type="locator"/>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Supplemental cash flow information</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain" xlink:type="locator"/>
    <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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" xlink:label="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net income attributable to common shareholders</link:label>
    <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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic" xlink:to="us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</link:label>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1</link:label>
    <link:label xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="locator"/>
    <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 income attributable to common shareholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Description and Basis of Presentation [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Award Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_EcoDesignFuelEfficientContainershipsMember" xlink:label="esea_EcoDesignFuelEfficientContainershipsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_EcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eco Design Fuel Efficient Containerships [Member]</link:label>
    <link:label xlink:label="esea_EcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding Eco design fuel efficient containerships with a carrying capacity of about 2,800 teu.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_EcoDesignFuelEfficientContainershipsMember" xlink:to="esea_EcoDesignFuelEfficientContainershipsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:type="locator"/>
    <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="esea-20231231.xsd#esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity" xlink:label="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity" xlink:type="locator"/>
    <link:label xlink:label="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity</link:label>
    <link:label xlink:label="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</link:label>
    <link:label xlink:label="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the cost at which vessels will be constructed, financed with a combination of debt and equity.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity" xlink:to="esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AnnualCompensationMember" xlink:label="esea_AnnualCompensationMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AnnualCompensationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Compensation [Member]</link:label>
    <link:label xlink:label="esea_AnnualCompensationMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the annual compensation expense.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AnnualCompensationMember" xlink:to="esea_AnnualCompensationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_ExecutiveManagementFeesMember" xlink:label="esea_ExecutiveManagementFeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ExecutiveManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Management Fees [Member]</link:label>
    <link:label xlink:label="esea_ExecutiveManagementFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the executive management fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ExecutiveManagementFeesMember" xlink:to="esea_ExecutiveManagementFeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 income</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">Net income</link:label>
    <link:label xlink:label="us-gaap_NetIncomeLoss-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Income (Loss) Attributable to Parent</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 income</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_PropertyPlantAndEquipmentNetVesselImpairment" xlink:label="esea_PropertyPlantAndEquipmentNetVesselImpairment" xlink:type="locator"/>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentNetVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PropertyPlantAndEquipmentNetVesselImpairment</link:label>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentNetVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">- Vessel impairment</link:label>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentNetVesselImpairment-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of impairment recognized during the period on vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PropertyPlantAndEquipmentNetVesselImpairment" xlink:to="esea_PropertyPlantAndEquipmentNetVesselImpairment-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_CrewFeesMember" xlink:label="esea_CrewFeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_CrewFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Crew Fees [Member]</link:label>
    <link:label xlink:label="esea_CrewFeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the crew fees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CrewFeesMember" xlink:to="esea_CrewFeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_DebtInstrumentNumberOfQuarterlyPayments" xlink:label="esea_DebtInstrumentNumberOfQuarterlyPayments" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyPayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentNumberOfQuarterlyPayments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyPayments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument Number of Quarterly Payments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfQuarterlyPayments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents debt instrument number of quarterly payments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentNumberOfQuarterlyPayments" xlink:to="esea_DebtInstrumentNumberOfQuarterlyPayments-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_CommissionForSaleOfVessels" xlink:label="esea_CommissionForSaleOfVessels" xlink:type="locator"/>
    <link:label xlink:label="esea_CommissionForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_CommissionForSaleOfVessels</link:label>
    <link:label xlink:label="esea_CommissionForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commission for Sale of Vessels</link:label>
    <link:label xlink:label="esea_CommissionForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of commission granted for the sale of a vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CommissionForSaleOfVessels" xlink:to="esea_CommissionForSaleOfVessels-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvMonicaAndMvStephaniaMember" xlink:label="esea_MvMonicaAndMvStephaniaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvMonicaAndMvStephaniaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V &#8220;Monica&#8221; and M/V &#8220;Stephania&#8221; [Member]</link:label>
    <link:label xlink:label="esea_MvMonicaAndMvStephaniaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the vessels known as M/V &#8220;Monica&#8221; and M/V &#8220;Stephania&#8221;.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvMonicaAndMvStephaniaMember" xlink:to="esea_MvMonicaAndMvStephaniaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="esea-20231231.xsd#esea_SaleAndLeasebackFinancing" xlink:label="esea_SaleAndLeasebackFinancing" xlink:type="locator"/>
    <link:label xlink:label="esea_SaleAndLeasebackFinancing-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_SaleAndLeasebackFinancing</link:label>
    <link:label xlink:label="esea_SaleAndLeasebackFinancing-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale and Leaseback Financing</link:label>
    <link:label xlink:label="esea_SaleAndLeasebackFinancing-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of sale and leaseback financing received on the sale of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SaleAndLeasebackFinancing" xlink:to="esea_SaleAndLeasebackFinancing-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestCostsCapitalized" xlink:label="us-gaap_InterestCostsCapitalized" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_InterestCostsCapitalized-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_InterestCostsCapitalized</link:label>
    <link:label xlink:label="us-gaap_InterestCostsCapitalized-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest Costs Capitalized</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="esea-20231231.xsd#esea_ConversionOfSeriesBPreferredStockToCommonStockMember" xlink:label="esea_ConversionOfSeriesBPreferredStockToCommonStockMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ConversionOfSeriesBPreferredStockToCommonStockMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Conversion of Series B Preferred Stock to Common Stock [Member]</link:label>
    <link:label xlink:label="esea_ConversionOfSeriesBPreferredStockToCommonStockMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding the conversion of Series B preferred stock to common stock.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ConversionOfSeriesBPreferredStockToCommonStockMember" xlink:to="esea_ConversionOfSeriesBPreferredStockToCommonStockMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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">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="esea-20231231.xsd#esea_LoanExceedingDepositAmountMember" xlink:label="esea_LoanExceedingDepositAmountMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanExceedingDepositAmountMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Exceeding Deposit Amount [Member]</link:label>
    <link:label xlink:label="esea_LoanExceedingDepositAmountMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Loan Exceeding Deposit Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanExceedingDepositAmountMember" xlink:to="esea_LoanExceedingDepositAmountMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_LoanEquivalentToDepositsMember" xlink:label="esea_LoanEquivalentToDepositsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanEquivalentToDepositsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Equivalent to Deposits [Member]</link:label>
    <link:label xlink:label="esea_LoanEquivalentToDepositsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Loan Equivalent to Deposits</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanEquivalentToDepositsMember" xlink:to="esea_LoanEquivalentToDepositsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SecondTwelveInstallmentsMember" xlink:label="esea_SecondTwelveInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecondTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Twelve Installments [Member]</link:label>
    <link:label xlink:label="esea_SecondTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the Second Twelve Installments payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecondTwelveInstallmentsMember" xlink:to="esea_SecondTwelveInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SettledLitigationMember" xlink:label="us-gaap_SettledLitigationMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SettledLitigationMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Settled Litigation [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SettledLitigationMember" xlink:to="us-gaap_SettledLitigationMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_FirstTwelveInstallmentsMember" xlink:label="esea_FirstTwelveInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_FirstTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">First Twelve Installments [Member]</link:label>
    <link:label xlink:label="esea_FirstTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the First Twelve Installments payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FirstTwelveInstallmentsMember" xlink:to="esea_FirstTwelveInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/terseLabel" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Net, Total</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_MvLeonidasZMember" xlink:label="esea_MvLeonidasZMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvLeonidasZMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Leonidas Z [Member]</link:label>
    <link:label xlink:label="esea_MvLeonidasZMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to the M/V Leonidas Z.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvLeonidasZMember" xlink:to="esea_MvLeonidasZMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssets" xlink:label="us-gaap_DerivativeAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DerivativeAssets</link:label>
    <link:label xlink:label="us-gaap_DerivativeAssets-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total derivative assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssets" xlink:to="us-gaap_DerivativeAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_DividendsPolicyTextBlock" xlink:label="esea_DividendsPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_DividendsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends [Policy Text Block]</link:label>
    <link:label xlink:label="esea_DividendsPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of the company's policy regarding dividends.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DividendsPolicyTextBlock" xlink:to="esea_DividendsPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/label" xlink:type="resource" xml:lang="en-US">(Loss) / gain on derivatives, net</link:label>
    <link:label xlink:label="us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (loss) on derivatives</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnContractTermination" xlink:label="us-gaap_GainLossOnContractTermination" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnContractTermination-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_GainLossOnContractTermination</link:label>
    <link:label xlink:label="us-gaap_GainLossOnContractTermination-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Contract Termination</link:label>
    <link:label xlink:label="us-gaap_GainLossOnContractTermination-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Gain on time charter agreements termination</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnContractTermination" xlink:to="us-gaap_GainLossOnContractTermination-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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, net</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 $2,460,000, $2,420,000 and $2,650,000, 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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:label xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</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-20231231.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/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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AddressTypeDomain" xlink:label="dei_AddressTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="dei_AddressTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Address Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AddressTypeDomain" xlink:to="dei_AddressTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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 $50,000, $0 and $0, 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/2024/dei-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_BusinessContactMember" xlink:label="dei_BusinessContactMember" xlink:type="locator"/>
    <link:label xlink:label="dei_BusinessContactMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Contact [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_BusinessContactMember" xlink:to="dei_BusinessContactMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xlink:type="locator"/>
    <link:label xlink:label="dei_CityAreaCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" xlink:label="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts</link:label>
    <link:label xlink:label="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Operating Expenses, Income from Collection of Previously Written off Accounts</link:label>
    <link:label xlink:label="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts-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 from collection of previously written off accounts.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts" xlink:to="esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelName" xlink:label="dei_ContactPersonnelName" xlink:type="locator"/>
    <link:label xlink:label="dei_ContactPersonnelName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelName" xlink:to="dei_ContactPersonnelName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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: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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase / (decrease) in:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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-20231231.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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityFileNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/label" xlink:type="resource" xml:lang="en-US">Asset Impairment Charges</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="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossRelatedToLitigationSettlement" xlink:label="us-gaap_GainLossRelatedToLitigationSettlement" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossRelatedToLitigationSettlement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_GainLossRelatedToLitigationSettlement</link:label>
    <link:label xlink:label="us-gaap_GainLossRelatedToLitigationSettlement-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (Loss) Related to Litigation Settlement, Total</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossRelatedToLitigationSettlement" xlink:to="us-gaap_GainLossRelatedToLitigationSettlement-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MaerskLineASMember" xlink:label="esea_MaerskLineASMember" xlink:type="locator"/>
    <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/2024/dei-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/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/2024/dei-2024.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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">esea_PaymentsForImprovementsOfPropertyPlantAndEquipment</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">Payments for Improvements of Property, Plant and Equipment</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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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="esea-20231231.xsd#esea_WorkingCapitalDeficit" xlink:label="esea_WorkingCapitalDeficit" xlink:type="locator"/>
    <link:label xlink:label="esea_WorkingCapitalDeficit-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_WorkingCapitalDeficit</link:label>
    <link:label xlink:label="esea_WorkingCapitalDeficit-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Working Capital Deficit</link:label>
    <link:label xlink:label="esea_WorkingCapitalDeficit-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the working capital deficit.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_WorkingCapitalDeficit" xlink:to="esea_WorkingCapitalDeficit-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsCommonStock" xlink:label="us-gaap_DividendsCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DividendsCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DividendsCommonStock</link:label>
    <link:label xlink:label="us-gaap_DividendsCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends, Common Stock, Total</link:label>
    <link:label xlink:label="us-gaap_DividendsCommonStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends declared ($1.50 per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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-20231231.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-20231231.xsd#esea_DebtInstrumentPeriodicPaymentNumberOfPayments" xlink:label="esea_DebtInstrumentPeriodicPaymentNumberOfPayments" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentNumberOfPayments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentPeriodicPaymentNumberOfPayments</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentNumberOfPayments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Periodic Payment, Number of Payments</link:label>
    <link:label xlink:label="esea_DebtInstrumentPeriodicPaymentNumberOfPayments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The number of the required periodic payments including both interest and principal payments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentPeriodicPaymentNumberOfPayments" xlink:to="esea_DebtInstrumentPeriodicPaymentNumberOfPayments-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</link:label>
    <link:label xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment, Long-Lived Asset, Held-for-Use</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermSheetPiraeusSaFirstFourInstallmentsMember" xlink:label="esea_TermSheetPiraeusSaFirstFourInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetPiraeusSaFirstFourInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet, Piraeus S.A., First Four Installments [Member]</link:label>
    <link:label xlink:label="esea_TermSheetPiraeusSaFirstFourInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding the first four installment payments on the term sheet from Piraeus S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetPiraeusSaFirstFourInstallmentsMember" xlink:to="esea_TermSheetPiraeusSaFirstFourInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermSheetPiraeusSaElevenInstallmentsMember" xlink:label="esea_TermSheetPiraeusSaElevenInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetPiraeusSaElevenInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet, Piraeus S.A., Eleven Installments [Member]</link:label>
    <link:label xlink:label="esea_TermSheetPiraeusSaElevenInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding the next eleven installment payments on the term sheet from Piraeus S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetPiraeusSaElevenInstallmentsMember" xlink:to="esea_TermSheetPiraeusSaElevenInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.xsd#esea_TermLoanHSBCBankPlcMember" xlink:label="esea_TermLoanHSBCBankPlcMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermLoanHSBCBankPlcMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan, HSBC Bank plc [Member]</link:label>
    <link:label xlink:label="esea_TermLoanHSBCBankPlcMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding a term sheet from HSBC Bank plc.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermLoanHSBCBankPlcMember" xlink:to="esea_TermLoanHSBCBankPlcMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="us-gaap_GoodwillImpairmentLoss" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GoodwillImpairmentLoss-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairments loss</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairmentLoss" xlink:to="us-gaap_GoodwillImpairmentLoss-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_JonathanJohnShippingLtdCorfuNavigationLtdMember" xlink:label="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Jonathan John Shipping Ltd., and Corfu Navigation Ltd. [Member]</link:label>
    <link:label xlink:label="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Jonathan John Shipping Ltd. and Corfu Navigation Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember" xlink:to="esea_JonathanJohnShippingLtdCorfuNavigationLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_TermSheetPiraeusSAMember" xlink:label="esea_TermSheetPiraeusSAMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetPiraeusSAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet, Piraeus S.A. [Member]</link:label>
    <link:label xlink:label="esea_TermSheetPiraeusSAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information regarding a term sheet from Piraeus S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetPiraeusSAMember" xlink:to="esea_TermSheetPiraeusSAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.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-20231231.xsd#esea_PaymentsForVesselsUnderConstruction" xlink:label="esea_PaymentsForVesselsUnderConstruction" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsForVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsForVesselsUnderConstruction</link:label>
    <link:label xlink:label="esea_PaymentsForVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments for Vessels Under Construction</link:label>
    <link:label xlink:label="esea_PaymentsForVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash paid for vessels under construction</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsForVesselsUnderConstruction" xlink:to="esea_PaymentsForVesselsUnderConstruction-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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-20231231.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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressAddressLine1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</link:label>
    <link:label xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts-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_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AdvancesForVesselUnderConstruction" xlink:label="esea_AdvancesForVesselUnderConstruction" xlink:type="locator"/>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balance</link:label>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents advances for vessel construction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdvancesForVesselUnderConstruction" xlink:to="esea_AdvancesForVesselUnderConstruction-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonRule10b51ArrTrmntdFlag" xlink:label="ecd_NonRule10b51ArrTrmntdFlag" xlink:type="locator"/>
    <link:label xlink:label="ecd_NonRule10b51ArrTrmntdFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ecd_NonRule10b51ArrTrmntdFlag</link:label>
    <link:label xlink:label="ecd_NonRule10b51ArrTrmntdFlag-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Terminated [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_NonRule10b51ArrTrmntdFlag" xlink:to="ecd_NonRule10b51ArrTrmntdFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_IncreaseDecreaseInDueFromRelatedParties</link:label>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Due from related company</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressCityOrTown-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_Rule10b51ArrTrmntdFlag" xlink:label="ecd_Rule10b51ArrTrmntdFlag" xlink:type="locator"/>
    <link:label xlink:label="ecd_Rule10b51ArrTrmntdFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ecd_Rule10b51ArrTrmntdFlag</link:label>
    <link:label xlink:label="ecd_Rule10b51ArrTrmntdFlag-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Terminated [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_Rule10b51ArrTrmntdFlag" xlink:to="ecd_Rule10b51ArrTrmntdFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressCountry-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_Rule10b51ArrAdoptedFlag" xlink:label="ecd_Rule10b51ArrAdoptedFlag" xlink:type="locator"/>
    <link:label xlink:label="ecd_Rule10b51ArrAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ecd_Rule10b51ArrAdoptedFlag</link:label>
    <link:label xlink:label="ecd_Rule10b51ArrAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule 10b5-1 Arrangement Adopted [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_Rule10b51ArrAdoptedFlag" xlink:to="ecd_Rule10b51ArrAdoptedFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressPostalZipCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvJonathanPMember" xlink:label="esea_MvJonathanPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvJonathanPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">MV Jonathan P [Member]</link:label>
    <link:label xlink:label="esea_MvJonathanPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Information on vessel MV Jonathan P.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvJonathanPMember" xlink:to="esea_MvJonathanPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressStateOrProvince-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, State or Province</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_NonRule10b51ArrAdoptedFlag" xlink:label="ecd_NonRule10b51ArrAdoptedFlag" xlink:type="locator"/>
    <link:label xlink:label="ecd_NonRule10b51ArrAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ecd_NonRule10b51ArrAdoptedFlag</link:label>
    <link:label xlink:label="ecd_NonRule10b51ArrAdoptedFlag-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-Rule 10b5-1 Arrangement Adopted [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_NonRule10b51ArrAdoptedFlag" xlink:to="ecd_NonRule10b51ArrAdoptedFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="dei_EntityAddressesAddressTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityAddressesAddressTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Addresses, Address Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressesAddressTypeAxis" xlink:to="dei_EntityAddressesAddressTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/ecd/2024/ecd-2024.xsd#ecd_MtrlTermsOfTrdArrTextBlock" xlink:label="ecd_MtrlTermsOfTrdArrTextBlock" xlink:type="locator"/>
    <link:label xlink:label="ecd_MtrlTermsOfTrdArrTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Material Terms of Trading Arrangement [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ecd_MtrlTermsOfTrdArrTextBlock" xlink:to="ecd_MtrlTermsOfTrdArrTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AllowanceForDoubtfulAccountsReceivable</link:label>
    <link:label xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts Receivable, Allowance for Credit Loss, Ending Balance</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/2024/dei-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Value</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repurchase and cancellation of common shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchased and Retired During Period, Shares (in shares)</link:label>
    <link:label xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repurchase and cancellation of common shares (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xlink:type="locator"/>
    <link:label xlink:label="dei_TradingSymbol-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading Symbol</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="esea-20231231.xsd#esea_LiabilityAssociatedWithAssetHeldForSaleCurrent" xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent" xlink:type="locator"/>
    <link:label xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability associated with asset held for sale</link:label>
    <link:label xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents current liability associated with asset held for sale.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent" xlink:to="esea_LiabilityAssociatedWithAssetHeldForSaleCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_DebtInstrumentDeferredAmount" xlink:label="esea_DebtInstrumentDeferredAmount" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentDeferredAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentDeferredAmount</link:label>
    <link:label xlink:label="esea_DebtInstrumentDeferredAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Deferred Amount</link:label>
    <link:label xlink:label="esea_DebtInstrumentDeferredAmount-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of long-term debt installments deferred.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentDeferredAmount" xlink:to="esea_DebtInstrumentDeferredAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Operating Expenses, Income</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of shares in connection with Series B Preferred Shares converted to equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issuance of shares in connection with Series B Preferred Shares converted to equity (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xlink:type="locator"/>
    <link:label xlink:label="dei_LocalPhoneNumber-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Local Phone Number</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="us-gaap_GainLossOnDispositionOfAssets" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnDispositionOfAssets-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_GainLossOnDispositionOfAssets</link:label>
    <link:label xlink:label="us-gaap_GainLossOnDispositionOfAssets-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net loss / (gain) on sale of vessel</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfAssets" xlink:to="us-gaap_GainLossOnDispositionOfAssets-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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:label xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Gross (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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 and Nonrelated Parties [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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 and Nonrelated Parties [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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 $1,075,274, $2,370,381 and $2,350,919, 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 $233,635, $353,842 and $344,624, 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-20231231.xsd#esea_ProceedsFromSaleOfVessels" xlink:label="esea_ProceedsFromSaleOfVessels" xlink:type="locator"/>
    <link:label xlink:label="esea_ProceedsFromSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net proceeds and advances from sale of vessels</link:label>
    <link:label xlink:label="esea_ProceedsFromSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash inflow from the sale of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ProceedsFromSaleOfVessels" xlink:to="esea_ProceedsFromSaleOfVessels-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShortTermDebtRefinancedAmount" xlink:label="us-gaap_ShortTermDebtRefinancedAmount" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ShortTermDebtRefinancedAmount-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ShortTermDebtRefinancedAmount</link:label>
    <link:label xlink:label="us-gaap_ShortTermDebtRefinancedAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term Debt, Refinanced, Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermDebtRefinancedAmount" xlink:to="us-gaap_ShortTermDebtRefinancedAmount-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetPledgedAsCollateralMember" xlink:label="us-gaap_AssetPledgedAsCollateralMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetPledgedAsCollateralMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Pledged as Collateral [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetPledgedAsCollateralMember" xlink:to="us-gaap_AssetPledgedAsCollateralMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in operating assets and liabilities: (Increase) / decrease in:</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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) / Retained earnings</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" xlink:type="locator"/>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree-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, Due in Rolling Year Three</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year three.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree" xlink:to="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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, Operating and Nonoperating</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" xlink:type="locator"/>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne-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, Due in Rolling Year One</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year one.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne" xlink:to="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" xlink:type="locator"/>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo-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, Due in Rolling Year Two</link:label>
    <link:label xlink:label="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year two.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo" xlink:to="esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" xlink:type="locator"/>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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>
    <link:label xlink:label="us-gaap_DisclosureTextBlockAbstract-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes to Financial Statements</link:label>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 gain / (loss)</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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/negatedLabel" 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventTypeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="us-gaap_SubsequentEventTypeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_SubsequentEventTypeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsequent Event Type [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssetsNoncurrent" xlink:label="us-gaap_DerivativeAssetsNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssetsNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate swap contracts, noncurrent</link:label>
    <link:label xlink:label="us-gaap_DerivativeAssetsNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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_DerivativeAssetsNoncurrent" xlink:to="us-gaap_DerivativeAssetsNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 / (income)</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"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:label="us-gaap_ComprehensiveIncomePolicyPolicyTextBlock" xlink:type="locator"/>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConversionOfStockSharesIssued1" xlink:label="us-gaap_ConversionOfStockSharesIssued1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConversionOfStockSharesIssued1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ConversionOfStockSharesIssued1</link:label>
    <link:label xlink:label="us-gaap_ConversionOfStockSharesIssued1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Conversion of Stock, Shares Issued (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockSharesIssued1" xlink:to="us-gaap_ConversionOfStockSharesIssued1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentFairValueDisclosure" xlink:label="us-gaap_PropertyPlantAndEquipmentFairValueDisclosure" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentFairValueDisclosure</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentFairValueDisclosure-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">M/V Jonathan P</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentFairValueDisclosure" xlink:to="us-gaap_PropertyPlantAndEquipmentFairValueDisclosure-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConversionOfStockAmountIssued1" xlink:label="us-gaap_ConversionOfStockAmountIssued1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConversionOfStockAmountIssued1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ConversionOfStockAmountIssued1</link:label>
    <link:label xlink:label="us-gaap_ConversionOfStockAmountIssued1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Conversion of Stock, Amount Issued</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockAmountIssued1" xlink:to="us-gaap_ConversionOfStockAmountIssued1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="us-gaap_ConversionOfStockSharesConverted1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConversionOfStockSharesConverted1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ConversionOfStockSharesConverted1</link:label>
    <link:label xlink:label="us-gaap_ConversionOfStockSharesConverted1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Conversion of Stock, Shares Converted (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockSharesConverted1" xlink:to="us-gaap_ConversionOfStockSharesConverted1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" xlink:label="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges</link:label>
    <link:label xlink:label="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">M/V Jonathan P</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges" xlink:to="us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:label="us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConversionOfStockByUniqueDescriptionAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stock Conversion Description [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockByUniqueDescriptionAxis" xlink:to="us-gaap_ConversionOfStockByUniqueDescriptionAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConversionOfStockNameDomain" xlink:label="us-gaap_ConversionOfStockNameDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ConversionOfStockNameDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Conversion of Stock, Name [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockNameDomain" xlink:to="us-gaap_ConversionOfStockNameDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xlink:type="locator"/>
    <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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">Unrealized (gain) / loss on 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">Equity [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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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, 7,116,206 and 7,014,331 issued and outstanding, respectively</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset held for sale</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:to="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent-label" xlink:type="arc"/>
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    <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 income to net cash provided by 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueMeasurementsRecurringMember" xlink:label="us-gaap_FairValueMeasurementsRecurringMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_FairValueMeasurementsRecurringMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value, Recurring [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsRecurringMember" xlink:to="us-gaap_FairValueMeasurementsRecurringMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityPolicyTextBlock" xlink:label="us-gaap_StockholdersEquityPolicyTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_StockholdersEquityPolicyTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Stockholders' Equity, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityPolicyTextBlock" xlink:to="us-gaap_StockholdersEquityPolicyTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeAssetsCurrent" xlink:label="us-gaap_DerivativeAssetsCurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeAssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate swap contracts, current</link:label>
    <link:label xlink:label="us-gaap_DerivativeAssetsCurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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_DerivativeAssetsCurrent" xlink:to="us-gaap_DerivativeAssetsCurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForLegalSettlements" xlink:label="us-gaap_PaymentsForLegalSettlements" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsForLegalSettlements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsForLegalSettlements</link:label>
    <link:label xlink:label="us-gaap_PaymentsForLegalSettlements-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments for Legal Settlements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForLegalSettlements" xlink:to="us-gaap_PaymentsForLegalSettlements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">- Vessel held for sale</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:to="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1</link:label>
    <link:label xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">- Vessel held for sale</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">- Newbuilding vessels &#8220;Gregos&#8221; &amp; "Terataki" delivered during the year</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentDisposals" xlink:label="us-gaap_PropertyPlantAndEquipmentDisposals" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentDisposals-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PropertyPlantAndEquipmentDisposals</link:label>
    <link:label xlink:label="us-gaap_PropertyPlantAndEquipmentDisposals-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">- Vessel held for sale</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisposals" xlink:to="us-gaap_PropertyPlantAndEquipmentDisposals-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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:label xlink:label="us-gaap_AccountsReceivableNetCurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts Receivable, after Allowance for Credit Loss, Current</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_LoanPayableSixteenQuarterlyInstruments" xlink:label="esea_LoanPayableSixteenQuarterlyInstruments" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanPayableSixteenQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LoanPayableSixteenQuarterlyInstruments</link:label>
    <link:label xlink:label="esea_LoanPayableSixteenQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan Payable, Sixteen Quarterly Instruments</link:label>
    <link:label xlink:label="esea_LoanPayableSixteenQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sixteen quarterly instruments for loan payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanPayableSixteenQuarterlyInstruments" xlink:to="esea_LoanPayableSixteenQuarterlyInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_LoanPayableTwelveQuarterlyInstruments" xlink:label="esea_LoanPayableTwelveQuarterlyInstruments" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanPayableTwelveQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LoanPayableTwelveQuarterlyInstruments</link:label>
    <link:label xlink:label="esea_LoanPayableTwelveQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan Payable, Twelve Quarterly Instruments</link:label>
    <link:label xlink:label="esea_LoanPayableTwelveQuarterlyInstruments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents twelve quarterly instruments for loan payable.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanPayableTwelveQuarterlyInstruments" xlink:to="esea_LoanPayableTwelveQuarterlyInstruments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments" xlink:label="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Consecutive Quarterly Installments</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of consecutive quarterly installments for debt instrument.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments" xlink:to="esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember" xlink:label="esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Corfu Navigation Ltd., Jonathan John Shipping Ltd. and Bridge Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Corfu Navigation Ltd., Jonathan John Shipping Ltd. and Bridge Shipping Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember" xlink:to="esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MVMarcosVMember" xlink:label="esea_MVMarcosVMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVMarcosVMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Marcos V [Member]</link:label>
    <link:label xlink:label="esea_MVMarcosVMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the M/V Marcos V (formerly called the M/V Leo Paramount).</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVMarcosVMember" xlink:to="esea_MVMarcosVMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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</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="esea-20231231.xsd#esea_VasiShippingPteLtdSingaporeMember" xlink:label="esea_VasiShippingPteLtdSingaporeMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VasiShippingPteLtdSingaporeMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vasi Shipping Pte. Ltd., Singapore [Member]</link:label>
    <link:label xlink:label="esea_VasiShippingPteLtdSingaporeMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Vasi Shipping Pte. ltd, Singapore.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VasiShippingPteLtdSingaporeMember" xlink:to="esea_VasiShippingPteLtdSingaporeMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInFinancingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by / (used in) financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" xlink:label="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse</link:label>
    <link:label xlink:label="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to Make Property, Plant and Equipment Available for Use</link:label>
    <link:label xlink:label="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash outflow associated with making property, plant and equipment available for use.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse" xlink:to="esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts</link:label>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs</link:label>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The cash outflow associated with acquiring property, plant and equipment, including preparation costs.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts" xlink:to="esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_AdvancesForVesselUnderConstructionTextBlock" xlink:label="esea_AdvancesForVesselUnderConstructionTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advances for Vessel Under Construction [Text Block]</link:label>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The entire disclosure for advances for vessel under construction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdvancesForVesselUnderConstructionTextBlock" xlink:to="esea_AdvancesForVesselUnderConstructionTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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 income</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInOperatingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-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</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_InstallationOfWbtSystemImprovementsOnVesselMember" xlink:label="esea_InstallationOfWbtSystemImprovementsOnVesselMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InstallationOfWbtSystemImprovementsOnVesselMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Installation of WBT System Improvements on Vessel [Member]</link:label>
    <link:label xlink:label="esea_InstallationOfWbtSystemImprovementsOnVesselMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents improvement of installation of WBT System on Vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InstallationOfWbtSystemImprovementsOnVesselMember" xlink:to="esea_InstallationOfWbtSystemImprovementsOnVesselMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other (expenses)/ income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember" xlink:label="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Installation of Smart Monitoring Systems Improvement on Vessels [Member]</link:label>
    <link:label xlink:label="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents improvement of installation of smart monitoring systems on vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember" xlink:to="esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NetCashProvidedByUsedInInvestingActivities</link:label>
    <link:label xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_NumberOfVesselsUnencumbered" xlink:label="esea_NumberOfVesselsUnencumbered" xlink:type="locator"/>
    <link:label xlink:label="esea_NumberOfVesselsUnencumbered-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_NumberOfVesselsUnencumbered</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUnencumbered-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Vessels Unencumbered</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUnencumbered-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of vessels unencumbered.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NumberOfVesselsUnencumbered" xlink:to="esea_NumberOfVesselsUnencumbered-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements" xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements</link:label>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash paid for vessel acquisitions including attached time charter agreements and vessel improvements</link:label>
    <link:label xlink:label="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">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 and vessels including attached time charter agreements.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements" xlink:to="esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="esea-20231231.xsd#esea_NumberOfVesselsUsedAsCollateral" xlink:label="esea_NumberOfVesselsUsedAsCollateral" xlink:type="locator"/>
    <link:label xlink:label="esea_NumberOfVesselsUsedAsCollateral-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_NumberOfVesselsUsedAsCollateral</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUsedAsCollateral-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Vessels Used As Collateral</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUsedAsCollateral-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of vessels used as collateral.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NumberOfVesselsUsedAsCollateral" xlink:to="esea_NumberOfVesselsUsedAsCollateral-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_DividendsDeclaredButNotPaid" xlink:label="esea_DividendsDeclaredButNotPaid" xlink:type="locator"/>
    <link:label xlink:label="esea_DividendsDeclaredButNotPaid-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends declared but not paid</link:label>
    <link:label xlink:label="esea_DividendsDeclaredButNotPaid-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of dividends declared but not paid during the period of time.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DividendsDeclaredButNotPaid" xlink:to="esea_DividendsDeclaredButNotPaid-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_BelowMarketTimeChartersExpectedAmortizationTotal" xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationTotal" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationTotal-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersExpectedAmortizationTotal</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationTotal-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_BelowMarketTimeChartersExpectedAmortizationTotal-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of total expected amortization expense for below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersExpectedAmortizationTotal" xlink:to="esea_BelowMarketTimeChartersExpectedAmortizationTotal-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SpecialBonusToEmployeesAndConsultantsMember" xlink:label="esea_SpecialBonusToEmployeesAndConsultantsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SpecialBonusToEmployeesAndConsultantsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Special Bonus to Employees and Consultants [Member]</link:label>
    <link:label xlink:label="esea_SpecialBonusToEmployeesAndConsultantsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents special bonus to employees and consultants.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SpecialBonusToEmployeesAndConsultantsMember" xlink:to="esea_SpecialBonusToEmployeesAndConsultantsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" xlink:type="locator"/>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing-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 the Vessel's Market Value for Financing</link:label>
    <link:label xlink:label="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The percent of market value of vessel for financing 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_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing" xlink:to="esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermSheetWithMajorCommercialBankingInstitutionMember" xlink:label="esea_TermSheetWithMajorCommercialBankingInstitutionMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetWithMajorCommercialBankingInstitutionMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet With Major Commercial Banking Institution [Member]</link:label>
    <link:label xlink:label="esea_TermSheetWithMajorCommercialBankingInstitutionMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents term sheet with major commercial banking institution.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetWithMajorCommercialBankingInstitutionMember" xlink:to="esea_TermSheetWithMajorCommercialBankingInstitutionMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:label="us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_OtherOperatingIncomeAndExpenseTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Operating Income and Expense [Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherOperatingIncomeAndExpenseTextBlock" xlink:to="us-gaap_OtherOperatingIncomeAndExpenseTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" xlink:label="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Below Market Time Charters, Future Amortization Expense [Table Text Block]</link:label>
    <link:label xlink:label="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock" xlink:to="esea_ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_BelowMarketTimeChartersExpectedAmortizationYearOne" xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearOne" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearOne-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersExpectedAmortizationYearOne</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearOne-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2024</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearOne-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of expected amortization in year one for below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersExpectedAmortizationYearOne" xlink:to="esea_BelowMarketTimeChartersExpectedAmortizationYearOne-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_BelowMarketTimeChartersExpectedAmortizationYearTwo" xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersExpectedAmortizationYearTwo</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2025</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of expected amortization expense in year two for below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo" xlink:to="esea_BelowMarketTimeChartersExpectedAmortizationYearTwo-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_JonathanShipownersLtdMember" xlink:label="esea_JonathanShipownersLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_JonathanShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Jonathan Shipowners Ltd. [Member]</link:label>
    <link:label xlink:label="esea_JonathanShipownersLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Jonathan Shipowners Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_JonathanShipownersLtdMember" xlink:to="esea_JonathanShipownersLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MarcosShipptingLtdMember" xlink:label="esea_MarcosShipptingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MarcosShipptingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Marcos Shippting Ltd. [Member]</link:label>
    <link:label xlink:label="esea_MarcosShipptingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Marcos Shipping Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MarcosShipptingLtdMember" xlink:to="esea_MarcosShipptingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_VesselSalesCommissionMember" xlink:label="esea_VesselSalesCommissionMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselSalesCommissionMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessel Sales, Commission [Member]</link:label>
    <link:label xlink:label="esea_VesselSalesCommissionMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents commission for vessel sales.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselSalesCommissionMember" xlink:to="esea_VesselSalesCommissionMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_ZimIntegratedShippingServicesLtdMember" xlink:label="esea_ZimIntegratedShippingServicesLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ZimIntegratedShippingServicesLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Zim Integrated Shipping Services Ltd. [Member]</link:label>
    <link:label xlink:label="esea_ZimIntegratedShippingServicesLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Zim Integrated Shipping Services Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ZimIntegratedShippingServicesLtdMember" xlink:to="esea_ZimIntegratedShippingServicesLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_NoumeaShippingLtdGregosShippingLtdMember" xlink:label="esea_NoumeaShippingLtdGregosShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_NoumeaShippingLtdGregosShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noumea Shipping Ltd., Gregos Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_NoumeaShippingLtdGregosShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Noumea Shipping Ltd., Gregos Shipping Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NoumeaShippingLtdGregosShippingLtdMember" xlink:to="esea_NoumeaShippingLtdGregosShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SealandMaerskAsiaPteLtdMember" xlink:label="esea_SealandMaerskAsiaPteLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SealandMaerskAsiaPteLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sealand Maersk Asia Pte. Ltd. [Member]</link:label>
    <link:label xlink:label="esea_SealandMaerskAsiaPteLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Sealand Maersk Asia Pte. Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SealandMaerskAsiaPteLtdMember" xlink:to="esea_SealandMaerskAsiaPteLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TwoEcoDesignFuelEfficientContainershipsMember" xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Eco Design Fuel Efficient Containerships [Member]</link:label>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents two eco design fuel efficient containerships.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TwoEcoDesignFuelEfficientContainershipsMember" xlink:to="esea_TwoEcoDesignFuelEfficientContainershipsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_AccountsPayableCurrentAndNoncurrent</link:label>
    <link:label xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts Payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableCurrentAndNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember" xlink:to="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_ThreeEcoDesignFuelEfficientContainershipsMember" xlink:label="esea_ThreeEcoDesignFuelEfficientContainershipsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ThreeEcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Three Eco Design Fuel Efficient Containerships [Member]</link:label>
    <link:label xlink:label="esea_ThreeEcoDesignFuelEfficientContainershipsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents three eco design fuel efficient containerships.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ThreeEcoDesignFuelEfficientContainershipsMember" xlink:to="esea_ThreeEcoDesignFuelEfficientContainershipsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember" xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Four Installments [Member]</link:label>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Four Installments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember" xlink:to="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember" xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Twelve Installments [Member]</link:label>
    <link:label xlink:label="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Twelve Installments.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember" xlink:to="esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_JonathanJohnShippingLtdMember" xlink:label="esea_JonathanJohnShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_JonathanJohnShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Jonathan John Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_JonathanJohnShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Jonathan John Shipping Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_JonathanJohnShippingLtdMember" xlink:to="esea_JonathanJohnShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels" xlink:label="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels" xlink:type="locator"/>
    <link:label xlink:label="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels</link:label>
    <link:label xlink:label="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments Related to Shipyard Installments for Construction of Vessels</link:label>
    <link:label xlink:label="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of cash outflow related to shipyard installments for construction of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels" xlink:to="esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_CorfuNavigationLtdMember" xlink:label="esea_CorfuNavigationLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_CorfuNavigationLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Corfu Navigation Ltd. [Member]</link:label>
    <link:label xlink:label="esea_CorfuNavigationLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Corfu Navigation Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CorfuNavigationLtdMember" xlink:to="esea_CorfuNavigationLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AdvanceCollectedForSaleOfVessels" xlink:label="esea_AdvanceCollectedForSaleOfVessels" xlink:type="locator"/>
    <link:label xlink:label="esea_AdvanceCollectedForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_AdvanceCollectedForSaleOfVessels</link:label>
    <link:label xlink:label="esea_AdvanceCollectedForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advance Collected for Sale of Vessels</link:label>
    <link:label xlink:label="esea_AdvanceCollectedForSaleOfVessels-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of advance collected for sale of vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdvanceCollectedForSaleOfVessels" xlink:to="esea_AdvanceCollectedForSaleOfVessels-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_LiabilityAssociatedWithAssetHeldForSaleMember" xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability Associated With Asset Held for Sale [Member]</link:label>
    <link:label xlink:label="esea_LiabilityAssociatedWithAssetHeldForSaleMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents liability associated with asset held for sale.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LiabilityAssociatedWithAssetHeldForSaleMember" xlink:to="esea_LiabilityAssociatedWithAssetHeldForSaleMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_The21KeyPersonsMember" xlink:label="esea_The21KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The21KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 21 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The21KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 21 key persons.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The21KeyPersonsMember" xlink:to="esea_The21KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsOfDividendsCommonStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_LoanAgreementsMember" xlink:label="esea_LoanAgreementsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_LoanAgreementsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Agreements [Member]</link:label>
    <link:label xlink:label="esea_LoanAgreementsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents loan agreement.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_LoanAgreementsMember" xlink:to="esea_LoanAgreementsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_DirectorsOfficersAndEmployeesMember" xlink:label="esea_DirectorsOfficersAndEmployeesMember" xlink:type="locator"/>
    <link:label xlink:label="esea_DirectorsOfficersAndEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Directors, Officers, and Employees [Member]</link:label>
    <link:label xlink:label="esea_DirectorsOfficersAndEmployeesMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information related to directors, officers and employees.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DirectorsOfficersAndEmployeesMember" xlink:to="esea_DirectorsOfficersAndEmployeesMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AssetHeldForSaleMember" xlink:label="esea_AssetHeldForSaleMember" xlink:type="locator"/>
    <link:label xlink:label="esea_AssetHeldForSaleMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asset Held for Sale [Member]</link:label>
    <link:label xlink:label="esea_AssetHeldForSaleMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents asset held for sale.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AssetHeldForSaleMember" xlink:to="esea_AssetHeldForSaleMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_InventoryOnBoard" xlink:label="esea_InventoryOnBoard" xlink:type="locator"/>
    <link:label xlink:label="esea_InventoryOnBoard-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_InventoryOnBoard</link:label>
    <link:label xlink:label="esea_InventoryOnBoard-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventory On Board</link:label>
    <link:label xlink:label="esea_InventoryOnBoard-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of inventory on board.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_InventoryOnBoard" xlink:to="esea_InventoryOnBoard-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_PaymentsForRepurchaseOfCommonStock</link:label>
    <link:label xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Cash paid for share repurchase</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements" xlink:label="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements" xlink:type="locator"/>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">- Vessel acquisitions and improvements</link:label>
    <link:label xlink:label="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of acquisitions and improvements 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.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements" xlink:to="esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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-20231231.xsd#esea_VesselsUnencumberedMember" xlink:label="esea_VesselsUnencumberedMember" xlink:type="locator"/>
    <link:label xlink:label="esea_VesselsUnencumberedMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vessels Unencumbered [Member]</link:label>
    <link:label xlink:label="esea_VesselsUnencumberedMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents vessels unencumbered.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_VesselsUnencumberedMember" xlink:to="esea_VesselsUnencumberedMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_BelowMarketTimeChartersAccumulatedAmortization" xlink:label="esea_BelowMarketTimeChartersAccumulatedAmortization" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersAccumulatedAmortization-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersAccumulatedAmortization</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersAccumulatedAmortization-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below Market Time Charters, Accumulated Amortization</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersAccumulatedAmortization-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of accumulated amortization of below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersAccumulatedAmortization" xlink:to="esea_BelowMarketTimeChartersAccumulatedAmortization-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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 and Position [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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_BelowMarketTimeChartersWeightedAverageAmortizationLife" xlink:label="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife" xlink:type="locator"/>
    <link:label xlink:label="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_BelowMarketTimeChartersWeightedAverageAmortizationLife</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Below Market Time Charters, Weighted Average Amortization Life (Year)</link:label>
    <link:label xlink:label="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average amortization life of below market time charters.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife" xlink:to="esea_BelowMarketTimeChartersWeightedAverageAmortizationLife-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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 and Position [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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.xsd#esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim" xlink:label="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim</link:label>
    <link:label xlink:label="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Operating Income Related to Unrepaired Damage Claim</link:label>
    <link:label xlink:label="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Amount of other operating income related to unrepaired damage claim.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim" xlink:to="esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NotesAndLoansPayable" xlink:label="us-gaap_NotesAndLoansPayable" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_NotesAndLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_NotesAndLoansPayable</link:label>
    <link:label xlink:label="us-gaap_NotesAndLoansPayable-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notes and Loans Payable</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansPayable" xlink:to="us-gaap_NotesAndLoansPayable-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="dei_IcfrAuditorAttestationFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_IcfrAuditorAttestationFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/verboseLabel" xlink:type="resource" xml:lang="en-US">Deferred charges, long-term portion</link:label>
    <link:label xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DeferredFinanceCostsNoncurrentNet</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="esea-20231231.xsd#esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred" xlink:label="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred" xlink:type="locator"/>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument, Number of Periodic Payments, Deferred</link:label>
    <link:label xlink:label="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents number of periodic payments deferred for debt instrument.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred" xlink:to="esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/verboseLabel" xlink:type="resource" xml:lang="en-US">Deferred charges, current portion</link:label>
    <link:label xlink:label="us-gaap_DeferredFinanceCostsCurrentNet-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_DeferredFinanceCostsCurrentNet</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="esea-20231231.xsd#esea_The16KeyPersonsMember" xlink:label="esea_The16KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The16KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 16 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The16KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 16 key persons.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The16KeyPersonsMember" xlink:to="esea_The16KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_The31KeyPersonsMember" xlink:label="esea_The31KeyPersonsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_The31KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">The 31 Key Persons [Member]</link:label>
    <link:label xlink:label="esea_The31KeyPersonsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the 31 key persons.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_The31KeyPersonsMember" xlink:to="esea_The31KeyPersonsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RepaymentsOfLongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_RepaymentsOfLongTermDebt</link:label>
    <link:label xlink:label="us-gaap_RepaymentsOfLongTermDebt-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repayments of Long-Term Debt</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.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.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentAccountingStandard-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Accounting Standard</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BalanceSheetLocationAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position Location, Balance [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="us-gaap_BalanceSheetLocationDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_BalanceSheetLocationDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of Financial Position Location, Balance [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationDomain" xlink:to="us-gaap_BalanceSheetLocationDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentRegistrationStatement-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Registration Statement</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xlink:type="locator"/>
    <link:label xlink:label="dei_EntityIncorporationStateCountryCode-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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:label xlink:label="us-gaap_DebtInstrumentCarryingAmount-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.sec.gov/dei/2024/dei-2024.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/2024/dei-2024.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag" xlink:type="locator"/>
    <link:label xlink:label="dei_DocumentFinStmtErrorCorrectionFlag-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Financial Statement Error Correction [Flag]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFinStmtErrorCorrectionFlag" xlink:to="dei_DocumentFinStmtErrorCorrectionFlag-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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/2024/dei-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyMember" xlink:label="us-gaap_RelatedPartyMember" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_RelatedPartyMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyMember" xlink:to="us-gaap_RelatedPartyMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends, per share (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="us-gaap_CommonStockDividendsPerShareDeclared-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Thereafter</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xlink:type="locator"/>
    <link:label xlink:label="dei_SecurityExchangeName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2024</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2025</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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xlink:type="locator"/>
    <link:label xlink:label="dei_Security12bTitle-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree</link:label>
    <link:label xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.xsd#esea_RenaShippingLtdMember" xlink:label="esea_RenaShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_RenaShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rena Shipping Ltd. [Member]</link:label>
    <link:label xlink:label="esea_RenaShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents Rena Shipping Ltd..</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_RenaShippingLtdMember" xlink:to="esea_RenaShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SecuredOvernightFinancingRateSOFRMember" xlink:label="esea_SecuredOvernightFinancingRateSOFRMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SecuredOvernightFinancingRateSOFRMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Secured Overnight Financing Rate (SOFR) [Member]</link:label>
    <link:label xlink:label="esea_SecuredOvernightFinancingRateSOFRMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest rate based on U.S. Treasury repurchases between banks.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SecuredOvernightFinancingRateSOFRMember" xlink:to="esea_SecuredOvernightFinancingRateSOFRMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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-20231231.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-20231231.xsd#esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member" xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member" xlink:type="locator"/>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Eco Design Fuel Efficient Containerships Signed on January 28, 2022 [Member]</link:label>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents two eco design fuel efficient containerships contracts signed on January 28, 2022.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member" xlink:to="esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.xsd#esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member" xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member" xlink:type="locator"/>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Two Eco Design Fuel Efficient Containerships Signed in 2021 [Member]</link:label>
    <link:label xlink:label="esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents two eco design fuel efficient containerships contracts signed in 2021.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member" xlink:to="esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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 (Month)</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="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorName" xlink:label="dei_AuditorName" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorName-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Name</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MVSeaspanMelbourneMember" xlink:label="esea_MVSeaspanMelbourneMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSeaspanMelbourneMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Seaspan Melbourne [Member]</link:label>
    <link:label xlink:label="esea_MVSeaspanMelbourneMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Seaspan Melbourne.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSeaspanMelbourneMember" xlink:to="esea_MVSeaspanMelbourneMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SeaspanMelbourneVesselsMember" xlink:label="esea_SeaspanMelbourneVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SeaspanMelbourneVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seaspan Melbourne, Vessels [Member]</link:label>
    <link:label xlink:label="esea_SeaspanMelbourneVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Seaspan Melbourne, vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SeaspanMelbourneVesselsMember" xlink:to="esea_SeaspanMelbourneVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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-20231231.xsd#esea_SeaspanMelbourneInplaceAttachedTimeCharterMember" xlink:label="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seaspan Melbourne, In-place Attached Time Charter [Member]</link:label>
    <link:label xlink:label="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Seaspan Melbourne, In-place Attached Time Charter.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember" xlink:to="esea_SeaspanMelbourneInplaceAttachedTimeCharterMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MVSeaspanManilaMember" xlink:label="esea_MVSeaspanManilaMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVSeaspanManilaMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Seaspan Manila [Member]</link:label>
    <link:label xlink:label="esea_MVSeaspanManilaMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Seaspan Manila.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVSeaspanManilaMember" xlink:to="esea_MVSeaspanManilaMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="esea-20231231.xsd#esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost" xlink:label="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost" xlink:type="locator"/>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost</link:label>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advances for vessels under construction</link:label>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the additional costs capitalized related to the construction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost" xlink:to="esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorFirmId" xlink:label="dei_AuditorFirmId" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorFirmId-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Firm ID</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_ContainerCarriersVesselsMember" xlink:label="esea_ContainerCarriersVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ContainerCarriersVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Container Carriers Vessels [Member]</link:label>
    <link:label xlink:label="esea_ContainerCarriersVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Container carriers vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ContainerCarriersVesselsMember" xlink:to="esea_ContainerCarriersVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorLocation" xlink:label="dei_AuditorLocation" xlink:type="locator"/>
    <link:label xlink:label="dei_AuditorLocation-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Location</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" xlink:label="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" xlink:type="locator"/>
    <link:label xlink:label="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers</link:label>
    <link:label xlink:label="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Operating Expense (Income) From Settlement of Acccounts With Charterers</link:label>
    <link:label xlink:label="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of other operating expense (income) from settlement of accounts with charterers.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers" xlink:to="esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MvGregosMember" xlink:label="esea_MvGregosMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MvGregosMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Gregos [Member]</link:label>
    <link:label xlink:label="esea_MvGregosMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents M/V Gregos.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MvGregosMember" xlink:to="esea_MvGregosMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_ShareRepurchaseProgramMember" xlink:label="esea_ShareRepurchaseProgramMember" xlink:type="locator"/>
    <link:label xlink:label="esea_ShareRepurchaseProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Member]</link:label>
    <link:label xlink:label="esea_ShareRepurchaseProgramMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to share repurchase program.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_ShareRepurchaseProgramMember" xlink:to="esea_ShareRepurchaseProgramMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SeaspanManilaVesselsMember" xlink:label="esea_SeaspanManilaVesselsMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SeaspanManilaVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seaspan Manila, Vessels [Member]</link:label>
    <link:label xlink:label="esea_SeaspanManilaVesselsMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Seaspan Manila, vessels.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SeaspanManilaVesselsMember" xlink:to="esea_SeaspanManilaVesselsMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dilutive effect of non-vested shares (in shares)</link:label>
    <link:label xlink:label="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment" xlink:to="us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock" xlink:label="esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capitalized Vessel Construction Cost Roll Forward [Table Text Block]</link:label>
    <link:label xlink:label="esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tabular disclosure of the change in capitalized vessel costs during the period.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock" xlink:to="esea_CapitalizedVesselConstructionCostRollForwardTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_SeaspanManilaInplaceAttachedTimeCharterMember" xlink:label="esea_SeaspanManilaInplaceAttachedTimeCharterMember" xlink:type="locator"/>
    <link:label xlink:label="esea_SeaspanManilaInplaceAttachedTimeCharterMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seaspan Manila, In-place Attached Time Charter [Member]</link:label>
    <link:label xlink:label="esea_SeaspanManilaInplaceAttachedTimeCharterMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to Seaspan Manila, In-place Attached Time Charter.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_SeaspanManilaInplaceAttachedTimeCharterMember" xlink:to="esea_SeaspanManilaInplaceAttachedTimeCharterMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel" xlink:label="esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel" xlink:type="locator"/>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Newbuilding vessel &#8220;Gregos&#8221; delivered during the period</link:label>
    <link:label xlink:label="esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relates to the finished vessel.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel" xlink:to="esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MVEmmanuelPMember" xlink:label="esea_MVEmmanuelPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVEmmanuelPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Emmanuel P [Member]</link:label>
    <link:label xlink:label="esea_MVEmmanuelPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Emmanuel P.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVEmmanuelPMember" xlink:to="esea_MVEmmanuelPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_MVRenaPMember" xlink:label="esea_MVRenaPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVRenaPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Rena P [Member]</link:label>
    <link:label xlink:label="esea_MVRenaPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Rena P.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVRenaPMember" xlink:to="esea_MVRenaPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:label="us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ContractualObligationDueInNextTwelveMonths-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">us-gaap_ContractualObligationDueInNextTwelveMonths</link:label>
    <link:label xlink:label="us-gaap_ContractualObligationDueInNextTwelveMonths-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual Obligation, to be Paid, Year One</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:to="us-gaap_ContractualObligationDueInNextTwelveMonths-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgingPurposeDomain" xlink:label="us-gaap_PledgingPurposeDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgingPurposeDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledging Purpose [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgingPurposeDomain" xlink:to="us-gaap_PledgingPurposeDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TeratakiShippingLtdMember" xlink:label="esea_TeratakiShippingLtdMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TeratakiShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Terataki Shipping, Ltd. [Member]</link:label>
    <link:label xlink:label="esea_TeratakiShippingLtdMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relating to Terataki Shipping, Ltd.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TeratakiShippingLtdMember" xlink:to="esea_TeratakiShippingLtdMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of shares outstanding during the year, diluted (in shares)</link:label>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding-label" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Weighted average common shares &#8211;outstanding, diluted (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermSheetWithNationalBankOfGreeceSAMember" xlink:label="esea_TermSheetWithNationalBankOfGreeceSAMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetWithNationalBankOfGreeceSAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet With National Bank of Greece S.A [Member]</link:label>
    <link:label xlink:label="esea_TermSheetWithNationalBankOfGreeceSAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents information pertaining to loan with the National Bank of Greece S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetWithNationalBankOfGreeceSAMember" xlink:to="esea_TermSheetWithNationalBankOfGreeceSAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_TermSheetWithEurobankErgasiasSAMember" xlink:label="esea_TermSheetWithEurobankErgasiasSAMember" xlink:type="locator"/>
    <link:label xlink:label="esea_TermSheetWithEurobankErgasiasSAMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Term Sheet With Eurobank Ergasias S.A [Member]</link:label>
    <link:label xlink:label="esea_TermSheetWithEurobankErgasiasSAMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents term sheet with Eurobank Ergasias S.A.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_TermSheetWithEurobankErgasiasSAMember" xlink:to="esea_TermSheetWithEurobankErgasiasSAMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgingPurposeAxis" xlink:label="us-gaap_PledgingPurposeAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgingPurposeAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledging Purpose [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgingPurposeAxis" xlink:to="us-gaap_PledgingPurposeAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareDiluted-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share attributable to common shareholders - diluted (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_EarningsPerShareDiluted-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted earnings per share (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Weighted average common shares &#8211;outstanding, basic (in shares)</link:label>
    <link:label xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of shares outstanding during the year, basic (in shares)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_EarningsPerShareBasic-label" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Basic earnings per share (in dollars per share)</link:label>
    <link:label xlink:label="us-gaap_EarningsPerShareBasic-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 (in dollars per share)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="esea-20231231.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-20231231.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-20231231.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-20231231.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-20231231.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StockRepurchaseProgramAuthorizedAmount1" xlink:label="srt_StockRepurchaseProgramAuthorizedAmount1" xlink:type="locator"/>
    <link:label xlink:label="srt_StockRepurchaseProgramAuthorizedAmount1-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">srt_StockRepurchaseProgramAuthorizedAmount1</link:label>
    <link:label xlink:label="srt_StockRepurchaseProgramAuthorizedAmount1-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stock Repurchase Program, Authorized Amount</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StockRepurchaseProgramAuthorizedAmount1" xlink:to="srt_StockRepurchaseProgramAuthorizedAmount1-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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-20231231.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramDomain" xlink:label="srt_ShareRepurchaseProgramDomain" xlink:type="locator"/>
    <link:label xlink:label="srt_ShareRepurchaseProgramDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ShareRepurchaseProgramDomain" xlink:to="srt_ShareRepurchaseProgramDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ShareRepurchaseProgramAxis" xlink:label="srt_ShareRepurchaseProgramAxis" xlink:type="locator"/>
    <link:label xlink:label="srt_ShareRepurchaseProgramAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share Repurchase Program [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ShareRepurchaseProgramAxis" xlink:to="srt_ShareRepurchaseProgramAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativeLiabilitiesNoncurrent" xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate swap contracts, noncurrent liability</link:label>
    <link:label xlink:label="us-gaap_DerivativeLiabilitiesNoncurrent-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" 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_DerivativeLiabilitiesNoncurrent" xlink:to="us-gaap_DerivativeLiabilitiesNoncurrent-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.xsd#esea_NumberOfVesselsUnderConstruction" xlink:label="esea_NumberOfVesselsUnderConstruction" xlink:type="locator"/>
    <link:label xlink:label="esea_NumberOfVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">esea_NumberOfVesselsUnderConstruction</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of Vessels Under Construction</link:label>
    <link:label xlink:label="esea_NumberOfVesselsUnderConstruction-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Represents the number of vessels under construction.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_NumberOfVesselsUnderConstruction" xlink:to="esea_NumberOfVesselsUnderConstruction-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgedStatusDomain" xlink:label="us-gaap_PledgedStatusDomain" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgedStatusDomain-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Domain]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgedStatusDomain" xlink:to="us-gaap_PledgedStatusDomain-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PledgedStatusAxis" xlink:label="us-gaap_PledgedStatusAxis" xlink:type="locator"/>
    <link:label xlink:label="us-gaap_PledgedStatusAxis-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pledged Status [Axis]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PledgedStatusAxis" xlink:to="us-gaap_PledgedStatusAxis-label" xlink:type="arc"/>
    <link:loc xlink:href="esea-20231231.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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-20231231.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-20231231.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="esea-20231231.xsd#esea_MVManolisPMember" xlink:label="esea_MVManolisPMember" xlink:type="locator"/>
    <link:label xlink:label="esea_MVManolisPMember-label" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">M/V Manolis P [Member]</link:label>
    <link:label xlink:label="esea_MVManolisPMember-label" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related to M/V Manolis P.</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="esea_MVManolisPMember" xlink:to="esea_MVManolisPMember-label" xlink:type="arc"/>
    <link:loc xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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</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="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.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-20231231.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="esea-20231231.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-20231231.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-20231231.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>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>21
<FILENAME>esea-20231231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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<title></title>
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<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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281302576">
<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, 2023 </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="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</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="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001341170<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">EUROSEAS LTD.<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="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<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="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="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</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="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="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-33283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">1T<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">4 Messogiou & Evropis Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">151 24<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Maroussi<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common shares, $0.03 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ESEA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">7,014,331<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="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="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [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="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">U.S. GAAP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">Deloitte Certified Public Accountants S.A.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Athens, Greece<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">11 Canterbury Lane<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">07069<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Watchung<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Tasos Aslidis<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">301-9091<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="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 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: 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><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AuditorFirmId</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:nonemptySequenceNumberItemType</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_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: 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><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AuditorLocation</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:internationalNameItemType</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_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: 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><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AuditorName</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:internationalNameItemType</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_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_CityAreaCode</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_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ContactPersonnelName</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_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ 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_DocumentAccountingStandard</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:accountingStandardItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: 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><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="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-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: 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><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DocumentFinStmtErrorCorrectionFlag</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DocumentRegistrationStatement</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_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressAddressLine1</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_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressCityOrTown</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_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressCountry</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:countryCodeItemType</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_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressPostalZipCode</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_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityAddressStateOrProvince</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:stateOrProvinceItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityFileNumber</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:fileNumberItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EntityIncorporationStateCountryCode</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:edgarStateCountryItemType</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: 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><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_IcfrAuditorAttestationFlag</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_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LocalPhoneNumber</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_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_Security12bTitle</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:securityTitleItemType</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_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_SecurityExchangeName</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:edgarExchangeCodeItemType</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_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_TradingSymbol</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:tradingSymbolItemType</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_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</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>26
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280957840">
<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, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 58,613,304<span></span>
</td>
<td class="nump">$ 25,845,333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashCurrent', window );">Restricted cash</a></td>
<td class="nump">2,994<span></span>
</td>
<td class="nump">2,193,173<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable, net</a></td>
<td class="nump">2,037,940<span></span>
</td>
<td class="nump">572,961<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherReceivablesNetCurrent', window );">Other receivables</a></td>
<td class="nump">2,276,116<span></span>
</td>
<td class="nump">5,515,311<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">2,538,342<span></span>
</td>
<td class="nump">2,306,177<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PrepaidExpenseCurrent', window );">Prepaid expenses</a></td>
<td class="nump">502,833<span></span>
</td>
<td class="nump">350,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent', window );">Asset held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">8,909,172<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">65,971,529<span></span>
</td>
<td class="nump">46,867,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Vessels, net</a></td>
<td class="nump">267,626,155<span></span>
</td>
<td class="nump">216,570,426<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="Show.showAR( this, 'defref_esea_AdvancesForVesselUnderConstruction', window );">Balance</a></td>
<td class="nump">85,375,650<span></span>
</td>
<td class="nump">59,083,594<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashNoncurrent', window );">Restricted cash</a></td>
<td class="nump">5,700,000<span></span>
</td>
<td class="nump">3,400,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,669,244<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">424,673,334<span></span>
</td>
<td class="nump">328,590,425<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Long-term bank loans, current portion</a></td>
<td class="nump">30,839,541<span></span>
</td>
<td class="nump">55,419,815<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="nump">5,746,510<span></span>
</td>
<td class="nump">5,160,068<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued expenses</a></td>
<td class="nump">1,865,615<span></span>
</td>
<td class="nump">1,756,383<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="Show.showAR( this, 'defref_esea_LiabilityAssociatedWithAssetHeldForSaleCurrent', window );">Liability associated with asset held for sale</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,556,641<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Accrued dividends</a></td>
<td class="nump">105,250<span></span>
</td>
<td class="nump">66,375<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Interest rate swap contracts, current liability</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Deferred revenues</a></td>
<td class="nump">11,275,911<span></span>
</td>
<td class="nump">7,730,422<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">51,187,810<span></span>
</td>
<td class="nump">73,689,704<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term bank loans, net of current portion</a></td>
<td class="nump">99,161,871<span></span>
</td>
<td class="nump">51,812,086<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="nump">168,138<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredNoncurrent', window );">Fair value of below market time charters acquired</a></td>
<td class="nump">7,580,306<span></span>
</td>
<td class="nump">34,933,438<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total long-term liabilities</a></td>
<td class="nump">106,910,315<span></span>
</td>
<td class="nump">86,745,524<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">158,098,125<span></span>
</td>
<td class="nump">160,435,228<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock (par value $0.03, 200,000,000 shares authorized, 7,116,206 and 7,014,331 issued and outstanding, respectively</a></td>
<td class="nump">210,430<span></span>
</td>
<td class="nump">213,486<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">258,434,237<span></span>
</td>
<td class="nump">260,539,222<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">(Accumulated deficit) / Retained earnings</a></td>
<td class="nump">7,930,542<span></span>
</td>
<td class="num">(92,597,511)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders&#8217; equity</a></td>
<td class="nump">266,575,209<span></span>
</td>
<td class="nump">168,155,197<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders&#8217; equity</a></td>
<td class="nump">424,673,334<span></span>
</td>
<td class="nump">328,590,425<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [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="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Trade accounts receivable, net</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">32,146<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="nump">$ 1,298,941<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_AdvancesForVesselUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents advances for vessel construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AdvancesForVesselUnderConstruction</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_esea_BelowMarketTimeChartersAcquiredNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LiabilityAssociatedWithAssetHeldForSaleCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents current liability associated with asset held for sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LiabilityAssociatedWithAssetHeldForSaleCurrent</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(A))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 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https://asc.fasb.org/1943274/2147481404/852-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="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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<td>xbrli:monetaryItemType</td>
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<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_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 15<br> -Paragraph 4<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482309/360-10-15-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent</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>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>instant</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_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(15))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_DerivativeAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="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="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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>
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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_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivablesNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 340<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 05<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482955/340-10-05-5<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 340<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483032/340-10-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 360<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478451/942-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 210<br> -Topic 954<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477220/954-210-45-5<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated undistributed earnings (deficit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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>
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<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_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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=us-gaap_RelatedPartyMember</td>
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<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>
</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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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281301600">
<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, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued (in shares)</a></td>
<td class="nump">7,014,331<span></span>
</td>
<td class="nump">7,116,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding (in shares)</a></td>
<td class="nump">7,014,331<span></span>
</td>
<td class="nump">7,116,206<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
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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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<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
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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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<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>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560282111504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_TimeCharterRevenue', window );">Time charter revenue</a></td>
<td class="nump">$ 195,779,495<span></span>
</td>
<td class="nump">$ 189,630,465<span></span>
</td>
<td class="nump">$ 97,977,389<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SalesCommissionsAndFees', window );">Commissions (including $1,075,274, $2,370,381 and $2,350,919, respectively, to related party)</a></td>
<td class="num">(6,422,112)<span></span>
</td>
<td class="num">(6,936,221)<span></span>
</td>
<td class="num">(4,085,717)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Net revenue</a></td>
<td class="nump">189,357,383<span></span>
</td>
<td class="nump">182,694,244<span></span>
</td>
<td class="nump">93,891,672<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Operating expenses / (income)</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="Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">1,284,375<span></span>
</td>
<td class="nump">2,476,854<span></span>
</td>
<td class="nump">624,734<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses (including $233,635, $353,842 and $344,624, respectively, to related party)</a></td>
<td class="nump">42,004,155<span></span>
</td>
<td class="nump">37,667,191<span></span>
</td>
<td class="nump">29,739,437<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="Show.showAR( this, 'defref_esea_DryDockingExpenses', window );">Dry-docking expenses</a></td>
<td class="nump">3,373,648<span></span>
</td>
<td class="nump">9,506,675<span></span>
</td>
<td class="nump">4,094,693<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="nump">22,835,469<span></span>
</td>
<td class="nump">18,522,217<span></span>
</td>
<td class="nump">7,203,198<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfessionalAndContractServicesExpense', window );">Related party management fees</a></td>
<td class="nump">5,720,831<span></span>
</td>
<td class="nump">4,920,063<span></span>
</td>
<td class="nump">4,294,789<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses (including $2,460,000, $2,420,000 and $2,650,000, respectively, to related party)</a></td>
<td class="nump">4,744,907<span></span>
</td>
<td class="nump">4,571,030<span></span>
</td>
<td class="nump">3,491,120<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Net loss / (gain) on sale of vessel</a></td>
<td class="num">(5,158,370)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,417<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GoodwillImpairmentLoss', window );">Impairments loss</a></td>
<td class="nump">13,832,716<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_OtherOperatingExpensesIncome', window );">Other operating income</a></td>
<td class="num">(2,727,114)<span></span>
</td>
<td class="num">(1,610,000)<span></span>
</td>
<td class="num">(1,298,318)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnContractTermination', window );">Gain on time charter agreements termination</a></td>
<td class="num">(15,984,253)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses, net</a></td>
<td class="nump">69,926,364<span></span>
</td>
<td class="nump">76,054,030<span></span>
</td>
<td class="nump">48,159,070<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating income</a></td>
<td class="nump">119,431,019<span></span>
</td>
<td class="nump">106,640,214<span></span>
</td>
<td class="nump">45,732,602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other (expenses)/ income</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="Show.showAR( this, 'defref_esea_InterestAndOtherFinancingCosts', window );">Interest and other financing costs (including $50,000, $0 and $0, respectively, to related party)</a></td>
<td class="num">(6,431,007)<span></span>
</td>
<td class="num">(5,072,619)<span></span>
</td>
<td class="num">(2,779,729)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">(Loss) / gain on derivatives, net</a></td>
<td class="nump">178,128<span></span>
</td>
<td class="nump">4,355,657<span></span>
</td>
<td class="num">(27,141)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionGainLossRealized', window );">Foreign exchange gain / (loss)</a></td>
<td class="num">(33,634)<span></span>
</td>
<td class="nump">54,235<span></span>
</td>
<td class="nump">34,418<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestAndOtherIncome', window );">Interest income</a></td>
<td class="nump">1,404,773<span></span>
</td>
<td class="nump">267,429<span></span>
</td>
<td class="nump">3,510<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Other expenses, net</a></td>
<td class="num">(4,881,740)<span></span>
</td>
<td class="num">(395,298)<span></span>
</td>
<td class="num">(2,768,942)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">114,549,279<span></span>
</td>
<td class="nump">106,244,916<span></span>
</td>
<td class="nump">42,963,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(255,324)<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="Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(345,628)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to common shareholders</a></td>
<td class="nump">$ 114,549,279<span></span>
</td>
<td class="nump">$ 106,244,916<span></span>
</td>
<td class="nump">$ 42,362,708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of shares outstanding during the year, basic (in shares)</a></td>
<td class="nump">6,931,280<span></span>
</td>
<td class="nump">7,181,561<span></span>
</td>
<td class="nump">6,976,905<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Earnings per share attributable to common shareholders - basic (in dollars per share)</a></td>
<td class="nump">$ 16.53<span></span>
</td>
<td class="nump">$ 14.79<span></span>
</td>
<td class="nump">$ 6.07<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of shares outstanding during the year, diluted (in shares)</a></td>
<td class="nump">6,936,060<span></span>
</td>
<td class="nump">7,190,107<span></span>
</td>
<td class="nump">6,993,405<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Earnings per share attributable to common shareholders - diluted (in dollars per share)</a></td>
<td class="nump">$ 16.52<span></span>
</td>
<td class="nump">$ 14.78<span></span>
</td>
<td class="nump">$ 6.06<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dry-docking expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest and other financing costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income classified in other operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4CC<br> -SubTopic 10<br> -Topic 815<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-15<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (e)(4)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1<br><br>Reference 8: 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-Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-2<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name 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https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
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Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before tax, of realized gain (loss) from foreign currency transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479105/946-220-45-6<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 830<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481956/830-20-45-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 830<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481926/830-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_GainLossOnContractTermination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnContractTermination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-5<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 350<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 350<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482598/350-20-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GoodwillImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndOtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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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-Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 17: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479105/946-220-45-7<br><br>Reference 19: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_NonoperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-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_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-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_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ProfessionalAndContractServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfessionalAndContractServicesExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesCommissionsAndFees</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>
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<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_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:sharesItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280955088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Operations (Parentheticals) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_CommissionsRelatedParty', window );">Commissions, related party</a></td>
<td class="nump">$ 2,350,919<span></span>
</td>
<td class="nump">$ 2,370,381<span></span>
</td>
<td class="nump">$ 1,075,274<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="Show.showAR( this, 'defref_esea_VesselOperatingExpensesRelatedParty', window );">Vessel operating expenses, related party</a></td>
<td class="nump">344,624<span></span>
</td>
<td class="nump">353,842<span></span>
</td>
<td class="nump">233,635<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges</a></td>
<td class="nump">13,832,716<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<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="Show.showAR( this, 'defref_esea_NetGainLossOnSaleOfVesselsRelatedParty', window );">Net gain on sale of vessels, related party</a></td>
<td class="nump">142,266<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_InterestAndOtherFinancingCostsRelatedParty', window );">Interest and other financing costs, related party</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [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="Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges</a></td>
<td class="nump">$ 2,650,000<span></span>
</td>
<td class="nump">$ 2,420,000<span></span>
</td>
<td class="nump">$ 2,460,000<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents related party commissions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents related party associated with vessel operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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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_us-gaap_AssetImpairmentCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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=us-gaap_RelatedPartyMember</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>
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<SEQUENCE>30
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281444848">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity - USD ($)<br></strong></div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th" colspan="2"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Retained Earnings [Member]</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2020</a></td>
<td class="nump">6,708,946<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2020</a></td>
<td class="nump">$ 201,268<span></span>
</td>
<td class="nump">$ 257,467,980<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">$ (230,333,881)<span></span>
</td>
<td class="nump">$ 27,335,367<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">42,963,660<span></span>
</td>
<td class="nump">42,963,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Dividends to Series B preferred shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(255,324)<span></span>
</td>
<td class="num">(255,324)<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="Show.showAR( this, 'defref_esea_DividendsPreferredStockDeemed', window );">Preferred deemed dividend</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(345,628)<span></span>
</td>
<td class="num">(345,628)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of shares (in shares)</a></td>
<td class="nump">82,901<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of shares</a></td>
<td class="nump">$ 2,487<span></span>
</td>
<td class="nump">608,746<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">611,233<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">49,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="nump">$ 1,490<span></span>
</td>
<td class="nump">180,834<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">182,324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Issuance of shares in connection with Series B Preferred Shares converted to equity (in shares)</a></td>
<td class="nump">453,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Issuance of shares in connection with Series B Preferred Shares converted to equity</a></td>
<td class="nump">$ 13,591<span></span>
</td>
<td class="nump">6,351,673<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,365,264<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2021</a></td>
<td class="nump">7,294,541<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2021</a></td>
<td class="nump">$ 218,836<span></span>
</td>
<td class="nump">264,609,233<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(187,971,173)<span></span>
</td>
<td class="nump">76,856,896<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">106,244,916<span></span>
</td>
<td class="nump">106,244,916<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="nump">$ 1,800<span></span>
</td>
<td class="nump">949,585<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">951,385<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Repurchase and cancellation of common shares (in shares)</a></td>
<td class="num">(238,335)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase and cancellation of common shares</a></td>
<td class="num">$ (7,150)<span></span>
</td>
<td class="num">(5,019,596)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="num">(5,026,746)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared ($1.50 per share)</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(10,871,254)<span></span>
</td>
<td class="num">(10,871,254)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2022</a></td>
<td class="nump">7,116,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2022</a></td>
<td class="nump">$ 213,486<span></span>
</td>
<td class="nump">260,539,222<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(92,597,511)<span></span>
</td>
<td class="nump">168,155,197<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">114,549,279<span></span>
</td>
<td class="nump">114,549,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">60,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardGross', window );">Issuance of restricted shares for stock incentive award and share-based compensation</a></td>
<td class="nump">$ 1,815<span></span>
</td>
<td class="nump">1,081,599<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,083,414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Repurchase and cancellation of common shares (in shares)</a></td>
<td class="num">(162,375)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Repurchase and cancellation of common shares</a></td>
<td class="num">$ (4,871)<span></span>
</td>
<td class="num">(3,140,564)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,145,435)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared ($1.50 per share)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,021,226)<span></span>
</td>
<td class="num">(14,021,226)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts', window );">Offering expenses paid</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">(46,020)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="num">(46,020)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance (in shares) at Dec. 31, 2023</a></td>
<td class="nump">7,014,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2023</a></td>
<td class="nump">$ 210,430<span></span>
</td>
<td class="nump">$ 258,434,237<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 7,930,542<span></span>
</td>
<td class="nump">$ 266,575,209<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of preferred stock dividends deemed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DividendsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ Details</a><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_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1E<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</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>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</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_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</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_StockIssuedDuringPeriodValueRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased and retired during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281992992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th" colspan="7">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 30, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>Jun. 30, 2023</div></th>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Nov. 30, 2022</div></th>
<th class="th"><div>Aug. 31, 2022</div></th>
<th class="th"><div>May 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends, per share (in dollars per share)</a></td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">$ 1.5<span></span>
</td>
</tr>
</table>
<div style="display: none;"><table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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></div>
</body>
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<html>
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<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560284984640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 114,549,279<span></span>
</td>
<td class="nump">$ 106,244,916<span></span>
</td>
<td class="nump">$ 42,963,660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="num">(22,835,469)<span></span>
</td>
<td class="num">(18,522,217)<span></span>
</td>
<td class="num">(7,203,198)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetImpairmentCharges', window );">Asset Impairment Charges</a></td>
<td class="nump">13,832,716<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization and write off of deferred charges</a></td>
<td class="nump">475,511<span></span>
</td>
<td class="nump">342,861<span></span>
</td>
<td class="nump">223,492<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Net loss / (gain) on sale of vessel</a></td>
<td class="num">(5,158,370)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,417<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="Show.showAR( this, 'defref_esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired', window );">Amortization of fair value of below market time charters acquired</a></td>
<td class="num">(11,368,879)<span></span>
</td>
<td class="num">(10,827,595)<span></span>
</td>
<td class="num">(230,112)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnContractTermination', window );">Gain on time charter agreements termination</a></td>
<td class="num">(15,984,253)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">1,083,414<span></span>
</td>
<td class="nump">951,385<span></span>
</td>
<td class="nump">182,324<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized (gain) / loss on derivatives</a></td>
<td class="nump">4,036,107<span></span>
</td>
<td class="num">(4,223,839)<span></span>
</td>
<td class="num">(153,835)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Changes in operating assets and liabilities: (Increase) / decrease in:</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="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable</a></td>
<td class="num">(1,464,979)<span></span>
</td>
<td class="nump">701,768<span></span>
</td>
<td class="nump">738,294<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses</a></td>
<td class="num">(152,627)<span></span>
</td>
<td class="nump">32,523<span></span>
</td>
<td class="num">(138,414)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsAndOtherReceivables', window );">Other receivables</a></td>
<td class="nump">3,239,195<span></span>
</td>
<td class="num">(3,792,426)<span></span>
</td>
<td class="nump">143,739<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="nump">178,138<span></span>
</td>
<td class="num">(31,723)<span></span>
</td>
<td class="num">(612,032)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties', window );">Due from related company</a></td>
<td class="nump">32,146<span></span>
</td>
<td class="num">(32,146)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>Increase / (decrease) in:</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="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToAffiliates', window );">Due to related company</a></td>
<td class="nump">1,298,941<span></span>
</td>
<td class="num">(309,970)<span></span>
</td>
<td class="nump">285,898<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Trade accounts payable</a></td>
<td class="num">(1,079,404)<span></span>
</td>
<td class="nump">2,014,706<span></span>
</td>
<td class="num">(740,664)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accrued expenses</a></td>
<td class="nump">109,232<span></span>
</td>
<td class="nump">53,458<span></span>
</td>
<td class="nump">393,352<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenues</a></td>
<td class="nump">3,545,489<span></span>
</td>
<td class="nump">4,436,436<span></span>
</td>
<td class="nump">2,344,622<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">130,007,125<span></span>
</td>
<td class="nump">114,082,571<span></span>
</td>
<td class="nump">52,612,939<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForVesselsUnderConstruction', window );">Cash paid for vessels under construction</a></td>
<td class="num">(111,475,509)<span></span>
</td>
<td class="num">(50,866,784)<span></span>
</td>
<td class="num">(7,615,958)<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="Show.showAR( this, 'defref_esea_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements', window );">Cash paid for vessel acquisitions including attached time charter agreements and vessel improvements</a></td>
<td class="num">(817,740)<span></span>
</td>
<td class="num">(39,822,933)<span></span>
</td>
<td class="num">(66,474,058)<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="Show.showAR( this, 'defref_esea_ProceedsFromSaleOfVessels', window );">Net proceeds and advances from sale of vessels</a></td>
<td class="nump">10,100,598<span></span>
</td>
<td class="nump">3,556,641<span></span>
</td>
<td class="num">(9,417)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(102,192,651)<span></span>
</td>
<td class="num">(87,133,076)<span></span>
</td>
<td class="num">(74,099,433)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Redemption of Series B preferred shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,000,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from issuance of common stock, net of commissions paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">743,553<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Cash paid for share repurchase</a></td>
<td class="num">(3,145,435)<span></span>
</td>
<td class="num">(5,026,746)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred dividends paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(424,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends paid</a></td>
<td class="num">(13,982,351)<span></span>
</td>
<td class="num">(10,804,879)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Offering expenses paid</a></td>
<td class="num">(102,896)<span></span>
</td>
<td class="num">(27,633)<span></span>
</td>
<td class="num">(123,167)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Loan arrangement fees paid</a></td>
<td class="num">(731,000)<span></span>
</td>
<td class="num">(115,500)<span></span>
</td>
<td class="num">(758,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt', window );">Proceeds from long-term bank loans</a></td>
<td class="nump">92,000,000<span></span>
</td>
<td class="nump">19,250,000<span></span>
</td>
<td class="nump">75,500,000<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="Show.showAR( this, 'defref_esea_RepaymentsOfLongtermDebtAndVesselProfitParticipationLiability', window );">Repayment of long-term bank loans</a></td>
<td class="num">(68,975,000)<span></span>
</td>
<td class="num">(30,284,460)<span></span>
</td>
<td class="num">(23,791,840)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfRelatedPartyDebt', window );">Repayment of related party loan</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(2,500,000)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by / (used in) financing activities</a></td>
<td class="nump">5,063,318<span></span>
</td>
<td class="num">(27,009,218)<span></span>
</td>
<td class="nump">46,646,546<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net increase / (decrease) in cash, cash equivalents and restricted cash</a></td>
<td class="nump">32,877,792<span></span>
</td>
<td class="num">(59,723)<span></span>
</td>
<td class="nump">25,160,052<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, cash equivalents and restricted cash at beginning of year</a></td>
<td class="nump">31,438,506<span></span>
</td>
<td class="nump">31,498,229<span></span>
</td>
<td class="nump">6,338,177<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash, cash equivalents and restricted cash at end of year</a></td>
<td class="nump">64,316,298<span></span>
</td>
<td class="nump">31,438,506<span></span>
</td>
<td class="nump">31,498,229<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">58,613,304<span></span>
</td>
<td class="nump">25,845,333<span></span>
</td>
<td class="nump">26,530,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashCurrent', window );">Restricted cash, current</a></td>
<td class="nump">2,994<span></span>
</td>
<td class="nump">2,193,173<span></span>
</td>
<td class="nump">167,285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashNoncurrent', window );">Restricted cash, long term</a></td>
<td class="nump">5,700,000<span></span>
</td>
<td class="nump">3,400,000<span></span>
</td>
<td class="nump">4,800,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Total cash, cash equivalents and restricted cash shown in the statement of cash flows</a></td>
<td class="nump">64,316,298<span></span>
</td>
<td class="nump">31,438,506<span></span>
</td>
<td class="nump">31,498,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental cash flow information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash paid for interest, net of capitalized expenses</a></td>
<td class="nump">5,788,025<span></span>
</td>
<td class="nump">5,100,982<span></span>
</td>
<td class="nump">2,447,089<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAssumed1', window );">Offering expenses accrued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">56,877<span></span>
</td>
<td class="nump">84,510<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CapitalExpendituresIncurredButNotYetPaid', window );">Capital expenditures and improvements for vessels under construction included in liabilities</a></td>
<td class="nump">2,371,700<span></span>
</td>
<td class="nump">648,979<span></span>
</td>
<td class="nump">690,481<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Conversion of Stock, Amount Issued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">6,365,264<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="Show.showAR( this, 'defref_esea_DividendsDeclaredButNotPaid', window );">Dividends declared but not paid</a></td>
<td class="nump">$ 105,250<span></span>
</td>
<td class="nump">$ 66,375<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_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DividendsDeclaredButNotPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of dividends declared but not paid during the period of time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DividendsDeclaredButNotPaid</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_PaymentsForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsForVesselsUnderConstruction</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_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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 and vessels including attached time charter agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsToAcquirePropertyPlantAndEquipmentAndVesselsIncludingAttachedTimeCharterAgreements</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_ProceedsFromSaleOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ProceedsFromSaleOfVessels</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1F<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -SubTopic 230<br> -Topic 830<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477401/830-230-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ConversionOfStockAmountIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_GainLossOnContractTermination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnContractTermination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-5<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_IncreaseDecreaseInDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_IncreaseDecreaseInDueToAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_IncreaseDecreaseInOperatingAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
</tr>
<tr>
<td style="padding-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_IncreaseDecreaseInOperatingLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-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_IncreaseDecreaseInPrepaidExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-17<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<a href="javascript:void(0);" onclick="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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https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 36: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td>xbrli:monetaryItemType</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_NoncashInvestingAndFinancingItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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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<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_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</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>
</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_PaymentsForRepurchaseOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for reacquisition of callable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_RepaymentsOfRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashCurrent">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -SubTopic 210<br> -Topic 954<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477220/954-210-45-5<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="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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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column F))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560383495872">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Insider Trading Arrangements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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   <table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align: top; width: 5%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>B.</i></b></p> </td><td style="vertical-align: top; width: 95%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Plan of Distribution</i></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"><span style="-sec-ix-hidden:c111385926"><span style="-sec-ix-hidden:c111386927"><span style="-sec-ix-hidden:c111386928"><span style="-sec-ix-hidden:c111386929">Not</span></span></span></span> Applicable.</p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 408<br> -Subsection a<br> -Paragraph 1<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281029712">
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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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Basis of Presentation and General Information</b>&#160;</p> </td></tr>
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   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Euroseas Ltd. (the &#8220;Company&#8221; or &#8220;Euroseas&#8221;) was formed on <em style="font: inherit;"> May 5, 2005 </em>under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On <em style="font: inherit;"> June 28, 2005, </em>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 <em style="font: inherit;"> June 29, 2005, </em>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 <em style="font: inherit;"> January 2007, </em>the Company pursued a public offering and its common shares started trading on the Nasdaq Global Market under the ticker symbol &#8220;ESEA&#8221; on <em style="font: inherit;"> January 31, 2007 </em>and since <em style="font: inherit;"> June 26, 2015, </em>its common shares trade on the Nasdaq Capital Market.</p>
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   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">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. Eurobulk has an office in Greece located at <em style="font: inherit;">4</em> 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 <em style="font: inherit;">8</em>).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Family United Navigation Co., which, in turn, collectively own 59.3% of the Company&#8217;s shares as of <em style="font: inherit;"> December 31, 2023.</em></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of&#160;<em style="font: inherit;"> December 31, 2023,&#160;</em>the Company had a working capital surplus of $14.8&#160;million. For the&#160;year ended&#160;<em style="font: inherit;"> December 31, 2023,&#160;</em>the Company reported a net income of $114.5&#160;million and generated net cash from operating activities of&#160;$130.0&#160;million. The Company&#8217;s cash balance amounted to $58.6&#160;million, while cash in restricted and retention accounts amounted to $5.7&#160;million as of&#160;<em style="font: inherit;"> December 31, 2023.&#160;</em>As noted in Note&#160;<em style="font: inherit;">4</em>&#160;below, the Company entered into agreements for the construction of&#160;<span style="-sec-ix-hidden:c111385937">nine</span> container carriers, <em style="font: inherit;">two</em> of which were delivered to the Company during <em style="font: inherit;">2023</em> and <em style="font: inherit;">seven</em>&#160;of which are expected to be delivered within <em style="font: inherit;">2024.</em> For the construction of the remaining <em style="font: inherit;">seven</em> vessels an amount of $198.0&#160;million is payable in the&#160;<em style="font: inherit;">twelve</em>-month period ending&#160;<em style="font: inherit;"> December 31, 2024.&#160;</em>All the payments are guaranteed by the Company. In <em style="font: inherit;"> February 2024, </em>the Company received an amount of $27.0 million through the sale and lease back financing transaction in connection with the delivery of the vessel M/V &#8220;Tender Soul&#8221; (see Note <em style="font: inherit;">19</em>). In addition, in <em style="font: inherit;"> April 2024, </em>the Company received an amount of $22.0 million through new mortgage debt financing in connection with the delivery of M/V &#8220;Leonidas Z&#8221; and entered into a committed term sheet for the financing of M/V &#8220;Monica&#8221; and M/V &#8220;Stephania&#8221;, for a total of up to $45.0 million in respect of these <em style="font: inherit;">two</em> newbuilding vessels that are expected to be delivered to the Company in the <em style="font: inherit;">second</em> quarter of <em style="font: inherit;">2024</em> (see Note <em style="font: inherit;">19</em>). The Company intends to fund its working capital requirements and capital commitments via cash on hand and cash flows from operations and funds from new mortgage debt financing for the vessels under construction. In the event that these sources are&#160;<em style="font: inherit;">not</em>&#160;sufficient, the Company&#160;<em style="font: inherit;"> may&#160;</em>also use funds from new mortgage debt financing for the&#160;<em style="font: inherit;">seven</em>&#160;unencumbered vessels that the Company owns,&#160;debt refinancing, debt balloon payment refinancing, proceeds from its on-going at-the-market offering&#160;and other equity offerings and sell vessels or the newbuilding contracts themselves (where equity and liquidity will be released), 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&#160;<em style="font: inherit;">twelve</em>&#160;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.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 for the year ended <em style="font: inherit;"> December 31, 2023, </em>are set out below:</p>
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<tr><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 97%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 97%;">&#160;</td></tr>
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<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 97%;">&#160;</td></tr>
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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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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"></p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i></i></b></p>
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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281511216">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">Inventories consisted of the following:</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274909808">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Advances for Vessels Under Construction<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">4.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Advances for vessels under construction</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> June 29, 2021,&#160;</em>the Company signed a contract for the construction of&#160;<span style="-sec-ix-hidden:c111386179">two</span>&#160;eco-design fuel efficient feeder containerships with a carrying capacity of about&#160;<em style="font: inherit;">2,800</em>&#160;teu each.&#160; The <em style="font: inherit;">first</em> vessel named M/V &#8220;Gregos&#8221; was delivered to the Company on <em style="font: inherit;"> April 6, 2023 </em>and the <em style="font: inherit;">second</em> vessel named &#8220;Terataki&#8221; was delivered to the Company on <em style="font: inherit;"> July 6, 2023 (</em>see Note <em style="font: inherit;">5</em>). The total consideration paid for these <em style="font: inherit;">two</em> shipbuilding contracts amounted to $80.5 million. The Company paid another $4.4 million for costs relating to the construction and to make the vessel available for use, as well as capitalized interest costs. The cost of these newbuilding contracts was financed with a combination of own cash and a bank loan of $26 million for each of the vessels (refer to Note <em style="font: inherit;">8</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> January 28, 2022, </em>the Company signed a contract for the construction of <em style="font: inherit;">two</em> eco-design fuel efficient feeder containerships. The vessels will have a carrying capacity of about <em style="font: inherit;">2,800</em> teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The total contracted consideration for these <em style="font: inherit;">two</em> newbuilding contracts is approximately $88.8 million. Within the years ended <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> the Company paid $12.8 million and $21.3 million, respectively, related to shipyard installments for the construction of these <em style="font: inherit;">two</em> vessels. The <em style="font: inherit;">first</em> vessel named M/V &#8220;Tender Soul&#8221; was delivered to the Company on <em style="font: inherit;"> February 6, 2024 </em>and the <em style="font: inherit;">second</em> vessel named &#8220;Leonidas&#8221; was delivered to the Company on <em style="font: inherit;"> April 25, 2024 (</em>see Note <em style="font: inherit;">19</em>). The cost of newbuilding contract of M/V &#8220;Tender Soul" was financed with a combination of own cash and a sale and leaseback financing transaction of $27 million (see Note <em style="font: inherit;">19</em>) for the <em style="font: inherit;">first</em> vessel and a bank loan of $22 million for the <em style="font: inherit;">second</em> vessel (see Note <em style="font: inherit;">19</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> May 20, 2022, </em>the Company exercised its option to proceed with the construction of <span style="-sec-ix-hidden:c111386218">two</span> additional eco-design fuel efficient containerships. The vessels will have a carrying capacity of about <em style="font: inherit;">2,800</em> teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The <em style="font: inherit;">two</em> newbuildings are scheduled to be delivered during the <em style="font: inherit;">fourth</em> quarter of <em style="font: inherit;">2024.</em> The total contracted consideration for these <em style="font: inherit;">two</em> newbuilding contracts is approximately $89.3 million. Within each of the years ended <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> the Company paid $8.6 million, related to shipyard installments for the construction of these <em style="font: inherit;">two</em> vessels.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Advances for vessels under construction of $59.1&#160;million and $85.4 million as of&#160;<em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> respectively,&#160;are included in the consolidated balance sheets and relate mainly to progress payments according to the agreements entered into with the shipyard, capitalized interest as well as legal and other costs related to the construction. See Note&#160;<em style="font: inherit;">11</em>&#160;for the outstanding commitments to the shipyard. The Company intends to finance the cost of all newbuilding contracts with a combination of debt and own cash.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The amounts in the accompanying audited condensed consolidated balance sheets are as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, January 1, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>7,615,958</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Advances for vessels under construction</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">51,467,636</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, December 31, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>59,083,594</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Advances for vessels under construction</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">111,194,917</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Newbuilding vessel &#8220;Terataki&#8221; delivered during the period</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(42,545,997</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">)</td></tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281334512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">5.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Vessels, net</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The amounts in the accompanying consolidated balance sheets are as follows:</p>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">- Newbuilding vessels &#8220;Gregos&#8221; &amp; "Terataki" delivered during the year</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">84,902,861</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><em style="font: inherit;">-</em></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">84,902,861</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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</tbody></table>

   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Vessel improvements for the year ended <em style="font: inherit;"> December 31, 2022, </em>mainly refer to the installation of Water Ballast Treatment (&#8220;WBT&#8221;) systems, as <em style="font: inherit;">five</em> vessels completed the installation of the system for a total cost of $1.5 million. The Company also spent another $0.4 million installing smart monitoring systems onboard the Company&#8217;s vessels. During the year ended <em style="font: inherit;"> December 31, 2023, </em><em style="font: inherit;">two</em> vessels completed the installation of the WBT systems for a total cost of $0.5 million. The Company also spent another $1.7 million retrofitting <em style="font: inherit;">one</em> vessel with a number of energy saving devices aiming to improve its efficiency and another $0.2 million installing smart monitoring systems and power limitation systems onboard the Company&#8217;s vessels. All these installations qualified as vessel improvements and were therefore capitalized.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>


   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
</tbody></table>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Vessels acquired / delivered</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> April 26, 2022, </em>Emmanuel Shipping Ltd. signed a memorandum of agreement to purchase M/V &#8220;Seaspan Melbourne&#8221;, a <em style="font: inherit;">50,796</em> DWT / <em style="font: inherit;">4,250</em> TEU, <em style="font: inherit;">2005</em>-built intermediate container carrier and its attached time charter, for a purchase price of $17,500,000, from which $33,259,241 was allocated to the vessel plus costs to make the vessel available for use of $179,130, resulting in a total amount of $33,438,371 presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet. In addition, an amount of $15,759,241 was allocated to the in-place attached time charter on the date of the transfer and was recorded as liability within &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet (see Note <em style="font: inherit;">7</em>). The vessel was delivered to the Company on <em style="font: inherit;"> May 24, 2022 </em>and was renamed to &#8220;Emmanuel P&#8221;.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> April 6, 2023,&#160;</em>the Company took delivery of the newbuilding M/V &#8220;Gregos&#8221;, an eco-design fuel efficient feeder containership (see Note&#160;<em style="font: inherit;">4</em>). The total cost for the construction of the vessel was $42,356,864&#160;and is presented within &#8220;Vessels, net&#8221; in the consolidated balance sheet.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Sale of vessels</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> December 23, 2022, </em>Bridge Shipping Ltd. signed a memorandum of agreement to sell M/V &#8220;Akinada Bridge&#8221;, a <em style="font: inherit;">71,366</em> DWT / <em style="font: inherit;">5,610</em> TEU <em style="font: inherit;">2001</em>-built intermediate container carrier, for scrap, at a gross price of $14.2 million, following a strategy of disposing older vessels, combined with the analysis of the repair options of a damage identified in the <em style="font: inherit;">fourth</em> quarter of <em style="font: inherit;">2022</em> (refer also to Note <em style="font: inherit;">18</em>). As of <em style="font: inherit;"> December 31, 2022, </em>the vessel was classified as held for sale at its net book value of $8.5 million, together with its inventory on board amounting to $0.4 million. The total amount is presented in the &#8220;Asset held for sale&#8221; line in the current assets section of the consolidated balance sheet as of <em style="font: inherit;"> December 31, 2022. </em>In respect of the sale the amount of $3.6 million collected as an advance for the vessel sale was classified as a &#8220;Liability associated with asset held for sale&#8221; and is presented under the current liabilities section of the consolidated balance sheet as of <em style="font: inherit;"> December 31, 2022. </em>The vessel was delivered to her new owners on <em style="font: inherit;"> January 9, 2023. </em>The gain on the sale of the vessel is $5.2 million and is presented in &#8220;Net (loss) / gain on sale of vessel&#8221; line in the consolidated statement of operations for the year ended <em style="font: inherit;"> December 31, 2023.</em></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281698928">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Accrued 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, 2023</div></th></tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281777424">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Fair Value of Below Market Time Charters Acquired<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredTextBlock', window );">Below Market Time Charters Acquired [Text Block]</a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">7.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Fair Value of Below Market Time Charters Acquired</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the acquisition of M/V &#8220;Marcos V&#8221;, in <em style="font: inherit;"> December 2021, </em>which was acquired by the Company with time charter agreement attached, expiring in <em style="font: inherit;"> July 2025, </em>the Company recognized a liability of $17,691,698, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level <em style="font: inherit;">2</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the acquisition of M/V &#8220;Emmanuel P&#8221;, in <em style="font: inherit;"> May 2022, </em>which was acquired by the Company with time charter agreement attached, expiring in <em style="font: inherit;"> March 2025, </em>the Company recognized a liability of $15,759,241, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level <em style="font: inherit;">2</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As part of the acquisition of M/V &#8220;Rena P&#8221;, in <em style="font: inherit;"> June 2022, </em>which was acquired by the Company with time charter agreement attached, expiring in <em style="font: inherit;"> February 2025, </em>the Company recognized a liability of $12,540,206, included in &#8220;Fair value of below market time charters acquired&#8221; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level <em style="font: inherit;">2</em>).</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"></p><table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In the <em style="font: inherit;">third</em> quarter of <em style="font: inherit;">2023,</em> a gain of $15,984,253 was recognized in connection with the write-off of the outstanding balance of the attached time charter liability recognized as part of the acquisitions of the <em style="font: inherit;">two</em> aforementioned vessels (M/V &#8220;Emmanuel P&#8221; and M/V &#8220;Rena P&#8221;), which was fully amortized in <em style="font: inherit;"> August 2023 </em>due to the early termination of the respective attached time charter agreements and presented in &#8220;Gain on time charter agreements termination&#8221; in the consolidated statement of operations for the year ended <em style="font: inherit;"> December 31, 2023.</em></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> the amortization of fair value of the below market acquired time charters analyzed above was $230,112, $10,827,595 and $11,368,879, respectively, and is included under &#8220;Time charter revenue&#8221; in the consolidated statements of operations.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The unamortized balance of this intangible liability as of <em style="font: inherit;"> December 31, 2023 </em>was $7,580,306 (net of accumulated amortization of $10,111,392) will be amortized over a weighted average period of 1.53 years by <em style="font: inherit;"> July 2025 </em>as per the table below.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> the remaining carrying amount of unamortized below market acquired time charter will be amortized in future years as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,737,600</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,842,706</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>$</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>(7,580,306</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>)</b></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure for the below market time charters acquired.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560470371184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">8.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Related Party Transactions</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company&#8217;s vessel owning companies are parties to management agreements with the Manager (see Note <em style="font: inherit;">1</em>) which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily management fee (see below), under the Company&#8217;s Master Management Agreement (&#8220;MMA&#8221;) with Eurobulk. An additional fixed management fee (see below) is paid to the Manager for the provision of management executive services.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company&#8217;s MMA with Eurobulk provides for an annual adjustment of the daily vessel management fee due to inflation to take effect <em style="font: inherit;"> January 1 </em>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 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 MMA, as periodically amended and restated, will automatically be extended after each <em style="font: inherit;">five</em>-year period for an additional <span style="-sec-ix-hidden:c111386326">five</span>-year period unless terminated on or before the <em style="font: inherit;">90th</em> day preceding the 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The MMA was renewed on <em style="font: inherit;"> January 1, 2018 </em>for an additional <span style="-sec-ix-hidden:c111386333">five</span>-year term until <em style="font: inherit;"> January 1, 2023. </em>For the year ended <em style="font: inherit;"> December 31, 2021 </em>the fixed vessel management fee amounted to Euro 685 per day per vessel in operation and Euro 342.5 per day per vessel in lay-up. From <em style="font: inherit;"> January 1, 2022, </em>the vessel fixed management fee was adjusted for inflation at Euro 720 per day per vessel in operation and Euro 360 per day per vessel in lay-up, as well as for the vessels under construction, which start paying the daily management fee after steel cutting. The MMA was further renewed on <em style="font: inherit;"> January 1, 2023 </em>for an additional <span style="-sec-ix-hidden:c111386338">five</span>-year term until <em style="font: inherit;"> January 1, 2028. </em>From <em style="font: inherit;"> January 1, 2023, </em>the vessel fixed management fee was adjusted for inflation at Euro 775 (approximately $853, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $1.10&#160;per euro) per day per vessel in operation and Euro 387.5 (approximately $426, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $1.10&#160;per euro) per day per vessel in lay-up or under construction. From <em style="font: inherit;"> January 1, 2024, </em>the vessel fixed management fee was adjusted for inflation at Euro 810 (approximately $891, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $1.10&#160;per euro) per day per vessel in operation and Euro 405 (approximately $446, using the exchange rate as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2023,</em> which was $1.10&#160;per euro) per day per vessel in lay-up or under construction.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Vessel management fees paid to the Manager amounted to $4,294,789, $4,920,063 and $5,720,831 in <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> respectively, and are recorded under &#8220;Related party management fees&#8221; in the consolidated statements of operations.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In addition to the vessel management services, the Manager provides executive services to the Company. The amount of executive compensation was set at $2,000,000 for each of the years ended <em style="font: inherit;"> December 31, 2021 </em>and <em style="font: inherit;">2022</em> and was increased to $2,150,000 for the year ended <em style="font: inherit;"> December 31, 2023 </em>to account for inflation. For the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023,</em> the Company paid an additional special bonus to the Manager&#8217;s employees and consultants of $460,000, $420,000 and $500,000, respectively, for a total amount of executive management fees of $2,460,000, $2,420,000 and $2,650,000, respectively. These amounts are recorded in &#8220;General and administrative expenses&#8221; in the consolidated statements of operations. The executive management fee will be adjusted annually for Eurozone inflation every <em style="font: inherit;"> January 1. </em>For the year <em style="font: inherit;">2024</em> the amount for the executive compensation, before bonuses, was increased to $2,250,000 to account for inflation.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 <em style="font: inherit;"> December 31, 2022, </em>the amount due from related company was $32,146. As of <em style="font: inherit;"> December 31, 2023, </em>the amount due to related company was $1,298,941. Based on the MMA, 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On&#160;<em style="font: inherit;"> November 1, 2019,&#160;</em>the Company entered into an&#160;agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#8217;s Chief Executive Officer, to draw $2.5&#160;million loan to finance working capital needs. The interest rate applied was&#160;8% per annum. Interest on the loan was payable quarterly. The Company paid $50,000&#160;on interest for this loan for the year ended&#160;<em style="font: inherit;"> December 31,&#160;</em><em style="font: inherit;">2021.</em> The loan was repaid in&#160;<em style="font: inherit;"> March 2021.</em></p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274807952">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">These consist of bank loans of the ship-owning companies and are as follows:</p>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Terataki Shipping Ltd.</p> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">(i)</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">24,400,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td colspan="2" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">Long-term bank loans, current portion net of deferred charges</em></b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>55,419,815</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>30,839,541</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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</tbody></table>

   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The future annual loan repayments are as follows:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

    <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">To December 31:</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">31,200,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">34,750,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">9,050,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">26,350,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,600,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Thereafter</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">27,050,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>131,000,000</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
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<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"><tbody><tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">On <em style="font: inherit;"> July 13, 2023, </em>the Company signed and drew a new term loan facility with Piraeus of $40,000,000&#160; in order to refinance all the outstanding amounts of the <em style="font: inherit;">two</em> previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in <span style="-sec-ix-hidden:c111386481">sixteen</span> consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in <em style="font: inherit;"> July 2027. </em>A margin of&#160;0.9% above SOFR is applicable to the portion of the loan equivalent to the Company&#8217;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to&#160;2.25% above SOFR. The loan is secured with the following: (i)&#160;<em style="font: inherit;">first</em>&#160;priority mortgages over M/V "Synergy Antwerp&#8221;, M/V "Synergy Busan&#8221;, M/V "Synergy Keelung&#8221; and M/V "Synergy Oakland&#8221;,&#160;(ii)&#160;<em style="font: inherit;">first</em>&#160;assignment of earnings and insurance and (iii) other covenants and guarantees similar to the&#160;remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.</td></tr>
<tr><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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<tr><td style="vertical-align: top; width: 3%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="vertical-align: top; width: 94%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 97%;"><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b></b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(g)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> September 13, 2022, </em>the Company signed a term loan facility with HSBC, and a loan of $19,250,000 was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in <span style="-sec-ix-hidden:c111386534">ten</span> consecutive quarterly installments of $1,000,000 each followed by a balloon payment of $9,250,000 payable together with the last installment in <em style="font: inherit;"> June 2025. </em>The loan bears interest at SOFR plus a margin of 1.95%. The loan is secured with the following: (i) <em style="font: inherit;">first</em> priority mortgages over M/V &#8220;Emmanuel P&#8221;&#160;and M/V &#8220;Rena P&#8221;, (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $115,500 within <em style="font: inherit;">2022</em> for this loan. On <em style="font: inherit;"> December 23, 2022, </em>following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</p> </td></tr>
<tr><td style="vertical-align: top; width: 3%;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;">(h)</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">On&#160;<em style="font: inherit;"> March 30, 2023, </em>the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0&#160;million or up to&#160;67% of the vessel&#8217;s market value, in order to finance part of the construction cost of M/V &#8220;Gregos&#8221; (Hull <em style="font: inherit;">No.</em> <em style="font: inherit;">4201</em>). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on <em style="font: inherit;"> March 31, 2023. </em>The loan is payable in <span style="-sec-ix-hidden:c111386548">twenty-eight</span> consecutive quarterly instalments, <em style="font: inherit;">twelve</em> in the amount of $700,000 and <em style="font: inherit;">sixteen</em> in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in <em style="font: inherit;"> March 2030. </em>The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) <em style="font: inherit;">first</em> priority mortgage over M/V "Gregos", (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</td></tr>
<tr><td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;">&#160;</td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;">&#160;</td></tr>
<tr><td style="vertical-align: top; width: 3%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">(i)</p> </td><td style="vertical-align: top; width: 1%;">&#160;</td><td style="vertical-align: top; width: 96%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On&#160;<em style="font: inherit;"> June 29, 2023, </em>the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#8220;Terataki&#8221;&#160;(Hull <em style="font: inherit;">No.</em> <em style="font: inherit;">4202</em>). The loan is payable in <span style="-sec-ix-hidden:c111386563">twenty-four</span> consecutive quarterly instalments, <em style="font: inherit;">twelve</em> in the amount of $800,000 and <em style="font: inherit;">twelve</em> in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in <em style="font: inherit;"> June 2029. </em>The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within <em style="font: inherit;">2023</em> for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) <em style="font: inherit;">first</em> priority mortgage over M/V "Terataki", (ii) <em style="font: inherit;">first</em> assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The bank loan agreements also contain covenants such as minimum requirements regarding the security cover ratio covenant (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. <em style="font: inherit;">not</em> 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 the Company&#8217;s 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 installments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $5,593,173 and $5,702,994 as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> 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 <em style="font: inherit;"> December 31, 2023, </em>all the debt covenants are satisfied.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The publication of U.S. Dollar LIBOR for the <em style="font: inherit;">one</em>-week and <em style="font: inherit;">two</em>-month U.S. Dollar LIBOR tenors ceased on <em style="font: inherit;"> December 31, 2021, </em>and the ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom&#8217;s Financial Conduct Authority, ceased all other U.S. Dollar LIBOR tenors on <em style="font: inherit;"> June 30, 2023. </em>The United States Federal Reserve concurrently issued a statement advising banks to cease issuing U.S. Dollar LIBOR instruments after <em style="font: inherit;">2021.</em> As such, any new debt agreements the Company entered into did <em style="font: inherit;">not</em> use LIBOR as an interest rate, and the Company transitioned its existing loan agreements and interest rate swap agreements from U.S. Dollar LIBOR to an alternative reference rate prior to <em style="font: inherit;"> June 2023.&#160;</em></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, selected an alternative rate to replace U.S. Dollar LIBOR: the SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. SOFR is now the predominant interest rate being used across cash and derivatives markets and the <em style="font: inherit;">one</em> used following the transition away from LIBOR. The impact of such a transition from LIBOR to SOFR was <em style="font: inherit;">not</em> significant for the Company. In light of the transition the Company added fallback language to existing debt tied to LIBOR and in some cases agreed to pricing adjustments in its credit agreements. In particular, in certain cases the fallback language provides for the implementation of the so called &#8220;hardwire approach&#8221; where even the pricing adjustment (the Credit Adjustment Spread or &#8220;CAS&#8221;) is agreed to in advance, and in other cases the fallback language provides for a negotiation framework and timing in advance of the expected transition. As of <em style="font: inherit;"> December 31, 2023, </em>the Company&#8217;s obligations under its credit facilities which accrue interest are based on SOFR.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Interest expense for the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> amounted to $2,556,237, $4,729,759 and $5,955,496 respectively, after interest capitalized to the vessels under construction. Capitalized interest for the year ended <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023</em> amounted to $544,639 and $3,410,933, respectively.</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274866672">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureTextBlockAbstract', window );"><strong>Notes to Financial Statements</strong></a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">10.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Income Taxes</b></p> </td></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the laws of the countries of the companies&#8217; incorporation and/or vessels&#8217; registration, the companies are <em style="font: inherit;">not</em> 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.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Under the United States Internal Revenue Code of <em style="font: inherit;">1986,</em> 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 <em style="font: inherit;">4%</em> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section <em style="font: inherit;">883</em> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <em style="font: inherit;">50%</em> of the gross shipping income that is attributable to transportation that begins or ends, but that does <em style="font: inherit;">not</em> both begin and end, in the United States.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 &#8220;equivalent exemption&#8221; 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) <em style="font: inherit;">one</em> or more classes of its shares representing <em style="font: inherit;">50%</em> 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 shares is traded on the market, other than in minimal quantities, on at least <em style="font: inherit;">60</em> days during the taxable year or <em style="font: inherit;">one</em> <em style="font: inherit;">sixth</em> of the days in a short taxable year; and (B) the aggregate number of shares of such class of shares traded on such market during the taxable year must be at least <em style="font: inherit;">10%</em> of the average number of shares of such class of shares 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 <em style="font: inherit;">not</em> be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which <em style="font: inherit;">50%</em> 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 <em style="font: inherit;">5%</em> or more of the vote and value of such class of the Company&#8217;s outstanding shares (<em style="font: inherit;">&#8220;5%</em> Override Rule&#8221;).</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">For the taxable years <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> 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 was subject to the <em style="font: inherit;">5%</em> Override Rule, but nonetheless satisfied the Publicly Traded Test for the respective years, because the non-qualified <em style="font: inherit;">5%</em> shareholders did <em style="font: inherit;">not</em> own more than <em style="font: inherit;">50%</em> of the Company&#8217;s common stock for more than half of the days during the taxable years.</p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income tax.</p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560413672688">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274866672">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Stock Incentive Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Non-vested on January 1, 2023</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">84,243</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">20.15</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Earnings Per Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Basic and diluted earnings per common share is computed as follows:</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274787904">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Voyage Expenses 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_esea_VesselVoyageAndOperatingExpensesTextBlock', window );">Vessel Voyage and Operating Expenses [Text Block]</a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">14.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Voyage Expenses and Vessel Operating Expenses</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">These consisted of:</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Insurance</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,917,042</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,364,430</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">4,788,264</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560275657872">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock', window );">Derivative Instruments and Hedging Activities Disclosure [Text Block]</a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">15.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Derivative Financial Instruments</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Interest rate swaps</b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> October 12, 2021, </em>the Company entered into one interest rate swap contract with Eurobank for a notional amount of $10.0 million, with inception date on <em style="font: inherit;"> November 1, 2021 </em>and maturity date on <em style="font: inherit;"> November 1, 2025. </em>Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the <em style="font: inherit;">3</em>-month LIBOR while the Company paid a fixed rate of 1.09% based on the relevant notional amount. The Company terminated this contract on <em style="font: inherit;"> June 26, 2023, </em>before its maturity date, due to the significant increase in the interest rates, realizing a gain at the date of the termination of $846,000.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> June 16, 2022, </em>the Company entered into <em style="font: inherit;">one</em> interest rate swap contract with Piraeus for a notional amount of $20.0 million, with inception date on <em style="font: inherit;"> January 3, 2023 </em>and maturity date on <em style="font: inherit;"> January 3, 2028. </em>Under the terms of the swap, Piraeus makes a quarterly payment to the Company equal to the daily SOFR index while the Company pays a fixed rate of 3.41% based on the relevant notional amount.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>


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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">The interest rate swap contracts did <em style="font: inherit;">not</em> qualify for hedge accounting as of <em style="font: inherit;"> December&#160;</em><em style="font: inherit;">31,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023.</em></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">Current assets &#8211; Derivatives</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,142,682</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
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</tbody></table>

   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 815<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/815/tableOfContent<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280655952">
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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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsDisclosureTextBlock', window );">Financial Instruments Disclosure [Text Block]</a></td>
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   <table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"><tbody><tr><td style="vertical-align: top; width: 3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">16.</em></b></p> </td><td style="vertical-align: top; width: 97%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Financial Instruments</b></p> </td></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and amount due from related company. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, accrued expenses, derivatives and amount due to related company.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Interest rate risk </i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 agreed 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 bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note <em style="font: inherit;">15</em> they do <em style="font: inherit;">not</em> qualify for hedge accounting, under the guidance relating to <i>Derivatives and Hedging</i>, as the Company does <em style="font: inherit;">not</em> have currently 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 recognizes the change in fair value of these derivatives in the &#8220;(Loss) / gain on derivatives, net&#8221; in the consolidated statements of operations. As of <em style="font: inherit;"> December 31, 2023, </em>the Company had <span style="-sec-ix-hidden:c111386768">one</span> open swap contract for a notional amount of $20.0 million and hence, the Company is exposed to increases in interest rates on the remaining amount of its interest-bearing debt.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Concentration of credit risk</i></b></p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 quality 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 <em style="font: inherit;">not</em> require collateral for its trade accounts receivable as the Company in most cases gets paid in advance. The Company&#160;<em style="font: inherit;"> may&#160;</em>be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Fair value of financial instruments</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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;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 <em style="font: inherit;">one</em> of the following <em style="font: inherit;">three</em> categories:</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Level <em style="font: inherit;">1:</em> Quoted market prices in active markets for identical assets or liabilities;</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Level <em style="font: inherit;">2:</em> Observable market based inputs or unobservable inputs that are corroborated by market data;</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Level <em style="font: inherit;">3:</em> Unobservable inputs that are <em style="font: inherit;">not</em> corroborated by market data.</p>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The estimated fair values of the Company&#8217;s financial instruments such as cash and cash equivalents and restricted cash, trade account payable, accrued expenses and amount due from / to related company approximate their individual carrying amounts as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level <em style="font: inherit;">1</em> items as they represent liquid assets with short-term maturities. The fair value of the Company&#8217;s long-term bank loans, bearing interest at variable interest rates approximates their recorded values as of <em style="font: inherit;"> December 31, 2023, </em>due to the variable interest rate nature thereof. SOFR 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 <em style="font: inherit;">2</em> items in accordance with the fair value hierarchy due to their variable interest rate.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The fair value of the Company&#8217;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based SOFR swap rates.&#160;SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level <em style="font: inherit;">2</em> items. The fair values of the interest rate swaps determined through Level <em style="font: inherit;">2</em> 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.</p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Recurring Fair Value Measurements</i></b></p>
   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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</tbody></table>

   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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</tbody></table>

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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560382809856">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - 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, 2023</div></th></tr>
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   <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560395769184">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Other Operating Income<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for other operating income and other operating expense items.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281754352">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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   <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560276089040">
<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, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Consolidation, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Principles of consolidation</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Use of estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock', window );">Comprehensive Income, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Other comprehensive income / (loss)</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company has <em style="font: inherit;">no</em> other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, <em style="font: inherit;">no</em> statement of comprehensive income / (loss) has been presented.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Transactions and Translations Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Foreign currency translation</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><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="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Cash equivalents</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of <em style="font: inherit;">three</em> months or less.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Restricted cash</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>

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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><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="Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Accounts Receivable [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Trade accounts receivable</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each time charter. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. No allowance for doubtful accounts was recorded for any of the periods presented.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventory, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Inventories</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><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="Show.showAR( this, 'defref_esea_VesselsPolicyTextBlock', window );">Vessels [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Vessels</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 to prepare the vessel for her initial voyage, 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. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Expenditures for vessel repair and maintenance are charged against income in the period incurred.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><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="Show.showAR( this, 'defref_esea_AssetsHeldForSalePolicyTextBlock', window );">Assets Held For Sale [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Vessels Held for Sale</i></b>&#160;</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company <em style="font: inherit;"> may </em>dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies a vessel as being held for sale when the following criteria are met: (i) management has committed to a plan to sell the vessel; (ii) the&#160;vessel 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 vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the vessel is expected to qualify for recognition as a completed sale within <em style="font: inherit;">one</em> year; (v) the vessel 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less&#160;the&#160;cost to sell. The resulting difference, if any, is recorded under &#8220;Loss on write-down of vessel held for sale&#8221; in the consolidated statements of operations. The vessels are <em style="font: inherit;">no</em> longer depreciated once they meet the criteria to be classified as held for sale.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;">&#160;</p>

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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock', window );">Depreciation, Depletion, and Amortization [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Depreciation</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. 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 $250 per light weight ton as of <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><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="Show.showAR( this, 'defref_us-gaap_InsurancePremiumsRevenueRecognitionPolicy', window );">Insurance Premiums Revenue Recognition, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Insurance claims and insurance proceeds</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 <em style="font: inherit;">not</em> 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"></p><span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Revenue and expense recognition</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Revenues are generated from time 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 fixed or index-linked daily charter hire rate.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable <em style="font: inherit;">15</em> or <em style="font: inherit;">30</em> days in advance as determined in the charter party agreement. The duration of the contracts that the Company enters into depends on the market conditions, with the duration decreasing during weak market conditions. During <em style="font: inherit;">2021,</em> <em style="font: inherit;">2022</em> and <em style="font: inherit;">2023</em> the duration of the Company&#8217;s time charter contracts ranged from 10 days to 4 years and certain time charter contracts included renewal options up to 12 months. 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.&#160;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 <em style="font: inherit;">842,</em> because (i) the vessel is an identifiable asset, (ii) the Company does <em style="font: inherit;">not</em> 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 lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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</tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company, making use of the practical expedient for lessors, elected <em style="font: inherit;">not</em> 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 ASC <em style="font: inherit;">842.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Revenues under 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 are recorded in &#8220;Time charter revenue&#8221; in the consolidated statements of operations. Time charter agreements <em style="font: inherit;"> may&#160;</em>include ballast bonus payments made by the charterer which serve as compensation for the ballast trip of the vessel to the delivery port, which are deferred and also recognized on a straight-line basis over the charter period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 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 <em style="font: inherit;"> may </em>be recovered from the charterer; such amounts recovered are recorded as other income within &#8220;Time charter revenue&#8221; in the consolidated statements of operations.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DrydockingAndSpecialSurveyExpensesPolicyTextBlock', window );">Drydocking and Special Survey Expenses [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Dry-docking and special survey expenses</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Dry-docking and special survey expenses are expensed as incurred.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PensionAndOtherPostretirementPlansPolicy', window );">Pension and Other Postretirement Plans, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Pension and retirement benefit obligations </i></b>&#8211;<b><i> crew </i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are <em style="font: inherit;">not</em> liable for any pension or post-retirement benefits.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DividendsPolicyTextBlock', window );">Dividends [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Dividends </i></b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Dividends, if any, are recorded in the Company&#8217;s financial statements in the period in which they are declared by the Company&#8217;s board of directors.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLoansAndLeasesReceivablePolicy', window );">Financing Receivable [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Financing costs</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Fees paid to lenders or required to be paid to <em style="font: inherit;">third</em> parties on the lenders&#8217; behalf for obtaining new loans or for refinancing or amending existing loans, are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and other financing costs over the duration of the underlying loan using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment pursuant to the provisions of Subtopic <em style="font: inherit;">470</em>-<em style="font: inherit;">50</em> &#8220;Modifications and Extinguishments&#8221;, is expensed in the period in which the repayment is made or refinancing occurs.&#160;Any unamortized balance of costs relating to debt refinanced that do <em style="font: inherit;">not</em> meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_OfferingExpensesPolicyTextBlock', window );">Offering Expenses [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Offering expenses</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when equity proceeds from the offering are received or are written-off and charged to &#8220;General and administrative expenses&#8221; in the consolidated statements of operations when it is probable that the offering will be aborted.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityPolicyTextBlock', window );">Stockholders' Equity, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Share repurchases</i></b>&#160;</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders&#8217; equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Fair value of above/below market time charters acquired</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company values any asset or liability arising from the market value of any time charter assumed when a vessel is acquired. 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 market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. 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 cost of the acquisition is allocated to the vessel and the in-place time charter attached on the basis of their relative fair values. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-Based Payment Arrangement [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Stock incentive plan awards</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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. 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 <em style="font: inherit;">not</em> 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. Further, the Company accounts for restricted share award forfeitures upon occurrence.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Impairment of vessels</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels, including any related intangible assets and liabilities, <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be recoverable. If indicators of impairment are present, the Company performs an analysis of the future undiscounted net operating cash flows of the related vessels. 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 records a charge under &#8220;Impairment loss&#8221; in the consolidated statement of operations, to reduce the vessel&#8217;s carrying value to its fair market value. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels&#8217; future performance, with the assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels&#8217; residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivatives, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Derivative financial instruments</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 &#8220;Derivatives and Hedging&#8221; or in earnings if hedging criteria are <em style="font: inherit;">not</em> met.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PurchaseTransactionsPolicyTextBlock', window );">Purchase Transactions [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Evaluation of purchase transactions</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with <i>Business Combinations (Topic <em style="font: inherit;">805</em>): Clarifying the Definition of a Business</i>, 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 <em style="font: inherit;">not</em> a business. To be considered a business, a set must include an input and a substantive process that together significantly contribute 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.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>

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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings Per Share, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Earnings / (loss) per common share</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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 if any, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does <em style="font: inherit;">not</em> 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 <em style="font: inherit;"> December 31, 2022 </em>and <em style="font: inherit;">2023,</em> are considered contingently returnable until the restrictions lapse and will <em style="font: inherit;">not</em> be included in the basic earnings / (loss) per share calculation until the shares are vested.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b><i>Segment reporting</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company reports financial information and evaluates its operations by total charter revenues and <em style="font: inherit;">not</em> by the type of vessel, length of vessel employment, customer or type of charter. 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 reportable segment, that of operating container carriers. 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"></p><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="Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements, Policy [Policy Text Block]</a></td>
<td class="text"><p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Recent accounting pronouncements</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&#160;</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In <em style="font: inherit;"> November 2023, </em>the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) <em style="font: inherit;">2023</em>-<em style="font: inherit;">07,</em> Improvements to Reportable Segment Disclosures (&#8220;ASU <em style="font: inherit;">2023</em>-<em style="font: inherit;">07&#8221;</em>). ASU <em style="font: inherit;">2023</em>-<em style="font: inherit;">07</em> expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, and an amount and description of its composition for other segment items and interim disclosures of a reportable segment&#8217;s profit or loss and assets. ASU <em style="font: inherit;">2023</em>-<em style="font: inherit;">07</em> also requires that all segment-related disclosures required by FASB Topic <em style="font: inherit;">280</em> (Segment Reporting) be made by entities that have a single reportable segment. ASU <em style="font: inherit;">2023</em>-<em style="font: inherit;">07</em> is effective for fiscal years beginning after <em style="font: inherit;"> December 15, 2023 </em>and interim periods within fiscal years beginning after <em style="font: inherit;"> December 15, 2024 </em>and early adoption is permitted. The Company does <em style="font: inherit;">not</em> believe the adoption of ASU <em style="font: inherit;">No.</em> <em style="font: inherit;">2023</em>-<em style="font: inherit;">07</em> will have a material effect on its financial position, results of operations and cash flows.</p><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of the company's policy regarding dividends.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents drydocking and special survey expenses policy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DrydockingAndSpecialSurveyExpensesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the accounting policies for offering expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_OfferingExpensesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_PurchaseTransactionsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for the accounting policy for purchase transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PurchaseTransactionsPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Policy disclosure of vessels owned by the company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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 style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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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<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_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomePolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortizationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<td>us-gaap_</td>
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<td>dtr-types:textBlockItemType</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_DerivativesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 815<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(n))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativesPolicyTextBlock</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>
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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_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</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_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_FinanceLoansAndLeasesReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for financing receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481569/310-20-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-6<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481569/310-20-50-2<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481569/310-20-50-1<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-15<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-15<br><br>Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-9<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/830/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types:textBlockItemType</td>
</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_InsurancePremiumsRevenueRecognitionPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -SubTopic 60<br> -Topic 944<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479482/944-60-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483080/330-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483489/210-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 912<br> -SubTopic 330<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478411/912-330-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/330/tableOfContent<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483080/330-10-50-4<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 270<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482989/270-10-45-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
<td>dtr-types: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_PensionAndOtherPostretirementPlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 715<br> -SubTopic 70<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 30<br> -Topic 715<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481097/715-30-50-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 60<br> -Topic 715<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480266/715-60-50-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 80<br> -Topic 715<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480576/715-80-50-2<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 20<br> -Topic 715<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 54<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 36<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-36<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-29<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(v)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.C.Q3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.D.1.Q5)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.D.3.Q2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.D.2.Q6)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/718/tableOfContent<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_StockholdersEquityPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_TradeAndOtherAccountsReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-6<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481569/310-20-50-1<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-15<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-11B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-9<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-12<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281580208">
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<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Maersk Line A/S</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">21</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">21</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">23</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">%</td></tr>
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<a href="javascript:void(0);" onclick="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>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560276824272">
<tr>
<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>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<a href="javascript:void(0);" onclick="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>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274891712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Advances for Vessels Under Construction (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, January 1, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>7,615,958</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Advances for vessels under construction</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">51,467,636</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, December 31, 2022</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>59,083,594</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Advances for vessels under construction</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">111,194,917</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Newbuilding vessel &#8220;Gregos&#8221; delivered during the period</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(42,356,864</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Newbuilding vessel &#8220;Terataki&#8221; delivered during the period</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(42,545,997</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance, December 31, 2023</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>85,375,650</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the change in capitalized vessel costs during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560413652496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Vessels, Net (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, 2023</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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Property, Plant and Equipment [Table Text Block]</a></td>
<td class="text">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Accrued Expenses (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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Accrued interest expense</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">470,694</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">648,165</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of accrued liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560275949520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Fair Value of Below Market Time Charters Acquired (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">(4,737,600</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">(2,842,706</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>$</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>(7,580,306</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><b>)</b></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560284909856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Long-term Bank Loans (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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TableTextBlock', window );"><strong>Notes Tables</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="Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock', window );">Schedule of Long-Term Debt Instruments [Table Text Block]</a></td>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Noumea Shipping Ltd. / Gregos Shipping Ltd.</p> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 5.1%;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">(a)</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">7,875,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.</p> </td><td style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><em style="font: inherit;">(b)</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">6,650,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock', window );">Schedule of Future Annual Loan Repayments [Table Text Block]</a></td>
<td class="text">
    <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">To December 31:</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2024</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">31,200,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2025</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">34,750,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2026</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">9,050,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2027</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">26,350,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">2028</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,600,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>131,000,000</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560276844464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Stock Incentive Plan (Tables)<br></strong></div></th>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Non-vested on January 1, 2022</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">72,593</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">19.05</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Granted</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">60,000</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">18.98</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vested</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(48,350</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">17.05</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Non-vested on December 31, 2022</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">84,243</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">20.15</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Non-vested on January 1, 2023</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">84,243</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">20.15</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Granted</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">60,500</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">23.92</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Vested</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(53,750</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">)</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">22.26</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Non-vested on December 31, 2023</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">90,993</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">21.41</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281754352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Earnings Per Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</a></td>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274897440">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Voyage Expenses and Vessel Operating Expenses (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, 2023</div></th></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Lubricants</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">2,471,994</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3,426,772</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">3,916,827</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&#160;</td></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total</b></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>29,739,437</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>37,667,191</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>42,004,155</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td></tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280325680">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - 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, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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">
    <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px;"><tbody><tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 42.5%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Derivatives not designated as hedging instruments </b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 27.5%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Balance Sheet Location</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;">&#160;</td><td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>December 31, 2022</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;">&#160;</td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;">&#160;</td><td colspan="2" style="text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"><b>December 31, 2023</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">Current assets &#8211; Derivatives</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">1,142,682</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">Long - term assets &#8211; Derivatives</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">2,669,244</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total derivative assets</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;">&#160;</em></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>3,811,926</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>-</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">Current liabilities &#8211; Derivatives</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>-</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">56,042</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">Long-term liabilities &#8211; Derivatives</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">-</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">168,138</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Total derivative liabilities</b></p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"><em style="font: inherit;">&#160;</em></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>-</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"><b>&#160;</b></td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"><b>224,180</b></td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock', window );">Derivative Instruments, Gain (Loss) [Table Text Block]</a></td>
<td class="text">
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest rate swap contracts&#8211; Unrealized gain / (loss)</p> </td><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><em style="font: inherit;">(Loss) / gain on derivatives, net</em></p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">153,835</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">4,223,839</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">(4,036,107</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">)</td></tr>
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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, 2023</div></th></tr>
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<tr style="vertical-align: bottom; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"><td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">M/V Jonathan P</p> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">7.1</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;">&#160;</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">$</td><td style="width: 12%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;">13.8</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;">&#160;</td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560276858144">
<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">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. 29, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 30, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_ShareholdersOwnershipPercentage', window );">Shareholders Ownership, Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">59.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_WorkingCapitalDeficit', window );">Working Capital Deficit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income (Loss) Attributable to Parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">114,549,279<span></span>
</td>
<td class="nump">$ 106,244,916<span></span>
</td>
<td class="nump">$ 42,963,660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net Cash Provided by (Used in) Operating Activities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">130,007,125<span></span>
</td>
<td class="nump">114,082,571<span></span>
</td>
<td class="nump">52,612,939<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="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents, at Carrying Value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58,613,304<span></span>
</td>
<td class="nump">$ 25,845,333<span></span>
</td>
<td class="nump">$ 26,530,944<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted Cash and Cash Equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ContractualObligationDueInNextTwelveMonths', window );">Contractual Obligation, to be Paid, Year One</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 198,000,000<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="Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_SaleAndLeasebackFinancing', window );">Sale and Leaseback Financing</a></td>
<td class="nump">$ 27,000,000<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_ContainerCarriersVesselsMember', window );">Container Carriers 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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvLeonidasZMember', window );">M/V Leonidas Z [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NotesAndLoansPayable', window );">Notes and Loans 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="nump">$ 22,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvMonicaAndMvStephaniaMember', window );">M/V &#8220;Monica&#8221; and M/V &#8220;Stephania&#8221; [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NotesAndLoansPayable', window );">Notes and Loans 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="nump">$ 45,000,000<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_esea_NumberOfVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels under construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_SaleAndLeasebackFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of sale and leaseback financing received on the sale of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>duration</td>
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</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of shareholders ownership.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>dtr-types: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_WorkingCapitalDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the working capital deficit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_WorkingCapitalDeficit</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_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ContractualObligationDueInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of contractual obligation to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ContractualObligationDueInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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-Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 17: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-10<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479105/946-220-45-7<br><br>Reference 19: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_NotesAndLoansPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying value as of the balance sheet date of all notes and loans payable (with maturities initially due after one year or beyond the operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesAndLoansPayable</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>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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Details</a><div><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ContainerCarriersVesselsMember</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><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MvLeonidasZMember</td>
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<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280978592">
<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, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Zim Integrated Shipping Services 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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">23.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Sealand Maersk Asia Pte. 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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="nump">21.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Asyad Line LLC [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="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="nump">24.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Vasi Shipping Pte. Ltd., Singapore [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="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration Risk, Percentage</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">15.00%<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_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 42<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-21<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-20<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-18<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-20<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="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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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><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_srt_MajorCustomersAxis=esea_ZimIntegratedShippingServicesLtdMember">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ZimIntegratedShippingServicesLtdMember</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></td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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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<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_SealandMaerskAsiaPteLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SealandMaerskAsiaPteLtdMember</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>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=esea_AsyadLineLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_AsyadLineLlcMember</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_ChartererCMAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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_srt_MajorCustomersAxis=esea_VasiShippingPteLtdSingaporeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VasiShippingPteLtdSingaporeMember</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>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280837616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Significant Accounting Policies (Details Textual)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Accounts Receivable, Allowance for Credit Loss, Ending Balance</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_EstimatedSalvageValuePerLightWeightTonOfVessel', window );">Estimated Salvage Value Per Light Weight Ton of Vessel</a></td>
<td class="nump">250<span></span>
</td>
<td class="nump">250<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="Show.showAR( this, 'defref_esea_ShipOwningCrewContractTerm', window );">Ship Owning Crew Contract Term (Month)</a></td>
<td class="text">9 months<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="Show.showAR( this, 'defref_us-gaap_NumberOfReportableSegments', window );">Number of Reportable Segments</a></td>
<td class="nump">1<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="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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LessorOperatingLeaseTermOfContract', window );">Lessor, Operating Lease, Term of Contract (Year)</a></td>
<td class="text">10 years<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="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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LessorOperatingLeaseTermOfContract', window );">Lessor, Operating Lease, Term of Contract (Year)</a></td>
<td class="text">4 years<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="Show.showAR( this, 'defref_esea_LessorOperatingLeaseOptionToRenewalTerm', window );">Lessor, Operating Lease, Option to Renewal Term (Month)</a></td>
<td class="text">12 months<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="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life (Year)</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_EstimatedSalvageValuePerLightWeightTonOfVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EstimatedSalvageValuePerLightWeightTonOfVessel</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:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LessorOperatingLeaseOptionToRenewalTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents option to renewal term for operating lease of lessor.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LessorOperatingLeaseOptionToRenewalTerm</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_ShipOwningCrewContractTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the contract term crews contracted with ship-owning companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ShipOwningCrewContractTerm</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_us-gaap_AllowanceForDoubtfulAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for credit loss on accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479344/326-20-45-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-4<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_LessorOperatingLeaseTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Term of lessor's operating lease, 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479773/842-30-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LessorOperatingLeaseTermOfContract</td>
</tr>
<tr>
<td style="padding-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_NumberOfReportableSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 47<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 54<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfReportableSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>69
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274829440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 3 - Inventories - Summary of Inventories (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">$ 2,538,342<span></span>
</td>
<td class="nump">$ 2,306,177<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventory</a></td>
<td class="nump">$ 2,538,342<span></span>
</td>
<td class="nump">$ 2,306,177<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560425647440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Advances for Vessels Under Construction (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>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Mar. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 20, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 18, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 28, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 29, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForVesselsUnderConstruction', window );">Payments for Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 111,475,509<span></span>
</td>
<td class="nump">$ 50,866,784<span></span>
</td>
<td class="nump">$ 7,615,958<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithEurobankErgasiasSAMember', window );">Term Sheet With Eurobank Ergasias 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from Issuance of Debt</a></td>
<td class="nump">$ 26,000,000<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member', window );">Two Eco Design Fuel Efficient Containerships Signed in 2021 [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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<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="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 80,500,000<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="Show.showAR( this, 'defref_esea_VesselConstructionCosts', window );">Vessel Construction 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="nump">$ 4,400,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member', window );">Two Eco Design Fuel Efficient Containerships Signed on January 28, 2022 [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 88,800,000<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="Show.showAR( this, 'defref_esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels', window );">Payments Related to Shipyard Installments for Construction of Vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,300,000<span></span>
</td>
<td class="nump">12,800,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvTenderSoulMember', window );">M/V &#8220;Tender Soul&#8221; [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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_CashAndLeasebackFinancingTransaction', window );">Cash and Leaseback Financing 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="text">&#160;<span></span>
</td>
<td class="nump">27,000,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvLeonidasMember', window );">M/V &#8220;Leonidas&#8221; [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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_CashAndLeasebackFinancingTransaction', window );">Cash and Leaseback Financing 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="text">&#160;<span></span>
</td>
<td class="nump">$ 22,000,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_ThreeEcoDesignFuelEfficientContainershipsMember', window );">Three Eco Design Fuel Efficient 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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 101,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels', window );">Payments Related to Shipyard Installments for Construction of Vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,300,000<span></span>
</td>
<td class="nump">10,200,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_TwoEcoDesignFuelEfficientContainershipsMember', window );">Two Eco Design Fuel Efficient 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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<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<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 89,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels', window );">Payments Related to Shipyard Installments for Construction of Vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,600,000<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>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EcoDesignFuelEfficientContainershipsMember', window );">Eco Design Fuel Efficient 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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 198,000,000<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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForVesselsUnderConstruction', window );">Payments for Vessels Under Construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85,400,000<span></span>
</td>
<td class="nump">$ 59,100,000<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>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_CashAndLeasebackFinancingTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and leaseback financing transaction for he vessel construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_CashAndLeasebackFinancingTransaction</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_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the cost at which vessels will be constructed, financed with a combination of debt and equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity</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_NumberOfVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels under construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_NumberOfVesselsUnderConstruction</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_PaymentsForVesselsUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsForVesselsUnderConstruction</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_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow related to shipyard installments for construction of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsRelatedToShipyardInstallmentsForConstructionOfVessels</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_VesselConstructionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cost related to the construction and rebuilding of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_VesselConstructionCosts</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_ProceedsFromIssuanceOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithEurobankErgasiasSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetWithEurobankErgasiasSAMember</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_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TwoEcoDesignFuelEfficientContainershipsSignedIn2021Member</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_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TwoEcoDesignFuelEfficientContainershipsSignedOnJanuary282022Member</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MvTenderSoulMember</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_PropertyPlantAndEquipmentByTypeAxis=esea_MvLeonidasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MvLeonidasMember</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_PropertyPlantAndEquipmentByTypeAxis=esea_ThreeEcoDesignFuelEfficientContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ThreeEcoDesignFuelEfficientContainershipsMember</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_TwoEcoDesignFuelEfficientContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TwoEcoDesignFuelEfficientContainershipsMember</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_EcoDesignFuelEfficientContainershipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_EcoDesignFuelEfficientContainershipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280170304">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 4 - Advances for Vessels Under Construction - Schedule of Advances for Vessels Under Construction (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Jan. 01, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Jan. 01, 2022</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_AdvancesForVesselUnderConstruction', window );">Balance</a></td>
<td class="nump">$ 85,375,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 59,083,594<span></span>
</td>
<td class="nump">$ 7,615,958<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="Show.showAR( this, 'defref_esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost', window );">Advances for vessels under construction</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 111,194,917<span></span>
</td>
<td class="nump">$ 51,467,636<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselGregosMember', window );">Vessel &#8220;Gregos&#8221; [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="Show.showAR( this, 'defref_esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel', window );">Newbuilding vessel &#8220;Gregos&#8221; delivered during the period</a></td>
<td class="num">(42,356,864)<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselTeratakiMember', window );">Vessel &#8220;Terataki&#8221; [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="Show.showAR( this, 'defref_esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel', window );">Newbuilding vessel &#8220;Gregos&#8221; delivered during the period</a></td>
<td class="num">$ (42,545,997)<span></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_AdvancesForVesselUnderConstruction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents advances for vessel construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AdvancesForVesselUnderConstruction</td>
</tr>
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<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>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Relates to the finished vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AdvancesForVesselUnderConstructionDecreaseForFinishedVessel</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the additional costs capitalized related to the construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost</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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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselGregosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VesselGregosMember</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_VesselTeratakiMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VesselTeratakiMember</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>
</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>72
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560277102592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Vessels, Net (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="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Sep. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 23, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 03, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 26, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 06, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 06, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net, 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">$ 267,626,155<span></span>
</td>
<td class="nump">$ 216,570,426<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="Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Impairment, Long-Lived Asset, Held-for-Use</a></td>
<td class="nump">$ 13,800,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PledgedStatusAxis=us-gaap_AssetPledgedAsCollateralMember', window );">Asset Pledged as Collateral [Member] | Loan 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>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net, 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">$ 239,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUsedAsCollateral', window );">Number of Vessels Used As Collateral</a></td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_InstallationOfWbtSystemImprovementsOnVesselMember', window );">Installation of WBT System Improvements on Vessel [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">Payments for Improvements of 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="nump">$ 500,000<span></span>
</td>
<td class="nump">1,500,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_InstallationOfSmartMonitoringSystemsImprovementOnVesselsMember', window );">Installation of Smart Monitoring Systems Improvement on 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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">Payments for Improvements of 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="nump">200,000<span></span>
</td>
<td class="nump">400,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_InstallationOfEnergySavingDevicesMember', window );">Installation of Energy Saving Devices [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsForImprovementsOfPropertyPlantAndEquipment', window );">Payments for Improvements of 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="nump">$ 1,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSeaspanMelbourneMember', window );">M/V Seaspan Melbourne [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 17,500,000<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="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse', window );">Payments to Make Property, Plant and Equipment Available for Use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">179,130<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts', window );">Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33,438,371<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SeaspanMelbourneVesselsMember', window );">Seaspan Melbourne, 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">33,259,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SeaspanMelbourneInplaceAttachedTimeCharterMember', window );">Seaspan Melbourne, In-place Attached Time Charter [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 15,759,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVSeaspanManilaMember', window );">M/V Seaspan Manila [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 17,500,000<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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse', window );">Payments to Make Property, Plant and Equipment Available for Use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,084,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts', window );">Payments to Acquire Property, Plant, and Equipment, Including Preparation 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="nump">32,124,715<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SeaspanManilaVesselsMember', window );">Seaspan Manila, 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">30,040,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_SeaspanManilaInplaceAttachedTimeCharterMember', window );">Seaspan Manila, In-place Attached Time Charter [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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 12,540,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvGregosMember', window );">M/V Gregos [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_VesselConstructionCosts', window );">Vessel Construction 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="nump">$ 42,356,864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvTeratakiMember', window );">M/V &#8220;Terataki&#8221; [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_VesselConstructionCosts', window );">Vessel Construction 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">$ 42,545,997<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="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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">$ 14,200,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">$ 5,200,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvAkinadaBridgeMember', window );">M/V Akinada Bridge [Member] | Asset Held for Sale [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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net, 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">8,500,000<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="Show.showAR( this, 'defref_esea_InventoryOnBoard', window );">Inventory On Board</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvAkinadaBridgeMember', window );">M/V Akinada Bridge [Member] | Liability Associated With Asset Held for Sale [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_AdvanceCollectedForSaleOfVessels', window );">Advance Collected for Sale 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="nump">$ 3,600,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsUnencumberedMember', window );">Vessels Unencumbered [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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnencumbered', window );">Number of Vessels Unencumbered</a></td>
<td class="text">&#160;<span></span>
</td>
<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<span></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_AdvanceCollectedForSaleOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of advance collected for sale of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AdvanceCollectedForSaleOfVessels</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_InventoryOnBoard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of inventory on board.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_InventoryOnBoard</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_esea_NumberOfVesselsUnencumbered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of vessels unencumbered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_NumberOfVesselsUnencumbered</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_NumberOfVesselsUsedAsCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels used as collateral.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_NumberOfVesselsUsedAsCollateral</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_PaymentsForImprovementsOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_esea_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with acquiring property, plant and equipment, including preparation costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsToAcquirePropertyPlantAndEquipmentIncludingPreparationCosts</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_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with making property, plant and equipment available for use.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PaymentsToMakePropertyPlantAndEquipmentAvailableForUse</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_VesselConstructionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cost related to the construction and rebuilding of vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_VesselConstructionCosts</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_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="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_PropertyPlantAndEquipmentNet</td>
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<tr>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560282028160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Vessels, Net - Summary of Vessels (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">$ 216,570,426<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="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="num">(22,835,469)<span></span>
</td>
<td class="num">$ (18,522,217)<span></span>
</td>
<td class="num">$ (7,203,198)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">- Depreciation for the year</a></td>
<td class="num">(22,835,469)<span></span>
</td>
<td class="num">(18,522,217)<span></span>
</td>
<td class="num">(7,203,198)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">267,626,155<span></span>
</td>
<td class="nump">216,570,426<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="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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">257,173,053<span></span>
</td>
<td class="nump">201,187,677<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="Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation</a></td>
<td class="num">(40,602,627)<span></span>
</td>
<td class="num">(25,076,191)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">216,570,426<span></span>
</td>
<td class="nump">176,111,486<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="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Vessel depreciation</a></td>
<td class="num">(22,835,469)<span></span>
</td>
<td class="num">(18,522,217)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">- Depreciation for the year</a></td>
<td class="num">(22,835,469)<span></span>
</td>
<td class="num">(18,522,217)<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">- Vessel held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,494,650)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1', window );">- Vessel held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,995,781<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisposals', window );">- Vessel held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,498,869)<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="Show.showAR( this, 'defref_esea_PropertyPlantAndEquipmentAcquisitionsAndImprovements', window );">- Vessel acquisitions and improvements</a></td>
<td class="nump">2,821,053<span></span>
</td>
<td class="nump">67,480,026<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Net book value</a></td>
<td class="nump">267,626,155<span></span>
</td>
<td class="nump">216,570,426<span></span>
</td>
<td class="nump">176,111,486<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="Show.showAR( this, 'defref_esea_PropertyPlantAndEquipmentVesselImpairment', window );">- Vessel impairment</a></td>
<td class="num">(18,442,104)<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="Show.showAR( this, 'defref_esea_DepreciationVesselImparirment', window );">- Vessel impairment</a></td>
<td class="nump">4,609,388<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="Show.showAR( this, 'defref_esea_PropertyPlantAndEquipmentNetVesselImpairment', window );">- Vessel impairment</a></td>
<td class="num">(13,832,716)<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">- Newbuilding vessels &#8220;Gregos&#8221; &amp; "Terataki" delivered during the year</a></td>
<td class="nump">84,902,861<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">326,454,863<span></span>
</td>
<td class="nump">257,173,053<span></span>
</td>
<td class="nump">201,187,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation</a></td>
<td class="num">$ (58,828,708)<span></span>
</td>
<td class="num">$ (40,602,627)<span></span>
</td>
<td class="num">$ (25,076,191)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DepreciationVesselImparirment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized as vessel impairment 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DepreciationVesselImparirment</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_PropertyPlantAndEquipmentAcquisitionsAndImprovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisitions and improvements 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PropertyPlantAndEquipmentAcquisitionsAndImprovements</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_PropertyPlantAndEquipmentNetVesselImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of impairment recognized during the period on vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PropertyPlantAndEquipmentNetVesselImpairment</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_PropertyPlantAndEquipmentVesselImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of impairment recognized during the period on vessels.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_PropertyPlantAndEquipmentVesselImpairment</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in accumulated depreciation, depletion and amortization as a result of reclassifications from property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationReclassificationsFromPropertyPlantAndEquipment1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PropertyPlantAndEquipmentAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisposals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDisposals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 360<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478451/942-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PropertyPlantAndEquipmentTransfersAndChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of physical assets used in the normal conduct of business and not intended for resale, from reclassification, impairment, donation, or changes classified as other. 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTransfersAndChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_PropertyPlantAndEquipmentByTypeAxis=esea_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560383633152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedSalariesCurrent', window );">Accrued payroll expenses</a></td>
<td class="nump">$ 486,534<span></span>
</td>
<td class="nump">$ 218,506<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Accrued interest expense</a></td>
<td class="nump">648,165<span></span>
</td>
<td class="nump">470,694<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="Show.showAR( this, 'defref_esea_AccruedGeneralAndAdministrativeExpensesCurrent', window );">Accrued general and administrative expenses</a></td>
<td class="nump">79,890<span></span>
</td>
<td class="nump">117,624<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedSalesCommissionCurrent', window );">Accrued commissions</a></td>
<td class="nump">162,699<span></span>
</td>
<td class="nump">79,199<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Other accrued expenses</a></td>
<td class="nump">488,327<span></span>
</td>
<td class="nump">870,360<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total</a></td>
<td class="nump">$ 1,865,615<span></span>
</td>
<td class="nump">$ 1,756,383<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_AccruedGeneralAndAdministrativeExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents accrued general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AccruedGeneralAndAdministrativeExpensesCurrent</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_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_AccruedSalariesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedSalariesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_AccruedSalesCommissionCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred through that date and payable for sales commissions. 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 8<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedSalesCommissionCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
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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>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</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_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560383500784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnContractTermination', window );">Gain (Loss) on Contract Termination</a></td>
<td class="nump">$ 15,984,253<span></span>
</td>
<td class="nump">$ 15,984,253<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="nump">$ (0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired', window );">Amortization of Fair Value of Below-market Time Charters Acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,368,879<span></span>
</td>
<td class="nump">10,827,595<span></span>
</td>
<td class="nump">230,112<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="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAcquiredNoncurrent', window );">Below Market Time Charters Acquired, Noncurrent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,580,306<span></span>
</td>
<td class="nump">$ 34,933,438<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="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersAccumulatedAmortization', window );">Below Market Time Charters, Accumulated Amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,111,392<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersWeightedAverageAmortizationLife', window );">Below Market Time Charters, Weighted Average Amortization Life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 6 months 10 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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | M/V Marcos V [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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 17,691,698<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="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | M/V Emmanuel 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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<td class="nump">$ 15,759,241<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Fair Value, Inputs, Level 2 [Member] | M/V Rena 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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<td class="nump">$ 12,540,206<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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>
<td style="white-space:nowrap;">esea_AmortizationOfFairValueOfBelowMarketTimeChartersAcquired</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated amortization of below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<td>debit</td>
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<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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average amortization life of below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_BelowMarketTimeChartersWeightedAverageAmortizationLife</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281957760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 7 - Fair Value of Below Market Time Charters Acquired - Amortization of Intangible Liability (Details)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersExpectedAmortizationYearOne', window );">2024</a></td>
<td class="num">$ (4,737,600)<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="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersExpectedAmortizationYearTwo', window );">2025</a></td>
<td class="num">(2,842,706)<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="Show.showAR( this, 'defref_esea_BelowMarketTimeChartersExpectedAmortizationTotal', window );">Total</a></td>
<td class="num">$ (7,580,306)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_BelowMarketTimeChartersExpectedAmortizationTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of total expected amortization expense for below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_BelowMarketTimeChartersExpectedAmortizationTotal</td>
</tr>
<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>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_BelowMarketTimeChartersExpectedAmortizationYearOne">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expected amortization in year one for below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_BelowMarketTimeChartersExpectedAmortizationYearOne</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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<td><strong> Data Type:</strong></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>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_BelowMarketTimeChartersExpectedAmortizationYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expected amortization expense in year two for below market time charters.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_BelowMarketTimeChartersExpectedAmortizationYearTwo</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</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>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560272083600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Related Party Transactions (Details Textual)<br></strong></div></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jan. 01, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 01, 2024 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Jan. 01, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 01, 2023 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Jan. 01, 2022 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th"><div>Jan. 01, 2018</div></th>
<th class="th"><div>Jan. 01, 2012</div></th>
<th class="th">
<div>Jun. 30, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Sep. 30, 2020</div></th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>$ / &#8364;</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>EUR (&#8364;)</div>
</th>
<th class="th">
<div>Nov. 01, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_RelatedPartyAgreementTerm', window );">Related Party Agreement Term (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_ServiceManagementCostsDailyFeeRelatedParty', window );">Service Management Costs Daily Fee Related Party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 853<span></span>
</td>
<td class="nump">&#8364; 775<span></span>
</td>
<td class="nump">&#8364; 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>
<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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">$ 426<span></span>
</td>
<td class="nump">&#8364; 387.5<span></span>
</td>
<td class="nump">&#8364; 360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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; 342.5<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="Show.showAR( this, 'defref_us-gaap_ForeignCurrencyExchangeRateRemeasurement1', window );">Foreign Currency Exchange Rate, Remeasurement (in USD per EUR) | $ / &#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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts Receivable, after Allowance for Credit Loss, Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,037,940<span></span>
</td>
<td class="nump">$ 572,961<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk 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>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,150,000<span></span>
</td>
<td class="nump">2,000,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,720,831<span></span>
</td>
<td class="nump">4,920,063<span></span>
</td>
<td class="nump">4,294,789<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | Special Bonus to Employees and Consultants [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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500,000<span></span>
</td>
<td class="nump">420,000<span></span>
</td>
<td class="nump">460,000<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurobulkLtdMember', window );">Eurobulk Ltd. [Member] | Executive Management Fees [Member] | Special Bonus to Employees and Consultants [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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,650,000<span></span>
</td>
<td class="nump">2,420,000<span></span>
</td>
<td class="nump">2,460,000<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_AnnualCompensationMember', window );">Annual Compensation [Member] | Eurobulk Ltd. [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>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,250,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [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="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts Receivable, after Allowance for Credit Loss, Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">$ 32,146<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrentAndNoncurrent', window );">Accounts 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,298,941<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_FirstDebtAgreementMember', window );">First 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>
<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="Show.showAR( this, 'defref_us-gaap_NotesAndLoansPayable', window );">Notes and Loans 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=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>
<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="Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Interest Paid, Including Capitalized Interest, Operating and Investing Activities, 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">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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_CommissionForSaleOfVessels', window );">Commission for Sale 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="nump">$ 142,266<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,350,919<span></span>
</td>
<td class="nump">$ 2,370,381<span></span>
</td>
<td class="nump">1,075,274<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Vessel Sales, Commission [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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Vessel Sales, Commission [Member] | MV Jonathan 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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 255,000<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_EurochartMember', window );">Eurochart [Member] | Vessel Sales, Commission [Member] | M/V Emmanuel 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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 175,000<span></span>
</td>
<td class="nump">$ 175,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_SentinelMember', window );">Sentinel [Member] | Crew 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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">108,208<span></span>
</td>
<td class="nump">$ 118,614<span></span>
</td>
<td class="nump">77,896<span></span>
</td>
<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="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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=esea_TechnomarMember', window );">Technomar [Member] | Crew 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>
<td class="text">&#160;<span></span>
</td>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 236,416<span></span>
</td>
<td class="nump">$ 235,228<span></span>
</td>
<td class="nump">$ 155,739<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_ServiceManagementCostsDailyFeeRelatedParty', window );">Service Management Costs Daily Fee Related Party</a></td>
<td class="nump">$ 891<span></span>
</td>
<td class="nump">&#8364; 810<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_RelatedPartyTransactionDailyFeePerVesselPerDayInLayUp', window );">Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up</a></td>
<td class="nump">$ 446<span></span>
</td>
<td class="nump">&#8364; 405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></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_CommissionForSaleOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of commission granted for the sale of a vessel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_CommissionForSaleOfVessels</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_RelatedPartyAgreementTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the term of a related party agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the related party transaction commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ServiceManagementCostsDailyFeeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate costs related to vessel management fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_AccountsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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_ForeignCurrencyExchangeRateRemeasurement1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Foreign exchange rate used to remeasure amounts denominated in a currency other than functional currency into functional currency.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479424/830-30-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyExchangeRateRemeasurement1</td>
</tr>
<tr>
<td style="padding-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>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_InterestPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest, including, but not limited to, capitalized interest and payment to settle zero-coupon bond attributable to 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; classified as operating and investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_NotesAndLoansPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying value as of the balance sheet date of all notes and loans payable (with maturities initially due after one year or beyond the operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesAndLoansPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_RelatedPartyTransactionAmountsOfTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 850<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483326/850-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_EurobulkLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VesselManagementFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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_NatureOfExpenseAxis=esea_FixedManagementFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_RelatedPartyTransactionAxis=esea_SpecialBonusToEmployeesAndConsultantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SpecialBonusToEmployeesAndConsultantsMember</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_ExecutiveManagementFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ExecutiveManagementFeesMember</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_AnnualCompensationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_AnnualCompensationMember</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_EurobulkLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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_srt_StatementScenarioAxis=srt_ScenarioForecastMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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=us-gaap_RelatedPartyMember</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_FirstDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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_ColbyTradingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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_RelatedPartyTransactionsByRelatedPartyAxis=esea_SecondDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VesselSalesCommissionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_VesselSalesCommissionMember</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_MvJonathanPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MvJonathanPMember</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_MVEmmanuelPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MVEmmanuelPMember</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_RelatedPartyTransactionAxis=esea_CrewFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_CrewFeesMember</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
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<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</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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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560263159152">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 9 - 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"></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="1">7 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jul. 13, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 29, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 06, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 13, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 14, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 26, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 22, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 06, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 26, 2020 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 08, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 30, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 131,000,000<span></span>
</td>
<td class="nump">$ 107,975,000<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="Show.showAR( this, 'defref_us-gaap_RestrictedCash', window );">Restricted Cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,702,994<span></span>
</td>
<td class="nump">5,593,173<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="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest Expense, Operating and Nonoperating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,955,496<span></span>
</td>
<td class="nump">4,729,759<span></span>
</td>
<td class="nump">$ 2,556,237<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestCostsCapitalized', window );">Interest Costs Capitalized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,410,933<span></span>
</td>
<td class="nump">544,639<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetPiraeusSAMember', window );">Term Sheet, Piraeus S.A. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 40,000,000<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>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,000,000<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">$ 4,340,000<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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,500,000<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyPayments', window );">Debt Instrument Number of Quarterly Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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="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>
<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="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 115,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 28,380,000<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>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></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>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetPiraeusSaFirstFourInstallmentsMember', window );">Term Sheet, Piraeus S.A., First Four Installments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500,000<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetPiraeusSaElevenInstallmentsMember', window );">Term Sheet, Piraeus S.A., Eleven Installments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 560,000<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_JonathanJohnShippingLtdCorfuNavigationLtdMember', window );">Jonathan John Shipping Ltd., and Corfu Navigation 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 225,000<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-Term Debt, Gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,500,000<span></span>
</td>
<td class="nump">7,500,000<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="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentPeriodicPaymentNumberOfPayments', window );">Debt Instrument, Periodic Payment, Number of Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_JonathanJohnShippingLtdMember', window );">Jonathan John 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,500,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_CorfuNavigationLtdMember', window );">Corfu Navigation 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,500,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermLoanHSBCBankPlcMember', window );">Term Loan, HSBC Bank plc [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,250,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,800,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,100,000<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>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,250,000<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyPayments', window );">Debt Instrument Number of Quarterly Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<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="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 117,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 115,500<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="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember', window );">Term Loan With Eurobank Ergasias S.A. by Marcos 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,000,000<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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 34,000,000<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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyPayments', window );">Debt Instrument Number of Quarterly Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
<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="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember', window );">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Twelve Installments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember', window );">Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Four Installments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember', window );">Term Sheet With Major Commercial Banking Institution [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,400,000<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="nump">$ 10,400,000<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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 221,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,000,000<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="nump">$ 26,000,000<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing', window );">Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.00%<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="nump">67.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from Issuance of Debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,000,000<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>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments', window );">Debt Instrument, Number of Consecutive Quarterly Installments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_LoanPayableTwelveQuarterlyInstruments', window );">Loan Payable, Twelve Quarterly Instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_LoanPayableSixteenQuarterlyInstruments', window );">Loan Payable, Sixteen Quarterly Instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithNationalBankOfGreeceSAMember', window );">Term Sheet With National Bank of Greece S.A [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,000,000<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>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Debt Instrument, Face Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,000,000<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>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfQuarterlyPayments', window );">Debt Instrument Number of Quarterly Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">24<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PaymentsOfDebtIssuanceCosts', window );">Payments of Debt Issuance Costs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentCovenantSecurityCoverRatio', window );">Debt Instrument, Covenant, Security Cover Ratio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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>
<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="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Jonathan John Shipping Ltd., and Corfu Navigation 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.50%<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Term Loan, HSBC Bank plc [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.95%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.35%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Term Loan With Eurobank Ergasias S.A. by Marcos 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet With Major Commercial Banking Institution [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.15%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember', window );">Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet With National Bank of Greece S.A [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.15%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=esea_LoanEquivalentToDepositsMember', window );">Loan Equivalent to Deposits [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.90%<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=esea_LoanExceedingDepositAmountMember', window );">Loan Exceeding Deposit Amount [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2.25%<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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=esea_FirstTwelveInstallmentsMember', window );">First Twelve Installments [Member] | Term Sheet With National Bank of Greece S.A [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</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>
<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="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=esea_SecondTwelveInstallmentsMember', window );">Second Twelve Installments [Member] | Term Sheet With National Bank of Greece S.A [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember', window );">Eurobank Ergasias S.A. [Member] | Corfu Navigation Ltd., Jonathan John Shipping Ltd. and Bridge 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ShortTermDebtRefinancedAmount', window );">Short-term Debt, Refinanced, Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,525,000<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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember', window );">Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentPrincipal', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,125,000<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>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DebtInstrumentDeferredAmount', window );">Debt Instrument, Deferred Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,125,000<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred', window );">Debt Instrument, Number of Periodic Payments, Deferred</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayments of Long-Term Debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,500,000<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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_EurobankErgasiasSaMember', window );">Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember', window );">HSBC Bank PLC [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayments of Long-Term Debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,650,000<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" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember', window );">HSBC Bank PLC [Member] | Secured Overnight Financing Rate (SOFR) [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Second Debt Agreement [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from Issuance of Long-term Debt, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Second Debt Agreement, First Payments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Second Debt Agreement, Second Payments [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfPeriodicPayments', window );">Debt Instrument, Number of Periodic Payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAxis=esea_PiraeusBankSAMember', window );">Piraeus Bank S.A. [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Second Debt Agreement [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.50%<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>
<tr><td colspan="20"></td></tr>
<tr><td colspan="20"><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 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#8220;Sinopac&#8221;) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The security cover ratio covenant under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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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_esea_DebtInstrumentDeferredAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of long-term debt installments deferred.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentDeferredAmount</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of consecutive quarterly installments for debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of periodic payments required by the agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfPeriodicPaymentsDeferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of periodic payments deferred for debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentNumberOfPeriodicPaymentsDeferred</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfQuarterlyPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents debt instrument number of quarterly payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentNumberOfQuarterlyPayments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentPeriodicPaymentNumberOfPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of the required periodic payments including both interest and principal payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentPeriodicPaymentNumberOfPayments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of market value of vessel for financing that is the maximum borrowing amount for a line of credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LoanPayableSixteenQuarterlyInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sixteen quarterly instruments for loan payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_LoanPayableSixteenQuarterlyInstruments</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>esea_</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_LoanPayableTwelveQuarterlyInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents twelve quarterly instruments for loan payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482949/835-30-55-8<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69C<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_DebtInstrumentPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments applied to principal.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_InterestCostsCapitalized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest capitalized during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestCostsCapitalized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PaymentsOfDebtIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ProceedsFromIssuanceOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_RestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ShortTermDebtRefinancedAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481544/470-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermDebtRefinancedAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DebtInstrumentAxis=esea_TermSheetPiraeusSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetPiraeusSAMember</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_TermSheetPiraeusSaFirstFourInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetPiraeusSaFirstFourInstallmentsMember</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_TermSheetPiraeusSaElevenInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetPiraeusSaElevenInstallmentsMember</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_JonathanJohnShippingLtdCorfuNavigationLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_JonathanJohnShippingLtdCorfuNavigationLtdMember</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_JonathanJohnShippingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_JonathanJohnShippingLtdMember</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_CorfuNavigationLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_CorfuNavigationLtdMember</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_TermLoanHSBCBankPlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermLoanHSBCBankPlcMember</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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdMember</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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdTwelveInstallmentsMember</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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermLoanWithEurobankErgasiasSaByMarcosShippingLtdFourInstallmentsMember</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_TermSheetWithMajorCommercialBankingInstitutionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetWithMajorCommercialBankingInstitutionMember</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_TermSheetWithNationalBankOfGreeceSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_TermSheetWithNationalBankOfGreeceSAMember</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=esea_SecuredOvernightFinancingRateSOFRMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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=esea_SecuredOvernightFinancingRateSOFRMember</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_LoanEquivalentToDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_LoanEquivalentToDepositsMember</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_LoanExceedingDepositAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_LoanExceedingDepositAmountMember</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_FirstTwelveInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_FirstTwelveInstallmentsMember</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_SecondTwelveInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SecondTwelveInstallmentsMember</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_EurobankErgasiasSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_dei_LegalEntityAxis=esea_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_CorfuNavigationLtdJonathanJohnShippingLtdAndBridgeShippingLtdMember</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_LineOfCreditFacilityAxis=esea_HSBCBankPLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_PiraeusBankSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_us-gaap_DebtInstrumentAxis=esea_SecondDebtAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</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_SecondDebtAgreementFirstPaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SecondDebtAgreementFirstPaymentsMember</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_SecondDebtAgreementSecondPaymentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SecondDebtAgreementSecondPaymentsMember</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>79
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560284902464">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note 9 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 131,000,000<span></span>
</td>
<td class="nump">$ 107,975,000<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="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">(31,200,000)<span></span>
</td>
<td class="num">(55,765,000)<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="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">99,800,000<span></span>
</td>
<td class="nump">52,210,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">360,459<span></span>
</td>
<td class="nump">345,185<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">638,129<span></span>
</td>
<td class="nump">397,914<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Long-term bank loans, current portion net of deferred charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,839,541<span></span>
</td>
<td class="nump">55,419,815<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term bank loans, long-term portion net of deferred charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99,161,871<span></span>
</td>
<td class="nump">51,812,086<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_NoumeaShippingLtdGregosShippingLtdMember', window );">Noumea Shipping Ltd., Gregos 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">7,875,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">0<span></span>
</td>
<td class="nump">6,650,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">38,750,000<span></span>
</td>
<td class="nump">31,100,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_JonathanJohnShippingLtdCorfuNavigationLtdMember', window );">Jonathan John Shipping Ltd., and Corfu Navigation 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">5,500,000<span></span>
</td>
<td class="nump">7,500,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_JonathanShipownersLtdMember', window );">Jonathan 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">6,200,000<span></span>
</td>
<td class="nump">10,600,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_MarcosShipptingLtdMember', window );">Marcos Shippting 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">18,000,000<span></span>
</td>
<td class="nump">26,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_RenaShippingLtdMember', window );">Rena 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">14,250,000<span></span>
</td>
<td class="nump">18,250,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_GregosShippingLtd1Member', window );">Gregos Shipping Ltd. 1[Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="nump">23,900,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TeratakiShippingLtdMember', window );">Terataki 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, gross</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">$ 24,400,000<span></span>
</td>
<td class="nump">$ 0<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 May 30, 2019, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;) in relation to the financing of M/V &#8220;EM Astoria&#8221; and M/V &#8220;Evridiki G&#8221; totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in 16 equal consecutive quarterly principal installments of $375,000 followed by a balloon amount of $6,000,000 payable together with the last principal installment in May 2023. The margin of the loan was 3.90% over the Secured Overnight Financing Rate, or &#8220;SOFR&#8221;. On June 26, 2020, Eurobank agreed to defer the amount of $1,125,000 (the remaining three installments of 2020) to be repaid together with the balloon payment in May 2023, increasing the balloon amount to $7,125,000. The loan was 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. On May 30, 2023, Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7,500,000, by using the Company&#8217;s own funds and became unencumbered.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">On July 30, 2019, the Company signed a term loan facility with HSBC Bank Plc. (&#8220;HSBC&#8221;) 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 was payable in fourteen consecutive equal quarterly installments of $450,000 plus a balloon payment of $6,200,000 payable together with the last instalment in February 2023. The loan bore interest at SOFR plus a margin of 2.95%. The loan was 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. On February 6, 2023, the Company repaid the full amount of outstanding indebtedness amounting to $6,650,000, by using the Company&#8217;s own funds and the three abovementioned vessels became unencumbered.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. (&#8220;Piraeus&#8221;) 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 was 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 payable together with the last instalment in November 2023. The loan bore interest at SOFR plus a margin of 3.50%.

On November 26, 2021, the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on November 29, 2021 drew the amount of $16,500,000 in order to finance general corporate needs of the Company. The loan was payable in sixteen consecutive quarterly instalments, the first four in the amount of $1,500,000 each, the next eleven in the amount of $560,000 each and a final balloon instalment of $4,340,000. The loan bore interest at SOFR plus a margin of 2.60%. The Company paid loan arrangement fees of $115,000 within 2021 for this loan.







F- 31



Euroseas Ltd. and Subsidiaries

Notes to consolidated financial statements

as of December 31, 2022 and 2023 and for the

years ended December 31, 2021, 2022 and 2023

(All amounts expressed in U.S. Dollars)



9.

Long-Term Bank Loans &#8211; continued




 	 	On July 13, 2023, the Company signed and drew a new term loan facility with Piraeus of $40,000,000  in order to refinance all the outstanding amounts of the two previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in sixteen consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in July 2027. A margin of 0.9% above SOFR is applicable to the portion of the loan equivalent to the Company&#8217;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 2.25% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V "Synergy Antwerp&#8221;, M/V "Synergy Busan&#8221;, M/V "Synergy Keelung&#8221; and M/V "Synergy Oakland&#8221;, (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within 2023 for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">On September 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#8220;Sinopac&#8221;) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V &#8220;Aegean Express&#8221; and M/V &#8220;EM Corfu&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">On October 22, 2021, the Company signed a term loan facility with HSBC, and on October 26, 2021, a loan of $15,000,000 was drawn by Jonathan Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V &#8220;Jonathan P&#8221; and to finance general corporate purposes of the Company. The loan is payable in twelve consecutive quarterly installments of $1,100,000 followed by a balloon payment of $1,800,000 payable together with the last installment in October 2024. The loan bears interest at SOFR plus a margin of 2.35%. The loan is secured with the following: (i) first priority mortgage over M/V &#8220;Jonathan P&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $117,500 within 2021 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">On December 14, 2021, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#8220;Eurobank&#8221;), and a loan of $34,000,000 was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V &#8220;Marcos V&#8221;. The loan is payable in sixteen consecutive quarterly installments, comprising twelve installments of $2,000,000 followed by four installments of $750,000 each and by a balloon payment of $7,000,000 payable together with the last installment in December 2025. The loan bears interest at SOFR plus a margin of 2.80%. The loan is secured with the following: (i) first priority mortgage over M/V &#8220;Marcos V&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 within 2022 for this loan.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">On September 13, 2022, the Company signed a term loan facility with HSBC, and a loan of $19,250,000 was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in ten consecutive quarterly installments of $1,000,000 each followed by a balloon payment of $9,250,000 payable together with the last installment in June 2025. The loan bears interest at SOFR plus a margin of 1.95%. The loan is secured with the following: (i) first priority mortgages over M/V &#8220;Emmanuel P&#8221; and M/V &#8220;Rena P&#8221;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $115,500 within 2022 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">On  March 30, 2023, the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0 million or up to 67% of the vessel&#8217;s market value, in order to finance part of the construction cost of M/V &#8220;Gregos&#8221; (Hull No. 4201). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on March 31, 2023. The loan is payable in twenty-eight consecutive quarterly instalments, twelve in the amount of $700,000 and sixteen in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in March 2030. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) first priority mortgage over M/V "Gregos", (ii) first assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top">On  June 29, 2023, the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#8220;Terataki&#8221; (Hull No. 4202). The loan is payable in twenty-four consecutive quarterly instalments, twelve in the amount of $800,000 and twelve in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in June 2029. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) first priority mortgage over M/V "Terataki", (ii) first assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-1A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br></p></div>
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<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
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<tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_RenaShippingLtdMember</td>
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<title></title>
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<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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281426400">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 9 - 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, 2023 </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="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths', window );">2024</a></td>
<td class="nump">$ 31,200,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo', window );">2025</a></td>
<td class="nump">34,750,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree', window );">2026</a></td>
<td class="nump">9,050,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour', window );">2027</a></td>
<td class="nump">26,350,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive', window );">2028</a></td>
<td class="nump">2,600,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive', window );">Thereafter</a></td>
<td class="nump">27,050,000<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="Show.showAR( this, 'defref_esea_LongTermDebtExcludingRelatedPartyLoans', window );">Total</a></td>
<td class="nump">$ 131,000,000<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<a href="javascript:void(0);" onclick="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 after the fifth 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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 fifth 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive</td>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560274855904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 10 - Income Taxes (Details Textual)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_EffectiveUnitedStatesTaxOnUsSourceShipping', window );">Effective United States Tax on U.S. Source Shipping</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;"><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560282152208">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 11 - Commitments and Contingencies (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_FutureGrossMinimumRevenuesUnderNoncancellableTimeCharterAgreements', window );">Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements</a></td>
<td class="nump">$ 250.9<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="Show.showAR( this, 'defref_esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne', window );">Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One</a></td>
<td class="nump">159.2<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="Show.showAR( this, 'defref_esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo', window );">Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two</a></td>
<td class="nump">70.8<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="Show.showAR( this, 'defref_esea_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree', window );">Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three</a></td>
<td class="nump">$ 20.9<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EcoDesignFuelEfficientContainershipsMember', window );">Eco Design Fuel Efficient Containerships [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfVesselsUnderConstruction', window );">Number of Vessels Under Construction</a></td>
<td class="nump">7<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="Show.showAR( this, 'defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity', window );">Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity</a></td>
<td class="nump">$ 198.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the cost at which vessels will be constructed, financed with a combination of debt and equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_ConstructionOfVesselsAmountToBeFinancedWithACombinationOfDebtAndEquity</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year one.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearOne</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year three.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearThree</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents future gross minimum revenues under non-cancellable time charter agreement due in rolling year two.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_FutureGrossMinimumRevenuesUnderNonCancellableTimeCharterAgreementsDueInRollingYearTwo</td>
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels under construction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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;">esea_NumberOfVesselsUnderConstruction</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_EcoDesignFuelEfficientContainershipsMember</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>XML
<SEQUENCE>83
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560276567696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - 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="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. 10, 2023 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 03, 2022 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 19, 2021 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 05, 2020 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 04, 2019 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 31, 2014 </div>
<div>shares</div>
</th>
<th class="th">
<div>Nov. 30, 2021 </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </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="Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Share-Based Payment Arrangement, Expense | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,083,414<span></span>
</td>
<td class="nump">$ 951,385<span></span>
</td>
<td class="nump">$ 182,324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares', window );">Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number 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="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">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,791,719<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="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">9 months 14 days<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="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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">60,500<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
<td class="nump">49,650<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="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 | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,447,160<span></span>
</td>
<td class="nump">$ 1,138,800<span></span>
</td>
<td class="nump">$ 1,303,809<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1', window );">Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,282,185<span></span>
</td>
<td class="nump">$ 978,025<span></span>
</td>
<td class="nump">$ 663,347<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75,000<span></span>
</td>
<td class="nump">225,000<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="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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<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="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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<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="Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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>
<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="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<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="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<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="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">31,000<span></span>
</td>
<td class="nump">31,000<span></span>
</td>
<td class="nump">27,700<span></span>
</td>
<td class="nump">27,100<span></span>
</td>
<td class="nump">8,713<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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>
<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="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">29,500<span></span>
</td>
<td class="nump">29,000<span></span>
</td>
<td class="nump">21,950<span></span>
</td>
<td class="nump">18,800<span></span>
</td>
<td class="nump">6,731<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 16 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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">45,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 16 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>
<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="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 16 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>
<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="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 21 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">49,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 21 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>
<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="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>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 21 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>
<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="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>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 31 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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">60,000<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="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 31 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>
<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="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>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 32 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">60,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_NumberOfKeyPeopleIssuedAwards', window );">Number of Key People Issued Awards</a></td>
<td class="nump">32<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 32 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>
<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="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="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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PlanNameAxis=esea_The2014PlanMember', window );">The 2014 Plan [Member] | Restricted Stock [Member] | The 32 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>
<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="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>
<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the term by which awards will be made.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 14.F)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (h)(1)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of non-vested options forfeited.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares</td>
</tr>
<tr>
<td style="padding-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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value of options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_The17KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The16KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_The16KeyPersonsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The21KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_The21KeyPersonsMember</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=esea_The31KeyPersonsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_The31KeyPersonsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_The32KeyPersonsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280752256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member] - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested (in shares)</a></td>
<td class="nump">84,243<span></span>
</td>
<td class="nump">72,593<span></span>
</td>
<td class="nump">53,303<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested, weighted average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 20.15<span></span>
</td>
<td class="nump">$ 19.05<span></span>
</td>
<td class="nump">$ 3.46<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Granted (in shares)</a></td>
<td class="nump">60,500<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
<td class="nump">49,650<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted, weighted average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 23.92<span></span>
</td>
<td class="nump">$ 18.98<span></span>
</td>
<td class="nump">$ 26.26<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested (in shares)</a></td>
<td class="num">(53,750)<span></span>
</td>
<td class="num">(48,350)<span></span>
</td>
<td class="num">(30,360)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested, weighted average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 22.26<span></span>
</td>
<td class="nump">$ 17.05<span></span>
</td>
<td class="nump">$ 3.47<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Non-vested (in shares)</a></td>
<td class="nump">90,993<span></span>
</td>
<td class="nump">84,243<span></span>
</td>
<td class="nump">72,593<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested, weighted average grant date fair value (in dollars per share)</a></td>
<td class="nump">$ 21.41<span></span>
</td>
<td class="nump">$ 20.15<span></span>
</td>
<td class="nump">$ 19.05<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</div>
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</TEXT>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560414270896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Earnings Per Share (Details Textual) - shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment', window );">Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares)</a></td>
<td class="nump">4,780<span></span>
</td>
<td class="nump">8,546<span></span>
</td>
<td class="nump">16,500<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_WeightedAverageNumberDilutedSharesOutstandingAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment</td>
</tr>
<tr>
<td style="padding-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></div>
</body>
</html>
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<DOCUMENT>
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<SEQUENCE>86
<FILENAME>R62.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280555872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 114,549,279<span></span>
</td>
<td class="nump">$ 106,244,916<span></span>
</td>
<td class="nump">$ 42,963,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(255,324)<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="Show.showAR( this, 'defref_esea_PreferredDeemedDividend', window );">Preferred deemed dividend</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(345,628)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic', window );">Net income attributable to common shareholders</a></td>
<td class="nump">$ 114,549,279<span></span>
</td>
<td class="nump">$ 106,244,916<span></span>
</td>
<td class="nump">$ 42,362,708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average common shares &#8211;outstanding, basic (in shares)</a></td>
<td class="nump">6,931,280<span></span>
</td>
<td class="nump">7,181,561<span></span>
</td>
<td class="nump">6,976,905<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per share (in dollars per share)</a></td>
<td class="nump">$ 16.53<span></span>
</td>
<td class="nump">$ 14.79<span></span>
</td>
<td class="nump">$ 6.07<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment', window );">Dilutive effect of non-vested shares (in shares)</a></td>
<td class="nump">4,780<span></span>
</td>
<td class="nump">8,546<span></span>
</td>
<td class="nump">16,500<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares &#8211;outstanding, diluted (in shares)</a></td>
<td class="nump">6,936,060<span></span>
</td>
<td class="nump">7,190,107<span></span>
</td>
<td class="nump">6,993,405<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per share (in dollars per share)</a></td>
<td class="nump">$ 16.52<span></span>
</td>
<td class="nump">$ 14.78<span></span>
</td>
<td class="nump">$ 6.06<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Dividends to Series B preferred shares</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (255,324)<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478666/740-323-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-15<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (e)(4)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1<br><br>Reference 8: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
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http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480175/815-40-65-1<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-2<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(27))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ Details</a><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_NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_WeightedAverageNumberDilutedSharesOutstandingAdjustment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberDilutedSharesOutstandingAdjustment</td>
</tr>
<tr>
<td style="padding-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_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</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_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281444400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Voyage Expenses and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">$ 1,284,375<span></span>
</td>
<td class="nump">$ 2,476,854<span></span>
</td>
<td class="nump">$ 624,734<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">42,004,155<span></span>
</td>
<td class="nump">37,667,191<span></span>
</td>
<td class="nump">29,739,437<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">665,090<span></span>
</td>
<td class="nump">523,943<span></span>
</td>
<td class="nump">253,855<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_esea_VoyageExpenses', window );">Voyage expenses</a></td>
<td class="nump">619,285<span></span>
</td>
<td class="nump">1,952,911<span></span>
</td>
<td class="nump">370,879<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">20,700,810<span></span>
</td>
<td class="nump">19,170,601<span></span>
</td>
<td class="nump">15,961,904<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">4,788,264<span></span>
</td>
<td class="nump">4,364,430<span></span>
</td>
<td class="nump">2,917,042<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">1,607,116<span></span>
</td>
<td class="nump">1,563,886<span></span>
</td>
<td class="nump">1,247,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">3,916,827<span></span>
</td>
<td class="nump">3,426,772<span></span>
</td>
<td class="nump">2,471,994<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">8,625,958<span></span>
</td>
<td class="nump">7,443,502<span></span>
</td>
<td class="nump">5,784,004<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">585,336<span></span>
</td>
<td class="nump">272,142<span></span>
</td>
<td class="nump">212,108<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Vessel operating expenses</a></td>
<td class="nump">$ 1,779,844<span></span>
</td>
<td class="nump">$ 1,425,858<span></span>
</td>
<td class="nump">$ 1,145,209<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
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<tr>
<td><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_NatureOfExpenseAxis=esea_PortChargesAndCanalDuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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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>
</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 15 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member]<br></strong></div></th>
<th class="th">
<div>Jun. 26, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 16, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 12, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Oct. 17, 2014</div></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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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNumberOfInstrumentsHeld', window );">Derivative, Number of Instruments Held, Total</a></td>
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</td>
<td class="nump">1<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">1<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
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<td class="nump">$ 20,000,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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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="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGain', window );">Derivative Instruments Not Designated as Hedging Instruments, Gain</a></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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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#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="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000,000<span></span>
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<td class="text">&#160;<span></span>
</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="Show.showAR( this, 'defref_us-gaap_DerivativeFixedInterestRate', window );">Derivative, Fixed Interest Rate</a></td>
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<td class="nump">3.41%<span></span>
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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="Show.toggleNext( this );">- Definition</a><div><p>Fixed interest rate related to the interest rate derivative.</p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gain of derivative instruments not designated or qualifying as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4CC<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Nominal or face amount used to calculate payment on derivative.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of derivative instruments of a particular group held by the entity.</p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_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>
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</table></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560414151216">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 15 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,142,682<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,669,244<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssets', window );">Total derivative assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,811,926<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesCurrent', window );">Interest rate swap contracts, current liability</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Interest rate swap contracts, noncurrent liability</a></td>
<td class="nump">168,138<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilities', window );">Total derivative liabilities</a></td>
<td class="nump">$ 224,180<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_us-gaap_DerivativeAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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 assets not subject to a master netting arrangement and not elected to be offset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 103<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DerivativeAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DerivativeAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_DerivativeLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
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<a href="javascript:void(0);" onclick="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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560282097872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Gain (loss) on derivatives</a></td>
<td class="nump">$ 178,128<span></span>
</td>
<td class="nump">$ 4,355,657<span></span>
</td>
<td class="num">$ (27,141)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_HedgingDesignationAxis=us-gaap_NondesignatedMember', window );">Not Designated as Hedging Instrument [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="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Gain (loss) on derivatives</a></td>
<td class="nump">178,128<span></span>
</td>
<td class="nump">4,355,657<span></span>
</td>
<td class="num">(27,141)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Gain (loss) on derivatives</a></td>
<td class="num">(4,036,107)<span></span>
</td>
<td class="nump">4,223,839<span></span>
</td>
<td class="nump">153,835<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet', window );">Gain (loss) on derivatives</a></td>
<td class="nump">$ 4,214,235<span></span>
</td>
<td class="nump">$ 131,818<span></span>
</td>
<td class="num">$ (180,976)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4C<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4CC<br> -SubTopic 10<br> -Topic 815<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC<br></p></div>
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<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560383523280">
<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="1">3 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>Sep. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 12, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Oct. 17, 2014</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Impairment, Long-Lived Asset, Held-for-Use</a></td>
<td class="nump">$ 13,800,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,835,469<span></span>
</td>
<td class="nump">$ 18,522,217<span></span>
</td>
<td class="nump">$ 7,203,198<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 267,626,155<span></span>
</td>
<td class="nump">267,626,155<span></span>
</td>
<td class="nump">$ 216,570,426<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvJonathanPMember', window );">MV Jonathan 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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Impairment, Long-Lived Asset, Held-for-Use</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,800,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net, Total</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,900,000<span></span>
</td>
<td class="nump">$ 6,900,000<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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
<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="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="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>
<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="Show.showAR( this, 'defref_us-gaap_DerivativeNotionalAmount', window );">Derivative, Notional Amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,000,000<span></span>
</td>
<td class="nump">$ 20,000,000<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>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
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<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 815<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478795/946-210-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477439/946-210-55-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13(Column A)(Footnote 3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SX 210.12-13(Column C))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br></p></div>
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 360<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482130/360-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 360<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478451/942-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MvJonathanPMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">srt_CounterpartyNameAxis=esea_EurobankMember</td>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281278144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 16 - Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,142,682<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">2,669,244<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="nump">168,138<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Recurring [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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">168,138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,669,244<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">0<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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">168,138<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">56,042<span></span>
</td>
<td class="nump">1,142,682<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,669,244<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Interest rate swap contracts, current</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsNoncurrent', window );">Interest rate swap contracts, noncurrent</a></td>
<td class="nump">0<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="Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Derivatives</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativeLiabilitiesNoncurrent', window );">Derivatives</a></td>
<td class="text">&#160;<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_us-gaap_DerivativeAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsCurrent</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:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value, after the effects of master netting arrangements, of a financial asset or other 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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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 after one year or the 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<TYPE>XML
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<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560280715744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Financial Instruments - Fair Value measurement on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - MV Jonathan P [Member]<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr><th class="th">
<div>Sep. 30, 2023 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges', window );">M/V Jonathan P</a></td>
<td class="nump">$ 13.8<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember', window );">Fair Value, Inputs, Level 2 [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentFairValueDisclosure', window );">M/V Jonathan P</a></td>
<td class="nump">$ 7.1<span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) from the difference between the sale price or salvage price and the book value of an asset that was sold or retired, and gain (loss) from the write down of assets from their carrying value to fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSalesOfAssetsAndAssetImpairmentCharges</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>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fair value portion 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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 820<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 100<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100<br></p></div>
<a href="javascript:void(0);" onclick="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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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsNonrecurringMember</td>
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<a href="javascript:void(0);" onclick="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_MvJonathanPMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560413547968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Common Stock (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="9">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>Nov. 30, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>Jun. 30, 2023</div></th>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Nov. 30, 2022</div></th>
<th class="th"><div>Aug. 31, 2022</div></th>
<th class="th"><div>May 31, 2022</div></th>
<th class="th"><div>Jun. 30, 2021</div></th>
<th class="th"><div>Feb. 28, 2021</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Mar. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common Stock, Par or Stated Value 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 743,553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Conversion of Stock, Amount Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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">$ 6,365,264<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="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Stock Repurchased and Retired During Period, 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="nump">$ 3,145,435<span></span>
</td>
<td class="nump">$ 5,026,746<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="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Common Stock, Dividends, Per Share, Declared (in dollars per share)</a></td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">$ 1.5<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="Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends, Common 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,021,226<span></span>
</td>
<td class="nump">$ 10,871,254<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="Show.showAR( this, 'defref_srt_ShareRepurchaseProgramAxis=esea_ShareRepurchaseProgramMember', window );">Share Repurchase Program [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="Show.showAR( this, 'defref_srt_StockRepurchaseProgramAuthorizedAmount1', window );">Stock Repurchase Program, Authorized 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">$ 20,000,000<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodShares', window );">Stock Repurchased and Retired During Period, 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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">162,375<span></span>
</td>
<td class="nump">238,335<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="Show.showAR( this, 'defref_us-gaap_StockRepurchasedAndRetiredDuringPeriodValue', window );">Stock Repurchased and Retired During Period, 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="nump">$ 3,150,000<span></span>
</td>
<td class="nump">$ 5,030,000.00<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="Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=esea_DirectorsOfficersAndEmployeesMember', window );">Directors, Officers, and 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>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Stock Issued During Period, Shares, Restricted Stock Award, Gross (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">60,500<span></span>
</td>
<td class="nump">60,000<span></span>
</td>
<td class="nump">49,650<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="Show.showAR( this, 'defref_us-gaap_ConversionOfStockByUniqueDescriptionAxis=esea_ConversionOfSeriesBPreferredStockToCommonStockMember', window );">Conversion of Series B Preferred Stock to Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesConverted1', window );">Conversion of Stock, Shares Converted (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">6,365<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ConversionOfStockSharesIssued1', window );">Conversion of Stock, Shares Issued (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">453,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_ConversionOfStockAmountIssued1', window );">Conversion of Stock, Amount Issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,365,000<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="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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82,901<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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="nump">$ 740,000<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;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StockRepurchaseProgramAuthorizedAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StockRepurchaseProgramAuthorizedAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>srt_</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_CommonStockDividendsPerShareDeclared">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types: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_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>dtr-types: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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConversionOfStockAmountIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockAmountIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_ConversionOfStockSharesConverted1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesConverted1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of new shares issued in the conversion of stock in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-4<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConversionOfStockSharesIssued1</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> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> 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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased and retired during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedAndRetiredDuringPeriodValue</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_ShareRepurchaseProgramAxis=esea_ShareRepurchaseProgramMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="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>
</tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560281936176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Other Operating Income (Details Textual) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Jun. 30, 2017</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts', window );">Other Operating Expenses, Income from Collection of Previously Written off Accounts</a></td>
<td class="nump">$ 2,730,000<span></span>
</td>
<td class="nump">$ 1,610,000<span></span>
</td>
<td class="nump">$ 200,000<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="Show.showAR( this, 'defref_esea_OtherOperatingExpensesIncome', window );">Other Operating Expenses, Income</a></td>
<td class="nump">$ 2,727,114<span></span>
</td>
<td class="nump">1,610,000<span></span>
</td>
<td class="nump">1,298,318<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="Show.showAR( this, 'defref_esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers', window );">Other Operating Expense (Income) From Settlement of Acccounts With Charterers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">350,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVManolisPMember', window );">M/V Manolis 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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_OtherOperatingExpensesIncome', window );">Other Operating Expenses, Income</a></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>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_OtherOperatingIncomeRelatedToUnrepairedDamageClaim', window );">Other Operating Income Related to Unrepaired Damage Claim</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,960,000<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="Show.showAR( this, 'defref_srt_LitigationCaseAxis=esea_AlterwallBusinessIncVsFuelOilSupplierMember', window );">Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Settled 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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForLegalSettlements', window );">Payments for Legal Settlements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,000.00<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="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="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossRelatedToLitigationSettlement', window );">Gain (Loss) Related to Litigation Settlement, Total</a></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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LitigationReserve', window );">Estimated Litigation 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="nump">$ 150,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other operating expense (income) from settlement of accounts with charterers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_OtherOperatingExpenseIncomeFromSettlementOfAcccountsWithCharterers</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income classified in other operating expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income classified in other operating expenses from collection of previously written off accounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_OtherOperatingExpensesIncomeFromCollectionOfPreviouslyWrittenOffAccounts</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_OtherOperatingIncomeRelatedToUnrepairedDamageClaim">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income related to unrepaired damage claim.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_OtherOperatingIncomeRelatedToUnrepairedDamageClaim</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_GainLossRelatedToLitigationSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) recognized in settlement of litigation and insurance claims. Excludes claims within an insurance entity's normal claims settlement process.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 450<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483076/450-20-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossRelatedToLitigationSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_LitigationReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 450<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483076/450-20-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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_PaymentsForLegalSettlements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for the settlement of litigation or for other legal issues during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForLegalSettlements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>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_PropertyPlantAndEquipmentByTypeAxis=esea_MVManolisPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_MVManolisPMember</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_srt_LitigationCaseAxis=esea_AlterwallBusinessIncVsFuelOilSupplierMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SettledLitigationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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_SettledLitigationMember</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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/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;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140560263044912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Subsequent Events (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">1 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Apr. 22, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 19, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 18, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 27, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 31, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember', window );">Term Sheet With Major Commercial Banking Institution [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,000,000<span></span>
</td>
<td class="nump">$ 26,000,000<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="Show.showAR( this, 'defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing', window );">Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">67.00%<span></span>
</td>
<td class="nump">67.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,000,000<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments', window );">Debt Instrument, Number of Consecutive Quarterly Installments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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">$ 10,400,000<span></span>
</td>
<td class="nump">$ 10,400,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember', window );">Term Sheet With Major Commercial Banking Institution [Member] | Secured Overnight Financing Rate (SOFR) [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="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">2.15%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember', window );">Term Sheet With Major Commercial Banking Institution [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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Line of Credit Facility, Maximum Borrowing Capacity</a></td>
<td class="nump">$ 45,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_esea_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing', window );">Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing</a></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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from Issuance of Debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,000,000<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="Show.showAR( this, 'defref_esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments', window );">Debt Instrument, Number of Consecutive Quarterly Installments</a></td>
<td class="nump">40<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>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPayment', window );">Debt Instrument, Periodic Payment, Total</a></td>
<td class="nump">$ 562,500<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>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid</a></td>
<td class="nump">$ 22,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,000,000<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="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember', window );">Term Sheet With Major Commercial Banking Institution [Member] | Forecast [Member] | Secured Overnight Financing Rate (SOFR) [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="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="nump">1.95%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MvTenderSoulMember', window );">M/V &#8220;Tender Soul&#8221; [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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="nump">$ 27,000,000<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="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=esea_MVEMAstoriaMember', window );">M/V EM Astoria [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<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="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="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="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="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="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>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_esea_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of consecutive quarterly installments for debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ 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_DebtInstrumentNumberOfConsecutiveQuarterlyInstallments</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_LineOfCreditFacilityMaximumBorrowingAmountPercentOfTheVesselsMarketValueForFinancing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of market value of vessel for financing that is the maximum borrowing amount for a line of credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="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="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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> Balance Type:</strong></td>
<td>credit</td>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<td>us-gaap_</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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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>
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<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="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="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="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=esea_TermSheetWithMajorCommercialBankingInstitutionMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableRateAxis=esea_SecuredOvernightFinancingRateSOFRMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;1.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Basis of Presentation and General Information&lt;/b&gt;&#160;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;Euroseas Ltd. (the &#x201c;Company&#x201d; or &#x201c;Euroseas&#x201d;) was formed on &lt;em style="font: inherit;"&gt; May 5, 2005 &lt;/em&gt;under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On &lt;em style="font: inherit;"&gt; June 28, 2005, &lt;/em&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;em style="font: inherit;"&gt; June 29, 2005, &lt;/em&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;em style="font: inherit;"&gt; January 2007, &lt;/em&gt;the Company pursued a public offering and its common shares started trading on the Nasdaq Global Market under the ticker symbol &#x201c;ESEA&#x201d; on &lt;em style="font: inherit;"&gt; January 31, 2007 &lt;/em&gt;and since &lt;em style="font: inherit;"&gt; June 26, 2015, &lt;/em&gt;its common shares trade on the Nasdaq Capital Market.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;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 &lt;em style="font: inherit;"&gt;4&lt;/em&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;em style="font: inherit;"&gt;8&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Family United Navigation Co., which, in turn, collectively own 59.3% of the Company&#x2019;s shares as of &lt;em style="font: inherit;"&gt; December 31, 2023.&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As of&#160;&lt;em style="font: inherit;"&gt; December 31, 2023,&#160;&lt;/em&gt;the Company had a working capital surplus of $14.8&#160;million. For the&#160;year ended&#160;&lt;em style="font: inherit;"&gt; December 31, 2023,&#160;&lt;/em&gt;the Company reported a net income of $114.5&#160;million and generated net cash from operating activities of&#160;$130.0&#160;million. The Company&#x2019;s cash balance amounted to $58.6&#160;million, while cash in restricted and retention accounts amounted to $5.7&#160;million as of&#160;&lt;em style="font: inherit;"&gt; December 31, 2023.&#160;&lt;/em&gt;As noted in Note&#160;&lt;em style="font: inherit;"&gt;4&lt;/em&gt;&#160;below, the Company entered into agreements for the construction of&#160;&lt;span style="-sec-ix-hidden:c111385937"&gt;nine&lt;/span&gt; container carriers, &lt;em style="font: inherit;"&gt;two&lt;/em&gt; of which were delivered to the Company during &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; and &lt;em style="font: inherit;"&gt;seven&lt;/em&gt;&#160;of which are expected to be delivered within &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt; For the construction of the remaining &lt;em style="font: inherit;"&gt;seven&lt;/em&gt; vessels an amount of $198.0&#160;million is payable in the&#160;&lt;em style="font: inherit;"&gt;twelve&lt;/em&gt;-month period ending&#160;&lt;em style="font: inherit;"&gt; December 31, 2024.&#160;&lt;/em&gt;All the payments are guaranteed by the Company. In &lt;em style="font: inherit;"&gt; February 2024, &lt;/em&gt;the Company received an amount of $27.0 million through the sale and lease back financing transaction in connection with the delivery of the vessel M/V &#x201c;Tender Soul&#x201d; (see Note &lt;em style="font: inherit;"&gt;19&lt;/em&gt;). In addition, in &lt;em style="font: inherit;"&gt; April 2024, &lt;/em&gt;the Company received an amount of $22.0 million through new mortgage debt financing in connection with the delivery of M/V &#x201c;Leonidas Z&#x201d; and entered into a committed term sheet for the financing of M/V &#x201c;Monica&#x201d; and M/V &#x201c;Stephania&#x201d;, for a total of up to $45.0 million in respect of these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; newbuilding vessels that are expected to be delivered to the Company in the &lt;em style="font: inherit;"&gt;second&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2024&lt;/em&gt; (see Note &lt;em style="font: inherit;"&gt;19&lt;/em&gt;). The Company intends to fund its working capital requirements and capital commitments via cash on hand and cash flows from operations and funds from new mortgage debt financing for the vessels under construction. In the event that these sources are&#160;&lt;em style="font: inherit;"&gt;not&lt;/em&gt;&#160;sufficient, the Company&#160;&lt;em style="font: inherit;"&gt; may&#160;&lt;/em&gt;also use funds from new mortgage debt financing for the&#160;&lt;em style="font: inherit;"&gt;seven&lt;/em&gt;&#160;unencumbered vessels that the Company owns,&#160;debt refinancing, debt balloon payment refinancing, proceeds from its on-going at-the-market offering&#160;and other equity offerings and sell vessels or the newbuilding contracts themselves (where equity and liquidity will be released), 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&#160;&lt;em style="font: inherit;"&gt;twelve&lt;/em&gt;&#160;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;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;



   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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&#x2019;s wholly owned subsidiaries for the year ended &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;are set out below:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;a)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 94%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160; Subsidiaries owning vessels in operation&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on &lt;em style="font: inherit;"&gt; May 14, 2008, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;34,677&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,556&lt;/em&gt; TEU container carrier M/V &#x201c;Evridiki G&#x201d;&#160;(previously named &#x201c;Maersk Noumea&#x201d;), which was built in &lt;em style="font: inherit;"&gt;2001&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; May 22, 2008.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Joanna Maritime Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; June 10, 2013, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;22,301&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,732&lt;/em&gt; TEU container carrier M/V &#x201c;Joanna&#x201d;, which was built in &lt;em style="font: inherit;"&gt;1999&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; July 4, 2013.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; August 19, 2016, &lt;/em&gt;owner of the Panamanian flag &lt;em style="font: inherit;"&gt;18,581&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,439&lt;/em&gt; TEU container carrier M/V &#x201c;Aegean Express&#x201d;, which was built in &lt;em style="font: inherit;"&gt;1997&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; September 29, 2016.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Gregos Shipping Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; May 25, 2017, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;35,600&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,788&lt;/em&gt; TEU container carrier M/V &#x201c;EM Astoria&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2004&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; June 20, 2017.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 18, 2017, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;34,654&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,556&lt;/em&gt; TEU container carrier M/V &#x201c;EM Corfu&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2001&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; October 29, 2017.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; June 3, 2019, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;30,360&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,008&lt;/em&gt; TEU container carrier M/V &#x201c;Diamantis P&#x201d;, which was built in &lt;em style="font: inherit;"&gt;1998&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; August 2, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Hydra Shipowners Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; June 3, 2019, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;23,351&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,740&lt;/em&gt; TEU container carrier M/V &#x201c;EM Hydra&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2005&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; August 2, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Spetses Shipowners Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; June 3, 2019, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;23,224&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,740&lt;/em&gt; TEU container carrier M/V &#x201c;EM Spetses&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2007&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; August 7, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Kea Shipowners Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; June 3, 2019, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;42,165&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;3,100&lt;/em&gt; TEU container carrier M/V &#x201c;EM Kea&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2007&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; August 7, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; November 1, 2019, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;50,726&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,253&lt;/em&gt; TEU container carrier M/V &#x201c;Synergy Antwerp&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2008&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; November 19, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;



   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; November 1, 2019, &lt;/em&gt;owner of the Cypriot flag &lt;em style="font: inherit;"&gt;50,969&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,253&lt;/em&gt; TEU container carrier M/V &#x201c;Synergy Keelung&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2009&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; November 18, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; November 1, 2019, &lt;/em&gt;owner of the Cypriot flag &lt;em style="font: inherit;"&gt;50,787&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,253&lt;/em&gt; TEU container carrier M/V &#x201c;Synergy Oakland&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2009&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; November 19, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; November 1, 2019, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;50,726&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,253&lt;/em&gt; TEU container carrier M/V &#x201c;Synergy Busan&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2009&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; November 21, 2019.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Jonathan Shipowners Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; August 25, 2021, &lt;/em&gt;owner of the Liberian flag &lt;em style="font: inherit;"&gt;23,357&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,740&lt;/em&gt; TEU container carrier M/V &#x201c;Jonathan P&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2006&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; October 18, 2021.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Marcos Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 27, 2021, &lt;/em&gt;owner of the Panamanian flag &lt;em style="font: inherit;"&gt;72,968&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;6,350&lt;/em&gt; TEU container carrier M/V &#x201c;Marcos V&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2005&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; December 14, 2021.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Gregos Maritime Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; December 14, 2020, &lt;/em&gt;entered on &lt;em style="font: inherit;"&gt; June 29, 2021, &lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a &lt;em style="font: inherit;"&gt;2,800&lt;/em&gt; TEU container carrier (Hull &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;4201&lt;/em&gt;). The vessel was delivered to the Company on &lt;em style="font: inherit;"&gt; April 6, 2023.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Terataki Shipping Ltd., incorporated in the Republic of the Marshall Islands on&#160;&lt;em style="font: inherit;"&gt; June 25, 2021,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; June 29, 2021,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;2,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4202&lt;/em&gt;). The vessel was delivered to the Company on &lt;em style="font: inherit;"&gt; July 6, 2023.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;Emmanuel Shipping Ltd., incorporated in the Republic of the Marshal Islands on &lt;em style="font: inherit;"&gt; April 27, 2022, &lt;/em&gt;owner of the Marshal Islands flag &lt;em style="font: inherit;"&gt;50,796&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,250&lt;/em&gt; TEU container carrier M/V &#x201c;Emmanuel P&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2005&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; May 24, 2022.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Rena Shipping Ltd., incorporated in the Republic of the Marshal Islands on &lt;em style="font: inherit;"&gt; April 27, 2022, &lt;/em&gt;owner of the Marshal Islands flag &lt;em style="font: inherit;"&gt;50,796&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,250&lt;/em&gt; TEU container carrier M/V &#x201c;Rena P&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2007&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; June 27, 2022.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;



   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;b)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 94%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160; Subsidiaries owning vessels under construction&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table cellpadding="0" cellspacing="0" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;tbody&gt;&lt;tr style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Tender Soul Shipping Ltd., incorporated in the Republic of the Marshall Islands on&#160;&lt;em style="font: inherit;"&gt; January 27, 2022,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; January 28, 2022,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;2,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4236&lt;/em&gt;). The vessel was delivered to the Company on &lt;em style="font: inherit;"&gt; February 6, 2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Leonidas Shipping Ltd., incorporated in the Republic of the Marshall Islands on&#160;&lt;em style="font: inherit;"&gt; January 27, 2022,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; January 28, 2022,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;2,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4237&lt;/em&gt;). The vessel was&#160;delivered to the Company on &lt;em style="font: inherit;"&gt; April 25,&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Monica Shipowners Ltd., incorporated in the Republic of Liberia on&#160;&lt;em style="font: inherit;"&gt; March 15, 2022,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; March 18, 2022,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;1,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4248&lt;/em&gt;). The vessel is expected to be delivered in the&#160;&lt;em style="font: inherit;"&gt;second&lt;/em&gt;&#160;quarter of&#160;&lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Stephania Shipping Ltd., incorporated in the Republic of Liberia on&#160;&lt;em style="font: inherit;"&gt; March 15, 2022,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; March 18, 2022,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;1,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4249&lt;/em&gt;). The vessel is expected to be delivered in the&#160;&lt;em style="font: inherit;"&gt;second&lt;/em&gt;&#160;quarter of&#160;&lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Pepi Shipping Ltd., incorporated in the Republic of Liberia on&#160;&lt;em style="font: inherit;"&gt; March 15, 2022,&#160;&lt;/em&gt;entered on&#160;&lt;em style="font: inherit;"&gt; March 18, 2022,&#160;&lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a&#160;&lt;em style="font: inherit;"&gt;1,800&lt;/em&gt;&#160;TEU container carrier (Hull&#160;&lt;em style="font: inherit;"&gt;No.&lt;/em&gt;&#160;&lt;em style="font: inherit;"&gt;4250&lt;/em&gt;). The vessel is expected to be delivered in the&#160;&lt;em style="font: inherit;"&gt;second&lt;/em&gt;&#160;quarter of&#160;&lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Dear Panel Shipping Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; May 20, 2022, &lt;/em&gt;entered on &lt;em style="font: inherit;"&gt; May 20, 2022, &lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a &lt;em style="font: inherit;"&gt;2,800&lt;/em&gt; TEU container carrier (Hull &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;4251&lt;/em&gt;). The vessel is expected to be delivered in the &lt;em style="font: inherit;"&gt;fourth&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Symeon Shipping Ltd., incorporated in the Republic of Liberia on &lt;em style="font: inherit;"&gt; May 20, 2022, &lt;/em&gt;entered on &lt;em style="font: inherit;"&gt; May 20, 2022, &lt;/em&gt;into a shipbuilding contract with Hyundai Mipo Dockyard Co., Ltd. for the construction of a &lt;em style="font: inherit;"&gt;2,800&lt;/em&gt; TEU container carrier (Hull &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;4252&lt;/em&gt;). The vessel is expected to be delivered in the &lt;em style="font: inherit;"&gt;fourth&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;c)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 94%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160; Non-vessel owning subsidiaries&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on &lt;em style="font: inherit;"&gt; March 16, 2007, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;20,346&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;1,452&lt;/em&gt; TEU container carrier M/V &#x201c;Manolis P&#x201d;, which was built in &lt;em style="font: inherit;"&gt;1995&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; April 12, 2007. &lt;/em&gt;The vessel was sold on &lt;em style="font: inherit;"&gt; July 2, 2020.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 18, 2017, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;32,350&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,506&lt;/em&gt; TEU container carrier M/V &#x201c;EM Athens&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2000&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; September 29, 2017. &lt;/em&gt;The vessel was sold on &lt;em style="font: inherit;"&gt; November 9, 2020.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 18, 2017, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;32,350&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;2,506&lt;/em&gt; TEU container carrier M/V &#x201c;EM Oinousses&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2000&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; October 23, 2017. &lt;/em&gt;The vessel was sold on &lt;em style="font: inherit;"&gt; July 17, 2020.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;



   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 18, 2017, &lt;/em&gt;owner of the Marshall Islands flag &lt;em style="font: inherit;"&gt;71,366&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;5,610&lt;/em&gt; TEU container carrier M/V &#x201c;Akinada Bridge&#x201d;, which was built in &lt;em style="font: inherit;"&gt;2001&lt;/em&gt; and acquired on &lt;em style="font: inherit;"&gt; December 21, 2017. &lt;/em&gt;The vessel was sold on &lt;em style="font: inherit;"&gt; January 9, 2023.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;Eurocon Ltd., incorporated in the Republic of the Marshall Islands on &lt;em style="font: inherit;"&gt; September 18, 2017, &lt;/em&gt;owner of the Antwerp Shipping Ltd., Busan Shipping Ltd., Corfu Navigation Ltd., Gregos Shipping Limited, Hydra Shipowners Ltd., Joanna Maritime Ltd., Jonathan John Shipping Ltd., Kea Shipowners Ltd., Keelung Shipping Ltd., Noumea Shipping Ltd., Oakland Shipping Ltd. and Spetses Shipowners Ltd.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#x25cf;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;Argonaut Sponsor LLC and Argonaut Acquisition Corporation are dormant entities incorporated in the State of Delaware on &lt;em style="font: inherit;"&gt; February 11, 2022.&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;


   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;During the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the following charterers individually accounted for more than &lt;em style="font: inherit;"&gt;10%&lt;/em&gt; of the Company&#x2019;s revenues as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="11" rowspan="1" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; text-align: center;"&gt;&lt;b&gt;Year ended December 31,&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Zim Integrated Shipping Services Ltd.&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;21&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;23&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Maersk Line A/S&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;21&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;21&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;23&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Sealand Maersk Asia Pte. Ltd.&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;21&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;15&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Asyad Line LLC&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;11&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;%&lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Other comprehensive income / (loss)&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company has &lt;em style="font: inherit;"&gt;no&lt;/em&gt; other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, &lt;em style="font: inherit;"&gt;no&lt;/em&gt; statement of comprehensive income / (loss) has been presented.&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Foreign currency translation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;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.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Cash equivalents&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of &lt;em style="font: inherit;"&gt;three&lt;/em&gt; months or less.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Restricted cash&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Trade accounts receivable&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each time charter. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. No allowance for doubtful accounts was recorded for any of the periods presented.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Inventories&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Vessels&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 to prepare the vessel for her initial voyage, 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. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Expenditures for vessel repair and maintenance are charged against income in the period incurred.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Vessels Held for Sale&lt;/i&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company &lt;em style="font: inherit;"&gt; may &lt;/em&gt;dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies a vessel as being held for sale when the following criteria are met: (i) management has committed to a plan to sell the vessel; (ii) the&#160;vessel 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 vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the vessel is expected to qualify for recognition as a completed sale within &lt;em style="font: inherit;"&gt;one&lt;/em&gt; year; (v) the vessel 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less&#160;the&#160;cost to sell. The resulting difference, if any, is recorded under &#x201c;Loss on write-down of vessel held for sale&#x201d; in the consolidated statements of operations. The vessels are &lt;em style="font: inherit;"&gt;no&lt;/em&gt; longer depreciated once they meet the criteria to be classified as held for sale.&lt;/p&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Depreciation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 25 years from the completion of their construction. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. 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 $250 per light weight ton as of &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023.&lt;/em&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Insurance claims and insurance proceeds&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;em style="font: inherit;"&gt;not&lt;/em&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Revenue and expense recognition&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Revenues are generated from time 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 fixed or index-linked daily charter hire rate.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable &lt;em style="font: inherit;"&gt;15&lt;/em&gt; or &lt;em style="font: inherit;"&gt;30&lt;/em&gt; days in advance as determined in the charter party agreement. The duration of the contracts that the Company enters into depends on the market conditions, with the duration decreasing during weak market conditions. During &lt;em style="font: inherit;"&gt;2021,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; the duration of the Company&#x2019;s time charter contracts ranged from 10 days to 4 years and certain time charter contracts included renewal options up to 12 months. 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.&#160;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 &lt;em style="font: inherit;"&gt;842,&lt;/em&gt; because (i) the vessel is an identifiable asset, (ii) the Company does &lt;em style="font: inherit;"&gt;not&lt;/em&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 lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company, making use of the practical expedient for lessors, elected &lt;em style="font: inherit;"&gt;not&lt;/em&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 ASC &lt;em style="font: inherit;"&gt;842.&lt;/em&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Revenues under 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 are recorded in &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations. Time charter agreements &lt;em style="font: inherit;"&gt; may&#160;&lt;/em&gt;include ballast bonus payments made by the charterer which serve as compensation for the ballast trip of the vessel to the delivery port, which are deferred and also recognized on a straight-line basis over the charter period.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 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;em style="font: inherit;"&gt; may &lt;/em&gt;be recovered from the charterer; such amounts recovered are recorded as other income within &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Dry-docking and special survey expenses&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Dry-docking and special survey expenses are expensed as incurred.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations &lt;/i&gt;&lt;/b&gt;&#x2013;&lt;b&gt;&lt;i&gt; crew &lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are &lt;em style="font: inherit;"&gt;not&lt;/em&gt; liable for any pension or post-retirement benefits.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Dividends &lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;Dividends, if any, are recorded in the Company&#x2019;s financial statements in the period in which they are declared by the Company&#x2019;s board of directors.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Financing costs&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Fees paid to lenders or required to be paid to &lt;em style="font: inherit;"&gt;third&lt;/em&gt; parties on the lenders&#x2019; behalf for obtaining new loans or for refinancing or amending existing loans, are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and other financing costs over the duration of the underlying loan using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment pursuant to the provisions of Subtopic &lt;em style="font: inherit;"&gt;470&lt;/em&gt;-&lt;em style="font: inherit;"&gt;50&lt;/em&gt; &#x201c;Modifications and Extinguishments&#x201d;, is expensed in the period in which the repayment is made or refinancing occurs.&#160;Any unamortized balance of costs relating to debt refinanced that do &lt;em style="font: inherit;"&gt;not&lt;/em&gt; meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Offering expenses&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when equity proceeds from the offering are received or are written-off and charged to &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations when it is probable that the offering will be aborted.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Share repurchases&lt;/i&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders&#x2019; equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Fair value of above/below market time charters acquired&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company values any asset or liability arising from the market value of any time charter assumed when a vessel is acquired. 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 market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. 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 cost of the acquisition is allocated to the vessel and the in-place time charter attached on the basis of their relative fair values. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Stock incentive plan awards&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. 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;em style="font: inherit;"&gt;not&lt;/em&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. Further, the Company accounts for restricted share award forfeitures upon occurrence.&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Impairment of vessels&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels, including any related intangible assets and liabilities, &lt;em style="font: inherit;"&gt; may &lt;/em&gt;&lt;em style="font: inherit;"&gt;not&lt;/em&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 vessels. 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 records a charge under &#x201c;Impairment loss&#x201d; in the consolidated statement of operations, to reduce the vessel&#x2019;s carrying value to its fair market value. 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.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels&#x2019; future performance, with the assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels&#x2019; residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Derivative financial instruments&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 &#x201c;Derivatives and Hedging&#x201d; or in earnings if hedging criteria are &lt;em style="font: inherit;"&gt;not&lt;/em&gt; met.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Evaluation of purchase transactions&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with &lt;i&gt;Business Combinations (Topic &lt;em style="font: inherit;"&gt;805&lt;/em&gt;): Clarifying the Definition of a Business&lt;/i&gt;, 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;em style="font: inherit;"&gt;not&lt;/em&gt; a business. To be considered a business, a set must include an input and a substantive process that together significantly contribute 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;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Earnings / (loss) per common share&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 if any, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does &lt;em style="font: inherit;"&gt;not&lt;/em&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;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; are considered contingently returnable until the restrictions lapse and will &lt;em style="font: inherit;"&gt;not&lt;/em&gt; be included in the basic earnings / (loss) per share calculation until the shares are vested.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Segment reporting&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company reports financial information and evaluates its operations by total charter revenues and &lt;em style="font: inherit;"&gt;not&lt;/em&gt; by the type of vessel, length of vessel employment, customer or type of charter. 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 reportable segment, that of operating container carriers. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Recent accounting pronouncements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; November 2023, &lt;/em&gt;the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07,&lt;/em&gt; Improvements to Reportable Segment Disclosures (&#x201c;ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&#x201d;&lt;/em&gt;). ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, and an amount and description of its composition for other segment items and interim disclosures of a reportable segment&#x2019;s profit or loss and assets. ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; also requires that all segment-related disclosures required by FASB Topic &lt;em style="font: inherit;"&gt;280&lt;/em&gt; (Segment Reporting) be made by entities that have a single reportable segment. ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; is effective for fiscal years beginning after &lt;em style="font: inherit;"&gt; December 15, 2023 &lt;/em&gt;and interim periods within fiscal years beginning after &lt;em style="font: inherit;"&gt; December 15, 2024 &lt;/em&gt;and early adoption is permitted. The Company does &lt;em style="font: inherit;"&gt;not&lt;/em&gt; believe the adoption of ASU &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; will have a material effect on its financial position, results of operations and cash flows.&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt; .&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
  </us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388267">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Principles of consolidation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:UseOfEstimates contextRef="d_2023-01-01_2023-12-31" id="c111388268">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Use of estimates&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:ComprehensiveIncomePolicyPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388269">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Other comprehensive income / (loss)&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company has &lt;em style="font: inherit;"&gt;no&lt;/em&gt; other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, &lt;em style="font: inherit;"&gt;no&lt;/em&gt; statement of comprehensive income / (loss) has been presented.&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:ComprehensiveIncomePolicyPolicyTextBlock>
    <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388270">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Foreign currency translation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;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.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388271">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Cash equivalents&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of &lt;em style="font: inherit;"&gt;three&lt;/em&gt; months or less.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy contextRef="d_2023-01-01_2023-12-31" id="c111388272">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Restricted cash&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy>
    <us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="d_2023-01-01_2023-12-31" id="c111388273">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Trade accounts receivable&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each time charter. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. No allowance for doubtful accounts was recorded for any of the periods presented.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
    <us-gaap:AllowanceForDoubtfulAccountsReceivable
      contextRef="i_2023-12-31"
      decimals="-3"
      id="c111386098"
      unitRef="USD">0</us-gaap:AllowanceForDoubtfulAccountsReceivable>
    <us-gaap:InventoryPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388274">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Inventories&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method.&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
    <esea:VesselsPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388275">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Vessels&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 to prepare the vessel for her initial voyage, 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. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Expenditures for vessel repair and maintenance are charged against income in the period incurred.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</esea:VesselsPolicyTextBlock>
    <esea:AssetsHeldForSalePolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388276">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Vessels Held for Sale&lt;/i&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company &lt;em style="font: inherit;"&gt; may &lt;/em&gt;dispose of certain of its vessels when suitable opportunities occur, including prior to the end of their useful lives. The Company classifies a vessel as being held for sale when the following criteria are met: (i) management has committed to a plan to sell the vessel; (ii) the&#160;vessel 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 vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the vessel is expected to qualify for recognition as a completed sale within &lt;em style="font: inherit;"&gt;one&lt;/em&gt; year; (v) the vessel 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less&#160;the&#160;cost to sell. The resulting difference, if any, is recorded under &#x201c;Loss on write-down of vessel held for sale&#x201d; in the consolidated statements of operations. The vessels are &lt;em style="font: inherit;"&gt;no&lt;/em&gt; longer depreciated once they meet the criteria to be classified as held for sale.&lt;/p&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;</esea:AssetsHeldForSalePolicyTextBlock>
    <us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388277">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Depreciation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 25 years from the completion of their construction. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. 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 $250 per light weight ton as of &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023.&lt;/em&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentUsefulLife
      contextRef="i_2023-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselsMember"
      id="c111386106">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
    <esea:EstimatedSalvageValuePerLightWeightTonOfVessel
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111386107"
      unitRef="Pure">250</esea:EstimatedSalvageValuePerLightWeightTonOfVessel>
    <us-gaap:InsurancePremiumsRevenueRecognitionPolicy contextRef="d_2023-01-01_2023-12-31" id="c111388278">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Insurance claims and insurance proceeds&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;em style="font: inherit;"&gt;not&lt;/em&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;</us-gaap:InsurancePremiumsRevenueRecognitionPolicy>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388279">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Revenue and expense recognition&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Revenues are generated from time 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 fixed or index-linked daily charter hire rate.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable &lt;em style="font: inherit;"&gt;15&lt;/em&gt; or &lt;em style="font: inherit;"&gt;30&lt;/em&gt; days in advance as determined in the charter party agreement. The duration of the contracts that the Company enters into depends on the market conditions, with the duration decreasing during weak market conditions. During &lt;em style="font: inherit;"&gt;2021,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; the duration of the Company&#x2019;s time charter contracts ranged from 10 days to 4 years and certain time charter contracts included renewal options up to 12 months. 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.&#160;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 &lt;em style="font: inherit;"&gt;842,&lt;/em&gt; because (i) the vessel is an identifiable asset, (ii) the Company does &lt;em style="font: inherit;"&gt;not&lt;/em&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 lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company, making use of the practical expedient for lessors, elected &lt;em style="font: inherit;"&gt;not&lt;/em&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 ASC &lt;em style="font: inherit;"&gt;842.&lt;/em&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Revenues under 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 are recorded in &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations. Time charter agreements &lt;em style="font: inherit;"&gt; may&#160;&lt;/em&gt;include ballast bonus payments made by the charterer which serve as compensation for the ballast trip of the vessel to the delivery port, which are deferred and also recognized on a straight-line basis over the charter period.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 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;em style="font: inherit;"&gt; may &lt;/em&gt;be recovered from the charterer; such amounts recovered are recorded as other income within &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:LessorOperatingLeaseTermOfContract
      contextRef="i_2023-12-31_RangeAxis-MinimumMember"
      id="c111386115">P10Y</us-gaap:LessorOperatingLeaseTermOfContract>
    <us-gaap:LessorOperatingLeaseTermOfContract
      contextRef="i_2023-12-31_RangeAxis-MaximumMember"
      id="c111386116">P4Y</us-gaap:LessorOperatingLeaseTermOfContract>
    <esea:LessorOperatingLeaseOptionToRenewalTerm
      contextRef="d_2023-01-01_2023-12-31_RangeAxis-MaximumMember"
      id="c111386117">P12M</esea:LessorOperatingLeaseOptionToRenewalTerm>
    <esea:DrydockingAndSpecialSurveyExpensesPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388280">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Dry-docking and special survey expenses&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Dry-docking and special survey expenses are expensed as incurred.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</esea:DrydockingAndSpecialSurveyExpensesPolicyTextBlock>
    <us-gaap:PensionAndOtherPostretirementPlansPolicy contextRef="d_2023-01-01_2023-12-31" id="c111388281">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Pension and retirement benefit obligations &lt;/i&gt;&lt;/b&gt;&#x2013;&lt;b&gt;&lt;i&gt; crew &lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are &lt;em style="font: inherit;"&gt;not&lt;/em&gt; liable for any pension or post-retirement benefits.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:PensionAndOtherPostretirementPlansPolicy>
    <esea:ShipOwningCrewContractTerm contextRef="d_2023-01-01_2023-12-31" id="c111386127">P9M</esea:ShipOwningCrewContractTerm>
    <esea:DividendsPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388282">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Dividends &lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;Dividends, if any, are recorded in the Company&#x2019;s financial statements in the period in which they are declared by the Company&#x2019;s board of directors.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</esea:DividendsPolicyTextBlock>
    <us-gaap:FinanceLoansAndLeasesReceivablePolicy contextRef="d_2023-01-01_2023-12-31" id="c111388283">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Financing costs&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Fees paid to lenders or required to be paid to &lt;em style="font: inherit;"&gt;third&lt;/em&gt; parties on the lenders&#x2019; behalf for obtaining new loans or for refinancing or amending existing loans, are presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, similar to debt discounts. These costs are amortized as interest and other financing costs over the duration of the underlying loan using the effective interest method. Any unamortized balance of costs relating to debt repaid or refinanced that meet the criteria for Debt Extinguishment pursuant to the provisions of Subtopic &lt;em style="font: inherit;"&gt;470&lt;/em&gt;-&lt;em style="font: inherit;"&gt;50&lt;/em&gt; &#x201c;Modifications and Extinguishments&#x201d;, is expensed in the period in which the repayment is made or refinancing occurs.&#160;Any unamortized balance of costs relating to debt refinanced that do &lt;em style="font: inherit;"&gt;not&lt;/em&gt; meet the criteria for Debt Extinguishment, are amortized over the term of the refinanced debt.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:FinanceLoansAndLeasesReceivablePolicy>
    <esea:OfferingExpensesPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388284">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Offering expenses&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when equity proceeds from the offering are received or are written-off and charged to &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations when it is probable that the offering will be aborted.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</esea:OfferingExpensesPolicyTextBlock>
    <us-gaap:StockholdersEquityPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388285">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Share repurchases&lt;/i&gt;&lt;/b&gt;&#160;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders&#x2019; equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:StockholdersEquityPolicyTextBlock>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388286">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Fair value of above/below market time charters acquired&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company values any asset or liability arising from the market value of any time charter assumed when a vessel is acquired. 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 market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. 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 cost of the acquisition is allocated to the vessel and the in-place time charter attached on the basis of their relative fair values. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="d_2023-01-01_2023-12-31" id="c111388287">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Stock incentive plan awards&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. 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;em style="font: inherit;"&gt;not&lt;/em&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. Further, the Company accounts for restricted share award forfeitures upon occurrence.&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388288">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Impairment of vessels&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels, including any related intangible assets and liabilities, &lt;em style="font: inherit;"&gt; may &lt;/em&gt;&lt;em style="font: inherit;"&gt;not&lt;/em&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 vessels. 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 records a charge under &#x201c;Impairment loss&#x201d; in the consolidated statement of operations, to reduce the vessel&#x2019;s carrying value to its fair market value. 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.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels&#x2019; future performance, with the assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels&#x2019; residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
    <us-gaap:DerivativesPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388289">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Derivative financial instruments&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 &#x201c;Derivatives and Hedging&#x201d; or in earnings if hedging criteria are &lt;em style="font: inherit;"&gt;not&lt;/em&gt; met.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:DerivativesPolicyTextBlock>
    <esea:PurchaseTransactionsPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388290">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Evaluation of purchase transactions&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with &lt;i&gt;Business Combinations (Topic &lt;em style="font: inherit;"&gt;805&lt;/em&gt;): Clarifying the Definition of a Business&lt;/i&gt;, 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;em style="font: inherit;"&gt;not&lt;/em&gt; a business. To be considered a business, a set must include an input and a substantive process that together significantly contribute 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;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</esea:PurchaseTransactionsPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388291">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Earnings / (loss) per common share&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 if any, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does &lt;em style="font: inherit;"&gt;not&lt;/em&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;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; are considered contingently returnable until the restrictions lapse and will &lt;em style="font: inherit;"&gt;not&lt;/em&gt; be included in the basic earnings / (loss) per share calculation until the shares are vested.&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388292">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Segment reporting&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company reports financial information and evaluates its operations by total charter revenues and &lt;em style="font: inherit;"&gt;not&lt;/em&gt; by the type of vessel, length of vessel employment, customer or type of charter. 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 reportable segment, that of operating container carriers. 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;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <us-gaap:NumberOfReportableSegments
      contextRef="d_2023-01-01_2023-12-31"
      decimals="INF"
      id="c111386157"
      unitRef="Pure">1</us-gaap:NumberOfReportableSegments>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="d_2023-01-01_2023-12-31" id="c111388293">&lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Recent accounting pronouncements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; November 2023, &lt;/em&gt;the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07,&lt;/em&gt; Improvements to Reportable Segment Disclosures (&#x201c;ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&#x201d;&lt;/em&gt;). ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, and an amount and description of its composition for other segment items and interim disclosures of a reportable segment&#x2019;s profit or loss and assets. ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; also requires that all segment-related disclosures required by FASB Topic &lt;em style="font: inherit;"&gt;280&lt;/em&gt; (Segment Reporting) be made by entities that have a single reportable segment. ASU &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; is effective for fiscal years beginning after &lt;em style="font: inherit;"&gt; December 15, 2023 &lt;/em&gt;and interim periods within fiscal years beginning after &lt;em style="font: inherit;"&gt; December 15, 2024 &lt;/em&gt;and early adoption is permitted. The Company does &lt;em style="font: inherit;"&gt;not&lt;/em&gt; believe the adoption of ASU &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023&lt;/em&gt;-&lt;em style="font: inherit;"&gt;07&lt;/em&gt; will have a material effect on its financial position, results of operations and cash flows.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:InventoryDisclosureTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625745">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;3.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Inventories&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;Inventories consisted of the following:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Lubricants&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,306,177&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,538,342&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,306,177&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,538,342&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625746">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Lubricants&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,306,177&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,538,342&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,306,177&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,538,342&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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    <esea:AdvancesForVesselUnderConstructionTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625747">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;4.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Advances for vessels under construction&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On&#160;&lt;em style="font: inherit;"&gt; June 29, 2021,&#160;&lt;/em&gt;the Company signed a contract for the construction of&#160;&lt;span style="-sec-ix-hidden:c111386179"&gt;two&lt;/span&gt;&#160;eco-design fuel efficient feeder containerships with a carrying capacity of about&#160;&lt;em style="font: inherit;"&gt;2,800&lt;/em&gt;&#160;teu each.&#160; The &lt;em style="font: inherit;"&gt;first&lt;/em&gt; vessel named M/V &#x201c;Gregos&#x201d; was delivered to the Company on &lt;em style="font: inherit;"&gt; April 6, 2023 &lt;/em&gt;and the &lt;em style="font: inherit;"&gt;second&lt;/em&gt; vessel named &#x201c;Terataki&#x201d; was delivered to the Company on &lt;em style="font: inherit;"&gt; July 6, 2023 (&lt;/em&gt;see Note &lt;em style="font: inherit;"&gt;5&lt;/em&gt;). The total consideration paid for these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; shipbuilding contracts amounted to $80.5 million. The Company paid another $4.4 million for costs relating to the construction and to make the vessel available for use, as well as capitalized interest costs. The cost of these newbuilding contracts was financed with a combination of own cash and a bank loan of $26 million for each of the vessels (refer to Note &lt;em style="font: inherit;"&gt;8&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; January 28, 2022, &lt;/em&gt;the Company signed a contract for the construction of &lt;em style="font: inherit;"&gt;two&lt;/em&gt; eco-design fuel efficient feeder containerships. The vessels will have a carrying capacity of about &lt;em style="font: inherit;"&gt;2,800&lt;/em&gt; teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The total contracted consideration for these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; newbuilding contracts is approximately $88.8 million. Within the years ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the Company paid $12.8 million and $21.3 million, respectively, related to shipyard installments for the construction of these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; vessels. The &lt;em style="font: inherit;"&gt;first&lt;/em&gt; vessel named M/V &#x201c;Tender Soul&#x201d; was delivered to the Company on &lt;em style="font: inherit;"&gt; February 6, 2024 &lt;/em&gt;and the &lt;em style="font: inherit;"&gt;second&lt;/em&gt; vessel named &#x201c;Leonidas&#x201d; was delivered to the Company on &lt;em style="font: inherit;"&gt; April 25, 2024 (&lt;/em&gt;see Note &lt;em style="font: inherit;"&gt;19&lt;/em&gt;). The cost of newbuilding contract of M/V &#x201c;Tender Soul" was financed with a combination of own cash and a sale and leaseback financing transaction of $27 million (see Note &lt;em style="font: inherit;"&gt;19&lt;/em&gt;) for the &lt;em style="font: inherit;"&gt;first&lt;/em&gt; vessel and a bank loan of $22 million for the &lt;em style="font: inherit;"&gt;second&lt;/em&gt; vessel (see Note &lt;em style="font: inherit;"&gt;19&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; March 18, 2022, &lt;/em&gt;the Company signed a contract for the construction of &lt;span style="-sec-ix-hidden:c111386206"&gt;three&lt;/span&gt; &lt;em style="font: inherit;"&gt;1,800&lt;/em&gt; teu eco-design fuel efficient feeder containerships. The vessels will have a carrying capacity of about &lt;em style="font: inherit;"&gt;1,800&lt;/em&gt; teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The &lt;em style="font: inherit;"&gt;three&lt;/em&gt; newbuildings are scheduled to be delivered during the &lt;em style="font: inherit;"&gt;second&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt; The total contracted consideration for the construction of the &lt;em style="font: inherit;"&gt;three&lt;/em&gt; vessels is approximately $101.6 million. Within the years ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the Company paid $10.2 million and $20.3 million, respectively, related to shipyard installments for the construction of these &lt;em style="font: inherit;"&gt;three&lt;/em&gt; vessels.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; May 20, 2022, &lt;/em&gt;the Company exercised its option to proceed with the construction of &lt;span style="-sec-ix-hidden:c111386218"&gt;two&lt;/span&gt; additional eco-design fuel efficient containerships. The vessels will have a carrying capacity of about &lt;em style="font: inherit;"&gt;2,800&lt;/em&gt; teu each and will be built at Hyundai Mipo Dockyard Co. in South Korea. The &lt;em style="font: inherit;"&gt;two&lt;/em&gt; newbuildings are scheduled to be delivered during the &lt;em style="font: inherit;"&gt;fourth&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt; The total contracted consideration for these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; newbuilding contracts is approximately $89.3 million. Within each of the years ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; the Company paid $8.6 million, related to shipyard installments for the construction of these &lt;em style="font: inherit;"&gt;two&lt;/em&gt; vessels.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Advances for vessels under construction of $59.1&#160;million and $85.4 million as of&#160;&lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; respectively,&#160;are included in the consolidated balance sheets and relate mainly to progress payments according to the agreements entered into with the shipyard, capitalized interest as well as legal and other costs related to the construction. See Note&#160;&lt;em style="font: inherit;"&gt;11&lt;/em&gt;&#160;for the outstanding commitments to the shipyard. The Company intends to finance the cost of all newbuilding contracts with a combination of debt and own cash.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;The amounts in the accompanying audited condensed consolidated balance sheets are as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Costs&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, January 1, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;7,615,958&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Advances for vessels under construction&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;51,467,636&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;59,083,594&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Advances for vessels under construction&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;111,194,917&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Newbuilding vessel &#x201c;Gregos&#x201d; delivered during the period&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(42,356,864&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Newbuilding vessel &#x201c;Terataki&#x201d; delivered during the period&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(42,545,997&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;85,375,650&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Costs&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, January 1, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;7,615,958&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Advances for vessels under construction&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;51,467,636&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;59,083,594&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Advances for vessels under construction&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;111,194,917&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Newbuilding vessel &#x201c;Gregos&#x201d; delivered during the period&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(42,356,864&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Newbuilding vessel &#x201c;Terataki&#x201d; delivered during the period&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(42,545,997&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;85,375,650&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   </esea:CapitalizedVesselConstructionCostRollForwardTableTextBlock>
    <esea:AdvancesForVesselUnderConstruction
      contextRef="i_2022-01-01"
      decimals="INF"
      id="c111385683"
      unitRef="USD">7615958</esea:AdvancesForVesselUnderConstruction>
    <esea:AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385684"
      unitRef="USD">51467636</esea:AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost>
    <esea:AdvancesForVesselUnderConstruction
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385685"
      unitRef="USD">59083594</esea:AdvancesForVesselUnderConstruction>
    <esea:AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost
      contextRef="i_2023-01-01"
      decimals="INF"
      id="c111385686"
      unitRef="USD">111194917</esea:AdvancesForVesselUnderConstructionIncreaseInCapitalizedConstructionCost>
    <esea:AdvancesForVesselUnderConstructionDecreaseForFinishedVessel
      contextRef="i_2023-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselGregosMember"
      decimals="INF"
      id="c111385687"
      unitRef="USD">-42356864</esea:AdvancesForVesselUnderConstructionDecreaseForFinishedVessel>
    <esea:AdvancesForVesselUnderConstructionDecreaseForFinishedVessel
      contextRef="i_2023-12-31_PropertyPlantAndEquipmentByTypeAxis-VesselTeratakiMember"
      decimals="INF"
      id="c111385688"
      unitRef="USD">-42545997</esea:AdvancesForVesselUnderConstructionDecreaseForFinishedVessel>
    <esea:AdvancesForVesselUnderConstruction
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385689"
      unitRef="USD">85375650</esea:AdvancesForVesselUnderConstruction>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625749">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;5.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Vessels, net&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;The amounts in the accompanying consolidated balance sheets are as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Accumulated Depreciation&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Net Book Value&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, January 1, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;201,187,677&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(25,076,191&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;176,111,486&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Depreciation for the year&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,522,217&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,522,217&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel held for sale&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(11,494,650&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,995,781&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(8,498,869&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel acquisitions and improvements&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;67,480,026&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;67,480,026&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;257,173,053&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(40,602,627&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;216,570,426&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Depreciation for the year&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(22,835,469&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(22,835,469&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel impairment&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,442,104&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,609,388&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(13,832,716&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Newbuilding vessels &#x201c;Gregos&#x201d; &amp;amp; "Terataki" delivered during the year&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;84,902,861&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;84,902,861&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel acquisitions and improvements&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,821,053&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,821,053&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;326,454,863&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(58,828,708&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;267,626,155&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Vessel improvements for the year ended &lt;em style="font: inherit;"&gt; December 31, 2022, &lt;/em&gt;mainly refer to the installation of Water Ballast Treatment (&#x201c;WBT&#x201d;) systems, as &lt;em style="font: inherit;"&gt;five&lt;/em&gt; vessels completed the installation of the system for a total cost of $1.5 million. The Company also spent another $0.4 million installing smart monitoring systems onboard the Company&#x2019;s vessels. During the year ended &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;&lt;em style="font: inherit;"&gt;two&lt;/em&gt; vessels completed the installation of the WBT systems for a total cost of $0.5 million. The Company also spent another $1.7 million retrofitting &lt;em style="font: inherit;"&gt;one&lt;/em&gt; vessel with a number of energy saving devices aiming to improve its efficiency and another $0.2 million installing smart monitoring systems and power limitation systems onboard the Company&#x2019;s vessels. All these installations qualified as vessel improvements and were therefore capitalized.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;


   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Vessels acquired / delivered&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; April 26, 2022, &lt;/em&gt;Emmanuel Shipping Ltd. signed a memorandum of agreement to purchase M/V &#x201c;Seaspan Melbourne&#x201d;, a &lt;em style="font: inherit;"&gt;50,796&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,250&lt;/em&gt; TEU, &lt;em style="font: inherit;"&gt;2005&lt;/em&gt;-built intermediate container carrier and its attached time charter, for a purchase price of $17,500,000, from which $33,259,241 was allocated to the vessel plus costs to make the vessel available for use of $179,130, resulting in a total amount of $33,438,371 presented within &#x201c;Vessels, net&#x201d; in the consolidated balance sheet. In addition, an amount of $15,759,241 was allocated to the in-place attached time charter on the date of the transfer and was recorded as liability within &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheet (see Note &lt;em style="font: inherit;"&gt;7&lt;/em&gt;). The vessel was delivered to the Company on &lt;em style="font: inherit;"&gt; May 24, 2022 &lt;/em&gt;and was renamed to &#x201c;Emmanuel P&#x201d;.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; April 26, 2022, &lt;/em&gt;as amended on &lt;em style="font: inherit;"&gt; June 14, 2022, &lt;/em&gt;Rena Shipping Ltd. signed a memorandum of agreement to purchase M/V &#x201c;Seaspan Manila&#x201d; a &lt;em style="font: inherit;"&gt;50,796&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;4,250&lt;/em&gt; TEU, &lt;em style="font: inherit;"&gt;2007&lt;/em&gt;-built intermediate container carrier and its attached time charter, for a purchase price of $17,500,000, from which $30,040,206 was allocated to the vessel plus costs to make the vessel available for use of $2,084,509, resulting in a total amount of $32,124,715 presented within &#x201c;Vessels, net&#x201d; in the consolidated balance sheet. In addition, an amount of $12,540,206 was allocated to the in-place attached time charter on the date of the transfer and was recorded as liability within &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheet (see Note &lt;em style="font: inherit;"&gt;7&lt;/em&gt;). The vessel was delivered to the Company on &lt;em style="font: inherit;"&gt; June 27, 2022 &lt;/em&gt;and was renamed to &#x201c;Rena P&#x201d;.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On&#160;&lt;em style="font: inherit;"&gt; April 6, 2023,&#160;&lt;/em&gt;the Company took delivery of the newbuilding M/V &#x201c;Gregos&#x201d;, an eco-design fuel efficient feeder containership (see Note&#160;&lt;em style="font: inherit;"&gt;4&lt;/em&gt;). The total cost for the construction of the vessel was $42,356,864&#160;and is presented within &#x201c;Vessels, net&#x201d; in the consolidated balance sheet.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On&#160;&lt;em style="font: inherit;"&gt; July 6, 2023,&#160;&lt;/em&gt;the Company took delivery of the newbuilding M/V &#x201c;Terataki&#x201d;, an eco-design fuel efficient feeder containership (see Note&#160;&lt;em style="font: inherit;"&gt;4&lt;/em&gt;). The total cost for the construction of the vessel was $42,545,997&#160;and is presented within &#x201c;Vessels, net&#x201d; in the consolidated balance sheet.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Sale of vessels&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;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.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; December 23, 2022, &lt;/em&gt;Bridge Shipping Ltd. signed a memorandum of agreement to sell M/V &#x201c;Akinada Bridge&#x201d;, a &lt;em style="font: inherit;"&gt;71,366&lt;/em&gt; DWT / &lt;em style="font: inherit;"&gt;5,610&lt;/em&gt; TEU &lt;em style="font: inherit;"&gt;2001&lt;/em&gt;-built intermediate container carrier, for scrap, at a gross price of $14.2 million, following a strategy of disposing older vessels, combined with the analysis of the repair options of a damage identified in the &lt;em style="font: inherit;"&gt;fourth&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; (refer also to Note &lt;em style="font: inherit;"&gt;18&lt;/em&gt;). As of &lt;em style="font: inherit;"&gt; December 31, 2022, &lt;/em&gt;the vessel was classified as held for sale at its net book value of $8.5 million, together with its inventory on board amounting to $0.4 million. The total amount is presented in the &#x201c;Asset held for sale&#x201d; line in the current assets section of the consolidated balance sheet as of &lt;em style="font: inherit;"&gt; December 31, 2022. &lt;/em&gt;In respect of the sale the amount of $3.6 million collected as an advance for the vessel sale was classified as a &#x201c;Liability associated with asset held for sale&#x201d; and is presented under the current liabilities section of the consolidated balance sheet as of &lt;em style="font: inherit;"&gt; December 31, 2022. &lt;/em&gt;The vessel was delivered to her new owners on &lt;em style="font: inherit;"&gt; January 9, 2023. &lt;/em&gt;The gain on the sale of the vessel is $5.2 million and is presented in &#x201c;Net (loss) / gain on sale of vessel&#x201d; line in the consolidated statement of operations for the year ended &lt;em style="font: inherit;"&gt; December 31, 2023.&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Impairment analysis&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In light of the prevailing conditions in the shipping industry, as of &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the Company performed the undiscounted cash flow test 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. In &lt;em style="font: inherit;"&gt; September 2023, &lt;/em&gt;the Company determined that the carrying value of M/V &#x201c;Jonathan P&#x201d; was &lt;em style="font: inherit;"&gt;not&lt;/em&gt; recoverable as of &lt;em style="font: inherit;"&gt; September 30, 2023. &lt;/em&gt;Consequently, the Company recorded an impairment charge of $13.8 million based on the Company&#x2019;s impairment test results, to reduce the carrying value of the vessel to its estimated market value as determined by the Company based on vessel valuation as of &lt;em style="font: inherit;"&gt; September 30, 2023.&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;As of &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;&lt;span style="-sec-ix-hidden:c111386292"&gt;twelve&lt;/span&gt; of the Company&#x2019;s vessels with a carrying value of $239.8 million are mortgaged as collateral under the Company&#x2019;s loan agreements (refer Note &lt;em style="font: inherit;"&gt;9&lt;/em&gt;), while &lt;span style="-sec-ix-hidden:c111386295"&gt;seven&lt;/span&gt; of the Company&#x2019;s vessels, M/V &#x201c;Diamantis P&#x201d;, M/V &#x201c;EM Astoria&#x201d;, M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d;, M/V &#x201c;EM Spetses&#x201d;, M/V &#x201c;Evridiki&#x201d; and M/V &#x201c;Joanna&#x201d; are unencumbered.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
  </us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625750">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Accumulated Depreciation&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Net Book Value&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, January 1, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;201,187,677&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(25,076,191&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;176,111,486&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Depreciation for the year&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,522,217&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,522,217&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel held for sale&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(11,494,650&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,995,781&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(8,498,869&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel acquisitions and improvements&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;67,480,026&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;67,480,026&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance, December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;257,173,053&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(40,602,627&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;216,570,426&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Depreciation for the year&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;-&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(22,835,469&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(22,835,469&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;- Vessel impairment&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(18,442,104&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,609,388&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(13,832,716&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
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      contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-MVSeaspanMelbourneMember"
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      contextRef="d_2022-05-03_2022-05-03_PropertyPlantAndEquipmentByTypeAxis-SeaspanMelbourneInplaceAttachedTimeCharterMember"
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      contextRef="i_2023-07-06_PropertyPlantAndEquipmentByTypeAxis-MvTeratakiMember"
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   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;6.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Accrued Expenses&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;The accrued expenses consisted of:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued payroll expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;218,506&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;486,534&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued interest expense&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;470,694&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;648,165&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued general and administrative expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;117,624&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;79,890&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued commissions&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;79,199&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;162,699&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Other accrued expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;870,360&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;488,327&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,756,383&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,865,615&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued payroll expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;218,506&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;486,534&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued interest expense&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;470,694&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;648,165&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued general and administrative expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;117,624&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;79,890&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Accrued commissions&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;79,199&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;162,699&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Other accrued expenses&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;870,360&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;488,327&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,756,383&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,865,615&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   </us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
    <us-gaap:AccruedSalariesCurrent
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      id="c111385720"
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      decimals="INF"
      id="c111385721"
      unitRef="USD">486534</us-gaap:AccruedSalariesCurrent>
    <us-gaap:InterestPayableCurrent
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385722"
      unitRef="USD">470694</us-gaap:InterestPayableCurrent>
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      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385723"
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      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385724"
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    <esea:AccruedGeneralAndAdministrativeExpensesCurrent
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385725"
      unitRef="USD">79890</esea:AccruedGeneralAndAdministrativeExpensesCurrent>
    <us-gaap:AccruedSalesCommissionCurrent
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385726"
      unitRef="USD">79199</us-gaap:AccruedSalesCommissionCurrent>
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      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385727"
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      id="c111385728"
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      decimals="INF"
      id="c111385729"
      unitRef="USD">488327</us-gaap:OtherAccruedLiabilitiesCurrent>
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      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385730"
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      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385731"
      unitRef="USD">1865615</us-gaap:AccruedLiabilitiesCurrent>
    <esea:BelowMarketTimeChartersAcquiredTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625753">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;7.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Fair Value of Below Market Time Charters Acquired&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As part of the acquisition of M/V &#x201c;Marcos V&#x201d;, in &lt;em style="font: inherit;"&gt; December 2021, &lt;/em&gt;which was acquired by the Company with time charter agreement attached, expiring in &lt;em style="font: inherit;"&gt; July 2025, &lt;/em&gt;the Company recognized a liability of $17,691,698, included in &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level &lt;em style="font: inherit;"&gt;2&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As part of the acquisition of M/V &#x201c;Emmanuel P&#x201d;, in &lt;em style="font: inherit;"&gt; May 2022, &lt;/em&gt;which was acquired by the Company with time charter agreement attached, expiring in &lt;em style="font: inherit;"&gt; March 2025, &lt;/em&gt;the Company recognized a liability of $15,759,241, included in &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level &lt;em style="font: inherit;"&gt;2&lt;/em&gt;).&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As part of the acquisition of M/V &#x201c;Rena P&#x201d;, in &lt;em style="font: inherit;"&gt; June 2022, &lt;/em&gt;which was acquired by the Company with time charter agreement attached, expiring in &lt;em style="font: inherit;"&gt; February 2025, &lt;/em&gt;the Company recognized a liability of $12,540,206, included in &#x201c;Fair value of below market time charters acquired&#x201d; in the consolidated balance sheet, since it was determined that the respective charter rate was below market rates on the date of the transfer (Level &lt;em style="font: inherit;"&gt;2&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In the &lt;em style="font: inherit;"&gt;third&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; a gain of $15,984,253 was recognized in connection with the write-off of the outstanding balance of the attached time charter liability recognized as part of the acquisitions of the &lt;em style="font: inherit;"&gt;two&lt;/em&gt; aforementioned vessels (M/V &#x201c;Emmanuel P&#x201d; and M/V &#x201c;Rena P&#x201d;), which was fully amortized in &lt;em style="font: inherit;"&gt; August 2023 &lt;/em&gt;due to the early termination of the respective attached time charter agreements and presented in &#x201c;Gain on time charter agreements termination&#x201d; in the consolidated statement of operations for the year ended &lt;em style="font: inherit;"&gt; December 31, 2023.&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;For the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the amortization of fair value of the below market acquired time charters analyzed above was $230,112, $10,827,595 and $11,368,879, respectively, and is included under &#x201c;Time charter revenue&#x201d; in the consolidated statements of operations.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The unamortized balance of this intangible liability as of &lt;em style="font: inherit;"&gt; December 31, 2023 &lt;/em&gt;was $7,580,306 (net of accumulated amortization of $10,111,392) will be amortized over a weighted average period of 1.53 years by &lt;em style="font: inherit;"&gt; July 2025 &lt;/em&gt;as per the table below.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As of &lt;em style="font: inherit;"&gt; December&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;31,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the remaining carrying amount of unamortized below market acquired time charter will be amortized in future years as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;For&lt;/b&gt; &lt;b&gt;the&lt;/b&gt; &lt;b&gt;year ending December 31,&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Below market acquired charter&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2024&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(4,737,600&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2025&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;(2,842,706&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;(7,580,306&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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      contextRef="d_2022-01-01_2022-12-31"
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      id="c111386318"
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    <esea:BelowMarketTimeChartersWeightedAverageAmortizationLife contextRef="d_2023-01-01_2023-12-31" id="c111386320">P1Y6M10D</esea:BelowMarketTimeChartersWeightedAverageAmortizationLife>
    <esea:ScheduleOfBelowMarketTimeChartersFutureAmortizationExpenseTableTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625754">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;For&lt;/b&gt; &lt;b&gt;the&lt;/b&gt; &lt;b&gt;year ending December 31,&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Below market acquired charter&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2024&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(4,737,600&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2025&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;(2,842,706&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;(7,580,306&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
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    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625755">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;8.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Related Party Transactions&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company&#x2019;s vessel owning companies are parties to management agreements with the Manager (see Note &lt;em style="font: inherit;"&gt;1&lt;/em&gt;) which is controlled by members of the Pittas family, whereby the Manager provides technical and commercial vessel management for a fixed daily management fee (see below), under the Company&#x2019;s Master Management Agreement (&#x201c;MMA&#x201d;) with Eurobulk. An additional fixed management fee (see below) is paid to the Manager for the provision of management executive services.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The Company&#x2019;s MMA with Eurobulk provides for an annual adjustment of the daily vessel management fee due to inflation to take effect &lt;em style="font: inherit;"&gt; January 1 &lt;/em&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 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 MMA, as periodically amended and restated, will automatically be extended after each &lt;em style="font: inherit;"&gt;five&lt;/em&gt;-year period for an additional &lt;span style="-sec-ix-hidden:c111386326"&gt;five&lt;/span&gt;-year period unless terminated on or before the &lt;em style="font: inherit;"&gt;90th&lt;/em&gt; day preceding the 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.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The MMA was renewed on &lt;em style="font: inherit;"&gt; January 1, 2018 &lt;/em&gt;for an additional &lt;span style="-sec-ix-hidden:c111386333"&gt;five&lt;/span&gt;-year term until &lt;em style="font: inherit;"&gt; January 1, 2023. &lt;/em&gt;For the year ended &lt;em style="font: inherit;"&gt; December 31, 2021 &lt;/em&gt;the fixed vessel management fee amounted to Euro 685 per day per vessel in operation and Euro 342.5 per day per vessel in lay-up. From &lt;em style="font: inherit;"&gt; January 1, 2022, &lt;/em&gt;the vessel fixed management fee was adjusted for inflation at Euro 720 per day per vessel in operation and Euro 360 per day per vessel in lay-up, as well as for the vessels under construction, which start paying the daily management fee after steel cutting. The MMA was further renewed on &lt;em style="font: inherit;"&gt; January 1, 2023 &lt;/em&gt;for an additional &lt;span style="-sec-ix-hidden:c111386338"&gt;five&lt;/span&gt;-year term until &lt;em style="font: inherit;"&gt; January 1, 2028. &lt;/em&gt;From &lt;em style="font: inherit;"&gt; January 1, 2023, &lt;/em&gt;the vessel fixed management fee was adjusted for inflation at Euro 775 (approximately $853, using the exchange rate as of &lt;em style="font: inherit;"&gt; December&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;31,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; which was $1.10&#160;per euro) per day per vessel in operation and Euro 387.5 (approximately $426, using the exchange rate as of &lt;em style="font: inherit;"&gt; December&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;31,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; which was $1.10&#160;per euro) per day per vessel in lay-up or under construction. From &lt;em style="font: inherit;"&gt; January 1, 2024, &lt;/em&gt;the vessel fixed management fee was adjusted for inflation at Euro 810 (approximately $891, using the exchange rate as of &lt;em style="font: inherit;"&gt; December&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;31,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; which was $1.10&#160;per euro) per day per vessel in operation and Euro 405 (approximately $446, using the exchange rate as of &lt;em style="font: inherit;"&gt; December&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;31,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; which was $1.10&#160;per euro) per day per vessel in lay-up or under construction.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Vessel management fees paid to the Manager amounted to $4,294,789, $4,920,063 and $5,720,831 in &lt;em style="font: inherit;"&gt;2021,&lt;/em&gt; &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; respectively, and are recorded under &#x201c;Related party management fees&#x201d; in the consolidated statements of operations.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In addition to the vessel management services, the Manager provides executive services to the Company. The amount of executive compensation was set at $2,000,000 for each of the years ended &lt;em style="font: inherit;"&gt; December 31, 2021 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and was increased to $2,150,000 for the year ended &lt;em style="font: inherit;"&gt; December 31, 2023 &lt;/em&gt;to account for inflation. For the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the Company paid an additional special bonus to the Manager&#x2019;s employees and consultants of $460,000, $420,000 and $500,000, respectively, for a total amount of executive management fees of $2,460,000, $2,420,000 and $2,650,000, respectively. These amounts are recorded in &#x201c;General and administrative expenses&#x201d; in the consolidated statements of operations. The executive management fee will be adjusted annually for Eurozone inflation every &lt;em style="font: inherit;"&gt; January 1. &lt;/em&gt;For the year &lt;em style="font: inherit;"&gt;2024&lt;/em&gt; the amount for the executive compensation, before bonuses, was increased to $2,250,000 to account for inflation.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On&#160;&lt;em style="font: inherit;"&gt; November 1, 2019,&#160;&lt;/em&gt;the Company entered into an&#160;agreement with Colby Trading Ltd., a company controlled by the Pittas family and affiliated with the Company&#x2019;s Chief Executive Officer, to draw $2.5&#160;million loan to finance working capital needs. The interest rate applied was&#160;8% per annum. Interest on the loan was payable quarterly. The Company paid $50,000&#160;on interest for this loan for the year ended&#160;&lt;em style="font: inherit;"&gt; December 31,&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;2021.&lt;/em&gt; The loan was repaid in&#160;&lt;em style="font: inherit;"&gt; March 2021.&lt;/em&gt;&lt;/p&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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    <us-gaap:LongTermDebtTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625756">
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;9.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Long-Term Bank Loans&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;These consist of bank loans of the ship-owning companies and are as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 64.9%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Noumea Shipping Ltd. / Gregos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 5.1%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(a)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,875,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(b)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,650,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(c)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;31,100,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;38,750,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Jonathan John Shipping Ltd. / Corfu Navigation Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(d)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,500,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;5,500,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Jonathan Shipowners Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(e)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;10,600,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Marcos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(f)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;26,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;18,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Rena Shipping Ltd. / Emmanuel Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(g)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;18,250,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;14,250,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Gregos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(h)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;23,900,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Terataki Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(i)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;24,400,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;107,975,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;131,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Less: Current portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(55,765,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(31,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term portion&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;52,210,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;99,800,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Deferred charges, current portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;345,185&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;360,459&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Deferred charges, long-term portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;397,914&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;638,129&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term bank loans, current portion net of deferred charges&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;55,419,815&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;30,839,541&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term bank loans, long-term portion net of deferred charges&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;51,812,086&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;99,161,871&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;The future annual loan repayments are as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;To December 31:&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2024&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;31,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2025&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;34,750,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2026&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;9,050,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2027&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;26,350,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2028&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,600,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Thereafter&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;27,050,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;131,000,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(a)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; May 30, 2019, &lt;/em&gt;the Company signed a term loan facility with Eurobank Ergasias S.A. (&#x201c;Eurobank&#x201d;) in relation to the financing of M/V &#x201c;EM Astoria&#x201d;&#160;and M/V &#x201c;Evridiki G&#x201d;&#160;totaling $12.0 million or &lt;em style="font: inherit;"&gt;55%&lt;/em&gt; of the aggregate market value of the &lt;em style="font: inherit;"&gt;two&lt;/em&gt; aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in 16 equal consecutive quarterly principal installments of $375,000 followed by a balloon amount of $6,000,000 payable together with the last principal installment in &lt;em style="font: inherit;"&gt; May 2023. &lt;/em&gt;The margin of the loan was 3.90% over the Secured Overnight Financing Rate, or &#x201c;SOFR&#x201d;. On &lt;em style="font: inherit;"&gt; June 26, 2020, &lt;/em&gt;Eurobank agreed to defer the amount of $1,125,000 (the remaining &lt;span style="-sec-ix-hidden:c111386440"&gt;three&lt;/span&gt; installments of &lt;em style="font: inherit;"&gt;2020&lt;/em&gt;) to be repaid together with the balloon payment in &lt;em style="font: inherit;"&gt; May 2023, &lt;/em&gt;increasing the balloon amount to $7,125,000. The loan was secured with (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgages over M/V &#x201c;Evridiki G&#x201d;&#160;and M/V &#x201c;EM Astoria&#x201d;, (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&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. On &lt;em style="font: inherit;"&gt; May 30, 2023, &lt;/em&gt;Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7,500,000, by using the Company&#x2019;s own funds and became unencumbered.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(b)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; July 30, 2019, &lt;/em&gt;the Company signed a term loan facility with HSBC Bank Plc. (&#x201c;HSBC&#x201d;) for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d;&#160;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 &lt;em style="font: inherit;"&gt; August 8, 2019. &lt;/em&gt;The loan was payable in &lt;span style="-sec-ix-hidden:c111386447"&gt;fourteen&lt;/span&gt; consecutive equal quarterly installments of $450,000 plus a balloon payment of $6,200,000 payable together with the last instalment in &lt;em style="font: inherit;"&gt; February 2023. &lt;/em&gt;The loan bore interest at SOFR plus a margin of 2.95%. The loan was secured with (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgages over M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d;&#160;and M/V &#x201c;EM Spetses&#x201d;&#160;(ii) &lt;em style="font: inherit;"&gt;first&lt;/em&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. On &lt;em style="font: inherit;"&gt; February 6, 2023, &lt;/em&gt;the Company repaid the full amount of outstanding indebtedness amounting to $6,650,000, by using the Company&#x2019;s own funds and the &lt;em style="font: inherit;"&gt;three&lt;/em&gt; abovementioned vessels became unencumbered.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;(c)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 8, 2019, &lt;/em&gt;the Company signed a term loan facility with Piraeus Bank S.A. (&#x201c;Piraeus&#x201d;) for an amount of $32,000,000. 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;&#160;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 &lt;em style="font: inherit;"&gt; November 18, 2019. &lt;/em&gt;The loan was payable in &lt;span style="-sec-ix-hidden:c111386456"&gt;three&lt;/span&gt; consecutive equal quarterly instalments of $1,400,000 followed by &lt;span style="-sec-ix-hidden:c111386458"&gt;thirteen&lt;/span&gt; consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 payable together with the last instalment in &lt;em style="font: inherit;"&gt; November 2023. &lt;/em&gt;The loan bore interest at SOFR plus a margin of 3.50%.&lt;/p&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 26, 2021, &lt;/em&gt;the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on &lt;em style="font: inherit;"&gt; November 29, 2021 &lt;/em&gt;drew the amount of $16,500,000 in order to finance general corporate needs of the Company. The loan was payable in &lt;span style="-sec-ix-hidden:c111386463"&gt;sixteen&lt;/span&gt; consecutive quarterly instalments, the &lt;em style="font: inherit;"&gt;first&lt;/em&gt; &lt;em style="font: inherit;"&gt;four&lt;/em&gt; in the amount of $1,500,000 each, the next &lt;em style="font: inherit;"&gt;eleven&lt;/em&gt; in the amount of $560,000 each and a final balloon instalment of $4,340,000. The loan bore interest at SOFR plus a margin of 2.60%. The Company paid loan arrangement fees of $115,000 within &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; for this loan.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;


   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table cellpadding="0" cellspacing="0" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"&gt;&lt;tbody&gt;&lt;tr style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 94%; text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;On &lt;em style="font: inherit;"&gt; July 13, 2023, &lt;/em&gt;the Company signed and drew a new term loan facility with Piraeus of $40,000,000&#160; in order to refinance all the outstanding amounts of the &lt;em style="font: inherit;"&gt;two&lt;/em&gt; previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in &lt;span style="-sec-ix-hidden:c111386481"&gt;sixteen&lt;/span&gt; consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in &lt;em style="font: inherit;"&gt; July 2027. &lt;/em&gt;A margin of&#160;0.9% above SOFR is applicable to the portion of the loan equivalent to the Company&#x2019;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to&#160;2.25% above SOFR. The loan is secured with the following: (i)&#160;&lt;em style="font: inherit;"&gt;first&lt;/em&gt;&#160;priority mortgages over M/V "Synergy Antwerp&#x201d;, M/V "Synergy Busan&#x201d;, M/V "Synergy Keelung&#x201d; and M/V "Synergy Oakland&#x201d;,&#160;(ii)&#160;&lt;em style="font: inherit;"&gt;first&lt;/em&gt;&#160;assignment of earnings and insurance and (iii) other covenants and guarantees similar to the&#160;remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 94%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(d)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 94%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; September 6, 2021, &lt;/em&gt;the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#x201c;Sinopac&#x201d;) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V &#x201c;Aegean Express&#x201d;&#160;and M/V &#x201c;EM Corfu&#x201d;, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in &lt;em style="font: inherit;"&gt;two&lt;/em&gt; advances. Both advances of $3,500,000 and $6,500,000 were drawn on &lt;em style="font: inherit;"&gt; September 9, 2021 &lt;/em&gt;by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in &lt;span style="-sec-ix-hidden:c111386496"&gt;sixteen&lt;/span&gt; consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in &lt;em style="font: inherit;"&gt; September 2025. &lt;/em&gt;The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgages over M/V &#x201c;Aegean Express&#x201d;&#160;and M/V &#x201c;EM Corfu&#x201d;, (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; for this loan.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 94%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="vertical-align: top; width: 3%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(e)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 94%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; October 22, 2021, &lt;/em&gt;the Company signed a term loan facility with HSBC, and on &lt;em style="font: inherit;"&gt; October 26, 2021, &lt;/em&gt;a loan of $15,000,000 was drawn by Jonathan Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V &#x201c;Jonathan P&#x201d;&#160;and to finance general corporate purposes of the Company. The loan is payable in &lt;span style="-sec-ix-hidden:c111386506"&gt;twelve&lt;/span&gt; consecutive quarterly installments of $1,100,000 followed by a balloon payment of $1,800,000 payable together with the last installment in &lt;em style="font: inherit;"&gt; October 2024. &lt;/em&gt;The loan bears interest at SOFR plus a margin of 2.35%. The loan is secured with the following: (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgage over M/V &#x201c;Jonathan P&#x201d;, (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $117,500 within &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; for this loan. On &lt;em style="font: inherit;"&gt; December 23, 2022, &lt;/em&gt;following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;


   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(f)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; December 14, 2021, &lt;/em&gt;the Company signed a term loan facility with Eurobank Ergasias S.A. (&#x201c;Eurobank&#x201d;), and a loan of $34,000,000 was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V &#x201c;Marcos V&#x201d;. The loan is payable in &lt;span style="-sec-ix-hidden:c111386521"&gt;sixteen&lt;/span&gt; consecutive quarterly installments, comprising &lt;em style="font: inherit;"&gt;twelve&lt;/em&gt; installments of $2,000,000 followed by &lt;em style="font: inherit;"&gt;four&lt;/em&gt; installments of $750,000 each and by a balloon payment of $7,000,000 payable together with the last installment in &lt;em style="font: inherit;"&gt; December 2025. &lt;/em&gt;The loan bears interest at SOFR plus a margin of 2.80%. The loan is secured with the following: (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgage over M/V &#x201c;Marcos V&#x201d;, (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 within &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; for this loan.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(g)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; September 13, 2022, &lt;/em&gt;the Company signed a term loan facility with HSBC, and a loan of $19,250,000 was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in &lt;span style="-sec-ix-hidden:c111386534"&gt;ten&lt;/span&gt; consecutive quarterly installments of $1,000,000 each followed by a balloon payment of $9,250,000 payable together with the last installment in &lt;em style="font: inherit;"&gt; June 2025. &lt;/em&gt;The loan bears interest at SOFR plus a margin of 1.95%. The loan is secured with the following: (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgages over M/V &#x201c;Emmanuel P&#x201d;&#160;and M/V &#x201c;Rena P&#x201d;, (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $115,500 within &lt;em style="font: inherit;"&gt;2022&lt;/em&gt; for this loan. On &lt;em style="font: inherit;"&gt; December 23, 2022, &lt;/em&gt;following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"&gt;(h)&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;On&#160;&lt;em style="font: inherit;"&gt; March 30, 2023, &lt;/em&gt;the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0&#160;million or up to&#160;67% of the vessel&#x2019;s market value, in order to finance part of the construction cost of M/V &#x201c;Gregos&#x201d; (Hull &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;4201&lt;/em&gt;). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on &lt;em style="font: inherit;"&gt; March 31, 2023. &lt;/em&gt;The loan is payable in &lt;span style="-sec-ix-hidden:c111386548"&gt;twenty-eight&lt;/span&gt; consecutive quarterly instalments, &lt;em style="font: inherit;"&gt;twelve&lt;/em&gt; in the amount of $700,000 and &lt;em style="font: inherit;"&gt;sixteen&lt;/em&gt; in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in &lt;em style="font: inherit;"&gt; March 2030. &lt;/em&gt;The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgage over M/V "Gregos", (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;"&gt;(i)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;On&#160;&lt;em style="font: inherit;"&gt; June 29, 2023, &lt;/em&gt;the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#x201c;Terataki&#x201d;&#160;(Hull &lt;em style="font: inherit;"&gt;No.&lt;/em&gt; &lt;em style="font: inherit;"&gt;4202&lt;/em&gt;). The loan is payable in &lt;span style="-sec-ix-hidden:c111386563"&gt;twenty-four&lt;/span&gt; consecutive quarterly instalments, &lt;em style="font: inherit;"&gt;twelve&lt;/em&gt; in the amount of $800,000 and &lt;em style="font: inherit;"&gt;twelve&lt;/em&gt; in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in &lt;em style="font: inherit;"&gt; June 2029. &lt;/em&gt;The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; priority mortgage over M/V "Terataki", (ii) &lt;em style="font: inherit;"&gt;first&lt;/em&gt; assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 8pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;In addition to the terms specific to each bank loan described above, all the above bank loans are secured with a pledge of all the issued shares of each borrower.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The bank loan agreements also contain covenants such as minimum requirements regarding the security cover ratio covenant (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. &lt;em style="font: inherit;"&gt;not&lt;/em&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&#x2019;s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of the Company&#x2019;s 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 installments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $5,593,173 and $5,702,994 as of &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; 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 &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;all the debt covenants are satisfied.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The publication of U.S. Dollar LIBOR for the &lt;em style="font: inherit;"&gt;one&lt;/em&gt;-week and &lt;em style="font: inherit;"&gt;two&lt;/em&gt;-month U.S. Dollar LIBOR tenors ceased on &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;and the ICE Benchmark Administration (&#x201c;IBA&#x201d;), the administrator of LIBOR, with the support of the United States Federal Reserve and the United Kingdom&#x2019;s Financial Conduct Authority, ceased all other U.S. Dollar LIBOR tenors on &lt;em style="font: inherit;"&gt; June 30, 2023. &lt;/em&gt;The United States Federal Reserve concurrently issued a statement advising banks to cease issuing U.S. Dollar LIBOR instruments after &lt;em style="font: inherit;"&gt;2021.&lt;/em&gt; As such, any new debt agreements the Company entered into did &lt;em style="font: inherit;"&gt;not&lt;/em&gt; use LIBOR as an interest rate, and the Company transitioned its existing loan agreements and interest rate swap agreements from U.S. Dollar LIBOR to an alternative reference rate prior to &lt;em style="font: inherit;"&gt; June 2023.&#160;&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, selected an alternative rate to replace U.S. Dollar LIBOR: the SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. SOFR is now the predominant interest rate being used across cash and derivatives markets and the &lt;em style="font: inherit;"&gt;one&lt;/em&gt; used following the transition away from LIBOR. The impact of such a transition from LIBOR to SOFR was &lt;em style="font: inherit;"&gt;not&lt;/em&gt; significant for the Company. In light of the transition the Company added fallback language to existing debt tied to LIBOR and in some cases agreed to pricing adjustments in its credit agreements. In particular, in certain cases the fallback language provides for the implementation of the so called &#x201c;hardwire approach&#x201d; where even the pricing adjustment (the Credit Adjustment Spread or &#x201c;CAS&#x201d;) is agreed to in advance, and in other cases the fallback language provides for a negotiation framework and timing in advance of the expected transition. As of &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;the Company&#x2019;s obligations under its credit facilities which accrue interest are based on SOFR.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;Interest expense for the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; amounted to $2,556,237, $4,729,759 and $5,955,496 respectively, after interest capitalized to the vessels under construction. Capitalized interest for the year ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023&lt;/em&gt; amounted to $544,639 and $3,410,933, respectively.&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
  </us-gaap:LongTermDebtTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625757">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 64.9%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Noumea Shipping Ltd. / Gregos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 5.1%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(a)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,875,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(b)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,650,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(c)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;31,100,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;38,750,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Jonathan John Shipping Ltd. / Corfu Navigation Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(d)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,500,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;5,500,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Jonathan Shipowners Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(e)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;10,600,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Marcos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(f)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;26,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;18,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Rena Shipping Ltd. / Emmanuel Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(g)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;18,250,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;14,250,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Gregos Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(h)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;23,900,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Terataki Shipping Ltd.&lt;/p&gt; &lt;/td&gt;&lt;td style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(i)&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;24,400,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;107,975,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;131,000,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Less: Current portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(55,765,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(31,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term portion&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;52,210,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;99,800,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Deferred charges, current portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;345,185&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;360,459&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Deferred charges, long-term portion&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;397,914&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;638,129&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term bank loans, current portion net of deferred charges&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;55,419,815&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;30,839,541&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td colspan="2" style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;Long-term bank loans, long-term portion net of deferred charges&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;51,812,086&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;99,161,871&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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      contextRef="i_2022-12-31_DebtInstrumentAxis-TeratakiShippingLtdMember"
      decimals="INF"
      id="c111385760"
      unitRef="USD">0</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount
      contextRef="i_2023-12-31_DebtInstrumentAxis-TeratakiShippingLtdMember"
      decimals="INF"
      id="c111385761"
      unitRef="USD">24400000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385763"
      unitRef="USD">107975000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385764"
      unitRef="USD">131000000</us-gaap:DebtInstrumentCarryingAmount>
    <esea:LongtermDebtCurrentGross
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385766"
      unitRef="USD">55765000</esea:LongtermDebtCurrentGross>
    <esea:LongtermDebtCurrentGross
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385767"
      unitRef="USD">31200000</esea:LongtermDebtCurrentGross>
    <esea:LongtermDebtNoncurrentGross
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385769"
      unitRef="USD">52210000</esea:LongtermDebtNoncurrentGross>
    <esea:LongtermDebtNoncurrentGross
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385770"
      unitRef="USD">99800000</esea:LongtermDebtNoncurrentGross>
    <us-gaap:DeferredFinanceCostsCurrentNet
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385772"
      unitRef="USD">345185</us-gaap:DeferredFinanceCostsCurrentNet>
    <us-gaap:DeferredFinanceCostsCurrentNet
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385773"
      unitRef="USD">360459</us-gaap:DeferredFinanceCostsCurrentNet>
    <us-gaap:DeferredFinanceCostsNoncurrentNet
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385775"
      unitRef="USD">397914</us-gaap:DeferredFinanceCostsNoncurrentNet>
    <us-gaap:DeferredFinanceCostsNoncurrentNet
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385776"
      unitRef="USD">638129</us-gaap:DeferredFinanceCostsNoncurrentNet>
    <us-gaap:LongTermDebtCurrent
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385778"
      unitRef="USD">55419815</us-gaap:LongTermDebtCurrent>
    <us-gaap:LongTermDebtCurrent
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385779"
      unitRef="USD">30839541</us-gaap:LongTermDebtCurrent>
    <us-gaap:LongTermDebtNoncurrent
      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385781"
      unitRef="USD">51812086</us-gaap:LongTermDebtNoncurrent>
    <us-gaap:LongTermDebtNoncurrent
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385782"
      unitRef="USD">99161871</us-gaap:LongTermDebtNoncurrent>
    <esea:ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625758">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;To December 31:&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2024&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;31,200,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2025&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;34,750,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2026&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;9,050,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2027&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;26,350,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;2028&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,600,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 85%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Thereafter&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;27,050,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;131,000,000&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   </esea:ScheduleOfFutureAnnualLoanRepaymentsTableTextBlock>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385783"
      unitRef="USD">31200000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385784"
      unitRef="USD">34750000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385785"
      unitRef="USD">9050000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385786"
      unitRef="USD">26350000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385787"
      unitRef="USD">2600000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385788"
      unitRef="USD">27050000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive>
    <esea:LongTermDebtExcludingRelatedPartyLoans
      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385789"
      unitRef="USD">131000000</esea:LongTermDebtExcludingRelatedPartyLoans>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt
      contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="-6"
      id="c111386432"
      unitRef="USD">12000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <esea:DebtInstrumentNumberOfPeriodicPayments
      contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386435"
      unitRef="Pure">16</esea:DebtInstrumentNumberOfPeriodicPayments>
    <us-gaap:DebtInstrumentPeriodicPaymentPrincipal
      contextRef="d_2019-05-30_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386436"
      unitRef="USD">375000</us-gaap:DebtInstrumentPeriodicPaymentPrincipal>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="i_2019-05-30_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386437"
      unitRef="USD">6000000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1
      contextRef="d_2019-05-31_2019-12-31_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember"
      decimals="3"
      id="c111386438"
      unitRef="Pure">0.039</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <esea:DebtInstrumentDeferredAmount
      contextRef="i_2020-06-26_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386439"
      unitRef="USD">1125000</esea:DebtInstrumentDeferredAmount>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="i_2020-06-26_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386442"
      unitRef="USD">7125000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:RepaymentsOfLongTermDebt
      contextRef="d_2023-05-01_2023-05-31_LineOfCreditFacilityAxis-EurobankErgasiasSaMember_LongtermDebtTypeAxis-RevolvingLoanFacilityMember"
      decimals="INF"
      id="c111386445"
      unitRef="USD">7500000</us-gaap:RepaymentsOfLongTermDebt>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt
      contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember"
      decimals="INF"
      id="c111386446"
      unitRef="USD">12500000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember"
      decimals="INF"
      id="c111386448"
      unitRef="USD">450000</us-gaap:DebtInstrumentPeriodicPayment>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="i_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember"
      decimals="INF"
      id="c111386449"
      unitRef="USD">6200000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1
      contextRef="d_2019-07-30_2019-07-30_LineOfCreditFacilityAxis-HSBCBankPLCMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember"
      decimals="4"
      id="c111386450"
      unitRef="Pure">0.0295</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <us-gaap:RepaymentsOfLongTermDebt
      contextRef="d_2023-02-06_2023-02-06_LineOfCreditFacilityAxis-HSBCBankPLCMember"
      decimals="INF"
      id="c111386453"
      unitRef="USD">6650000</us-gaap:RepaymentsOfLongTermDebt>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt
      contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember"
      decimals="INF"
      id="c111386455"
      unitRef="USD">32000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementFirstPaymentsMember_LineOfCreditFacilityAxis-PiraeusBankSAMember"
      decimals="INF"
      id="c111386457"
      unitRef="USD">1400000</us-gaap:DebtInstrumentPeriodicPayment>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementSecondPaymentsMember_LineOfCreditFacilityAxis-PiraeusBankSAMember"
      decimals="INF"
      id="c111386459"
      unitRef="USD">800000</us-gaap:DebtInstrumentPeriodicPayment>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="i_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember"
      decimals="INF"
      id="c111386460"
      unitRef="USD">17400000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1
      contextRef="d_2019-11-08_2019-11-08_DebtInstrumentAxis-SecondDebtAgreementMember_LineOfCreditFacilityAxis-PiraeusBankSAMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember"
      decimals="3"
      id="c111386461"
      unitRef="Pure">0.035</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <us-gaap:DebtInstrumentFaceAmount
      contextRef="i_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
      id="c111386462"
      unitRef="USD">16500000</us-gaap:DebtInstrumentFaceAmount>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSaFirstFourInstallmentsMember"
      decimals="INF"
      id="c111386466"
      unitRef="USD">1500000</us-gaap:DebtInstrumentPeriodicPayment>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSaElevenInstallmentsMember"
      decimals="INF"
      id="c111386468"
      unitRef="USD">560000</us-gaap:DebtInstrumentPeriodicPayment>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
      contextRef="i_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
      id="c111386469"
      unitRef="USD">4340000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1
      contextRef="d_2021-11-26_2021-11-26_DebtInstrumentAxis-TermSheetPiraeusSAMember_VariableRateAxis-SecuredOvernightFinancingRateSOFRMember"
      decimals="3"
      id="c111386470"
      unitRef="Pure">0.026</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <us-gaap:PaymentsOfDebtIssuanceCosts
      contextRef="d_2021-01-01_2021-12-31_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
      id="c111386471"
      unitRef="USD">115000</us-gaap:PaymentsOfDebtIssuanceCosts>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt
      contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
      id="c111386478"
      unitRef="USD">40000000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <us-gaap:DebtInstrumentCarryingAmount
      contextRef="i_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
      id="c111386480"
      unitRef="USD">28380000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentPeriodicPayment
      contextRef="d_2023-07-13_2023-07-13_DebtInstrumentAxis-TermSheetPiraeusSAMember"
      decimals="INF"
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;There are &lt;em style="font: inherit;"&gt;no&lt;/em&gt; 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 &lt;em style="font: inherit;"&gt;not&lt;/em&gt; have a material impact on the consolidated results of operations, financial position and cash flows.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As of &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;future gross minimum revenues under non-cancellable time charter agreements total $250.9 million. The amount of $159.2 million is due in the year ending &lt;em style="font: inherit;"&gt; December 31, 2024, &lt;/em&gt;$70.8 million due in the year ending &lt;em style="font: inherit;"&gt; December 31, 2025 &lt;/em&gt;and another $20.9 million due in the year ending &lt;em style="font: inherit;"&gt; December 31, 2026. &lt;/em&gt;In arriving at the future gross minimum revenues, the Company has deducted an estimated &lt;em style="font: inherit;"&gt;one&lt;/em&gt; off-hire day per quarter plus estimated off-hire time required for scheduled intermediate and special surveys of the vessels, if applicable.&#160;Such off-hire estimate &lt;em style="font: inherit;"&gt; may &lt;/em&gt;&lt;em style="font: inherit;"&gt;not&lt;/em&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&#x2019; options to extend the terms of the charters, which however cannot be estimated and hence &lt;em style="font: inherit;"&gt;not&lt;/em&gt; reflected above.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As of&#160;&lt;em style="font: inherit;"&gt; December 31,&#160;&lt;/em&gt;&lt;em style="font: inherit;"&gt;2023,&lt;/em&gt;&#160;the Company had under construction&#160;&lt;span style="-sec-ix-hidden:c111386642"&gt;seven&lt;/span&gt;&#160;container carriers with an outstanding amount of $198.0 million, all due within &lt;em style="font: inherit;"&gt;2024.&lt;/em&gt;&#160;The Company intends to finance these commitments with debt financing and own cash.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
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   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;12.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Stock Incentive Plan&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; May 2018,&#160;&lt;/em&gt;the Board of Directors approved the Company&#x2019;s &lt;em style="font: inherit;"&gt;2018&lt;/em&gt; equity incentive plan (the&#160;&lt;em style="font: inherit;"&gt;&#x201c;2018&lt;/em&gt;&#160;Plan&#x201d;). The&#160;&lt;em style="font: inherit;"&gt;2018&lt;/em&gt;&#160;Plan was administered by the Board of Directors which could make awards totaling in aggregate up to&#160;75,000&#160;shares, over&#160;10&#160;years after the&#160;&lt;em style="font: inherit;"&gt;2018&lt;/em&gt;&#160;Plan&#x2019;s adoption date. In &lt;em style="font: inherit;"&gt; November 2021, &lt;/em&gt;the Company&#x2019;s Board of Directors approved a new equity incentive plan (the &lt;em style="font: inherit;"&gt;"2021&lt;/em&gt; Plan") to replace the Company&#x2019;s &lt;em style="font: inherit;"&gt;2018&lt;/em&gt; Plan. The &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; Plan is also administered by the Board of Directors which can make awards totaling in aggregate up to 225,000 shares over 10 years after the &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; Plan's adoption date. The persons eligible to receive awards under the Company&#x2019;s equity incentive plans 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.&#160; Awards &lt;em style="font: inherit;"&gt; may &lt;/em&gt;be made under the &lt;em style="font: inherit;"&gt;2021&lt;/em&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.&#160;Details of awards granted under the &lt;em style="font: inherit;"&gt;2018&lt;/em&gt; Plan and the &lt;em style="font: inherit;"&gt;2021&lt;/em&gt; Plan during the &lt;em style="font: inherit;"&gt;three&lt;/em&gt;-year period ended &lt;em style="font: inherit;"&gt; December 31, 2023 &lt;/em&gt;are noted below.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;a)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 4, 2019 &lt;/em&gt;an award of 15,444 non-vested restricted shares, was made to 17 key persons of which 50% vested on &lt;em style="font: inherit;"&gt; July 1, 2020 &lt;/em&gt;and 50% vested on &lt;em style="font: inherit;"&gt; July 1, 2021; &lt;/em&gt;awards to officers and directors amounted to 8,713 shares and the remaining 6,731 shares were awarded to employees of Eurobulk.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;b)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 5, 2020 &lt;/em&gt;an award of 45,900 non-vested restricted shares, was made to 16 key persons of which 50% vested on &lt;em style="font: inherit;"&gt; November 16, 2021 &lt;/em&gt;and the remaining 50% vested on &lt;em style="font: inherit;"&gt; November 16, 2022; &lt;/em&gt;awards to officers and directors amounted to 27,100 shares and the remaining 18,800 shares were awarded to employees of Eurobulk.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;c)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 19, 2021 &lt;/em&gt;an award of 49,650 non-vested restricted shares, was made to 21 key persons of which 50% vested on &lt;em style="font: inherit;"&gt; July 1, 2022 &lt;/em&gt;and 50% vested on &lt;em style="font: inherit;"&gt; July 1, 2023; &lt;/em&gt;awards to officers and directors amounted to 27,700 shares and the remaining 21,950 shares were awarded to employees of Eurobulk.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;d)&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"&gt;On &lt;em style="font: inherit;"&gt; November 3, 2022 &lt;/em&gt;an award of 60,000 non-vested restricted shares, was made to 31 key persons of which 50% vested on &lt;em style="font: inherit;"&gt; November 16, 2023 &lt;/em&gt;and 50% will vest on &lt;em style="font: inherit;"&gt; November 15, 2024; &lt;/em&gt;awards to officers and directors amounted to 31,000 shares and the remaining 29,000 shares were awarded to employees of Eurobulk.&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;&lt;td style="vertical-align:middle;width:4%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 28px;"&gt;e)&lt;/td&gt;&lt;td style="vertical-align: top; width: 1432px;"&gt;On &lt;em style="font: inherit;"&gt; November 10, 2023 &lt;/em&gt;an award of 60,500 non-vested restricted shares, was made to 32 key persons of which 50% will vest on &lt;em style="font: inherit;"&gt; July 1, 2024 &lt;/em&gt;and 50% will vest on &lt;em style="font: inherit;"&gt; July 1, 2025; &lt;/em&gt;awards to officers and directors amounted to 31,000 shares and the remaining 29,500 shares were awarded to employees of Eurobulk.&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&#160;&lt;/p&gt;

   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;All non-vested restricted shares are conditional upon the grantee&#x2019;s continued service as an employee of the Company or Eurobulk or as a director of the Company until the applicable vesting date. The grantee does &lt;em style="font: inherit;"&gt;not&lt;/em&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;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The compensation cost that has been charged against income for awards was $182,324, $951,385 and $1,083,414, for the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; 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.&#160;There were no forfeitures of non-vested shares during the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023.&lt;/em&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;A summary of the status of the Company&#x2019;s non-vested shares as of &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; and the movement during the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; are presented below:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Non-vested Shares&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Weighted-Average&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Grant-Date Fair Value&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2021&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;53,303&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;3.46&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;49,650&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;26.26&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Vested&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(30,360&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;3.47&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2021&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;72,593&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;19.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2022&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;72,593&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;19.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;60,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;18.98&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Vested&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(48,350&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;17.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2022&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;84,243&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;20.15&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2023&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;84,243&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;20.15&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;60,500&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;23.92&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2023&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;90,993&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;21.41&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Non-vested Shares&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Number of shares&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Weighted-Average&lt;/b&gt;&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Grant-Date Fair Value&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2021&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;53,303&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;3.46&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;49,650&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;26.26&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Vested&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(30,360&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;3.47&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2021&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;72,593&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;19.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2022&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;72,593&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;19.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;60,000&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;18.98&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Vested&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(48,350&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;17.05&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2022&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;84,243&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;20.15&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on January 1, 2023&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;84,243&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;20.15&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Granted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;60,500&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;23.92&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Vested&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(53,750&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;22.26&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Non-vested on December 31, 2023&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;90,993&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;21.41&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   </us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock>
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    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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      id="c111385794"
      unitRef="Share">30360</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>
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      unitRef="USDPerShare">3.47</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue>
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      id="c111385796"
      unitRef="Share">72593</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber>
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      unitRef="USDPerShare">19.05</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
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      unitRef="USDPerShare">19.05</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
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      id="c111385800"
      unitRef="Share">60000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
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      contextRef="d_2022-01-01_2022-12-31_AwardTypeAxis-RestrictedStockMember"
      decimals="INF"
      id="c111385801"
      unitRef="USDPerShare">18.98</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
    <us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
      contextRef="d_2022-01-01_2022-12-31_AwardTypeAxis-RestrictedStockMember"
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      id="c111385802"
      unitRef="Share">48350</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod>
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      contextRef="d_2022-01-01_2022-12-31_AwardTypeAxis-RestrictedStockMember"
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      unitRef="USDPerShare">20.15</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue>
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      id="c111385810"
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      decimals="INF"
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   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;em style="font: inherit;"&gt;13.&lt;/em&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="vertical-align: top; width: 97%;"&gt; &lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;Earnings Per Share&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Basic and diluted earnings per common share is computed as follows:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Income:&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Net income&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;42,963,660&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;106,244,916&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;114,549,279&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Dividends to Series B preferred shares&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(255,324&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Preferred deemed dividend&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(345,628&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Net income attributable to common shareholders&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;42,362,708&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;106,244,916&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;114,549,279&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Weighted average common shares &#x2013;outstanding, basic&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,976,905&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,181,561&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,931,280&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Basic earnings per share&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;6.07&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;14.79&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;16.53&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Effect of dilutive securities:&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Dilutive effect of non-vested shares&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;16,500&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;8,546&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,780&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Weighted average common shares &#x2013;outstanding, diluted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,993,405&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,190,107&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,936,060&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Diluted earnings per share&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;6.06&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;14.78&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;16.52&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;For the years ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;&lt;em style="font: inherit;"&gt;2022&lt;/em&gt; and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the denominator of the diluted earnings per share calculation includes 16,500, 8,546 and 4,780 common shares, respectively, being the number of incremental shares assumed issued under the treasury stock method.&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&#160;&lt;/p&gt;


   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
  </us-gaap:EarningsPerShareTextBlock>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625764">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Income:&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Net income&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;42,963,660&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;106,244,916&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;114,549,279&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Dividends to Series B preferred shares&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(255,324&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Preferred deemed dividend&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;(345,628&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Net income attributable to common shareholders&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;42,362,708&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;106,244,916&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;114,549,279&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Weighted average common shares &#x2013;outstanding, basic&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,976,905&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,181,561&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,931,280&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Basic earnings per share&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;6.07&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;14.79&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;16.53&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Effect of dilutive securities:&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Dilutive effect of non-vested shares&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;16,500&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;8,546&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,780&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Weighted average common shares &#x2013;outstanding, diluted&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,993,405&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,190,107&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;6,936,060&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Diluted earnings per share&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;6.06&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;14.78&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&lt;b&gt;16.52&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="10" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Year ended December 31,&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Voyage expenses&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Port charges and canal dues&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;253,855&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;523,943&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;665,090&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Bunkers&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;370,879&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,952,911&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;619,285&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;624,734&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,476,854&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,284,375&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Vessel operating expenses&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Crew wages and related costs&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;15,961,904&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;19,170,601&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;20,700,810&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Insurance&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,917,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,364,430&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,788,264&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Repairs and maintenance&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,247,176&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,563,886&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,607,116&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Lubricants&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,471,994&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;3,426,772&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;3,916,827&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Spares and consumable stores&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;5,784,004&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,443,502&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;8,625,958&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Professional and legal fees&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;212,108&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;272,142&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;585,336&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Other&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,145,209&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,425,858&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,779,844&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;29,739,437&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;37,667,191&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;42,004,155&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
  </esea:VesselVoyageAndOperatingExpensesTextBlock>
    <esea:ScheduleOfVoyageVesselOperatingExpensesAndCommissionsTableTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625766">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="10" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Year ended December 31,&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 55%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Voyage expenses&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Port charges and canal dues&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;253,855&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;523,943&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;665,090&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Bunkers&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;370,879&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,952,911&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;619,285&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;624,734&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;2,476,854&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;1,284,375&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Vessel operating expenses&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Crew wages and related costs&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;15,961,904&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;19,170,601&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;20,700,810&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Insurance&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,917,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,364,430&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;4,788,264&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Repairs and maintenance&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,247,176&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,563,886&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;1,607,116&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Lubricants&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;2,471,994&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;3,426,772&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;3,916,827&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Spares and consumable stores&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;5,784,004&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;7,443,502&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;8,625,958&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Professional and legal fees&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;212,108&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;272,142&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;585,336&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Other&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,145,209&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,425,858&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,779,844&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;29,739,437&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;37,667,191&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;42,004,155&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
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    <esea:VoyageExpenses
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      unitRef="USD">253855</esea:VoyageExpenses>
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      contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-PortChargesAndCanalDuesMember"
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      unitRef="USD">523943</esea:VoyageExpenses>
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      contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-PortChargesAndCanalDuesMember"
      decimals="INF"
      id="c111385845"
      unitRef="USD">665090</esea:VoyageExpenses>
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      contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-BunkersMember"
      decimals="INF"
      id="c111385846"
      unitRef="USD">370879</esea:VoyageExpenses>
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      contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-BunkersMember"
      decimals="INF"
      id="c111385847"
      unitRef="USD">1952911</esea:VoyageExpenses>
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      contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-BunkersMember"
      decimals="INF"
      id="c111385848"
      unitRef="USD">619285</esea:VoyageExpenses>
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      contextRef="d_2021-01-01_2021-12-31"
      decimals="INF"
      id="c111385849"
      unitRef="USD">624734</esea:VoyageExpenses>
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      contextRef="d_2022-01-01_2022-12-31"
      decimals="INF"
      id="c111385850"
      unitRef="USD">2476854</esea:VoyageExpenses>
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      contextRef="d_2023-01-01_2023-12-31"
      decimals="INF"
      id="c111385851"
      unitRef="USD">1284375</esea:VoyageExpenses>
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      contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-CrewWagesAndRelatedCostsMember"
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      id="c111385852"
      unitRef="USD">15961904</us-gaap:OperatingCostsAndExpenses>
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      contextRef="d_2022-01-01_2022-12-31_NatureOfExpenseAxis-CrewWagesAndRelatedCostsMember"
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      id="c111385853"
      unitRef="USD">19170601</us-gaap:OperatingCostsAndExpenses>
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      contextRef="d_2023-01-01_2023-12-31_NatureOfExpenseAxis-CrewWagesAndRelatedCostsMember"
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      unitRef="USD">20700810</us-gaap:OperatingCostsAndExpenses>
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      contextRef="d_2021-01-01_2021-12-31_NatureOfExpenseAxis-InsuranceMember"
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      id="c111385855"
      unitRef="USD">2917042</us-gaap:OperatingCostsAndExpenses>
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;On &lt;em style="font: inherit;"&gt; October 12, 2021, &lt;/em&gt;the Company entered into one interest rate swap contract with Eurobank for a notional amount of $10.0 million, with inception date on &lt;em style="font: inherit;"&gt; November 1, 2021 &lt;/em&gt;and maturity date on &lt;em style="font: inherit;"&gt; November 1, 2025. &lt;/em&gt;Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the &lt;em style="font: inherit;"&gt;3&lt;/em&gt;-month LIBOR while the Company paid a fixed rate of 1.09% based on the relevant notional amount. The Company terminated this contract on &lt;em style="font: inherit;"&gt; June 26, 2023, &lt;/em&gt;before its maturity date, due to the significant increase in the interest rates, realizing a gain at the date of the termination of $846,000.&lt;/p&gt;
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&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Current assets &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,142,682&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Long - term assets &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,669,244&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total derivative assets&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;3,811,926&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Current liabilities &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Long-term liabilities &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total derivative liabilities&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;224,180&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 33%; border-width: 1px; border-style: solid; border-color: black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Derivatives not designated as hedging instruments &lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 22%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Location of gain / (loss) recognized&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&#x2013; Unrealized gain / (loss)&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(Loss) / gain on derivatives, net&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;153,835&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,223,839&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(4,036,107&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts- Realized (loss) / gain&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(Loss) / gain on derivatives, net&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(180,976&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;131,818&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,214,235&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total net (loss) / gain on interest rate swap contracts&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(27,141&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;4,355,657&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;178,128&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;


   &lt;table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; width: 100%;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="width: 100%;"&gt;&lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
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      id="c111386746"
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      decimals="INF"
      id="c111386747"
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    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 42.5%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Derivatives not designated as hedging instruments &lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 27.5%; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Balance Sheet Location&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Current assets &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;1,142,682&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Long - term assets &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;2,669,244&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total derivative assets&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;3,811,926&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Current liabilities &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;Long-term liabilities &#x2013; Derivatives&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total derivative liabilities&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;-&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;224,180&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   </us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock>
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      decimals="INF"
      id="c111385879"
      unitRef="USD">1142682</us-gaap:DerivativeAssetsCurrent>
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      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385880"
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      contextRef="i_2022-12-31"
      decimals="INF"
      id="c111385882"
      unitRef="USD">2669244</us-gaap:DerivativeAssetsNoncurrent>
    <us-gaap:DerivativeAssetsNoncurrent
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      id="c111385883"
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      id="c111385885"
      unitRef="USD">3811926</us-gaap:DerivativeAssets>
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      id="c111385886"
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      decimals="INF"
      id="c111385889"
      unitRef="USD">56042</us-gaap:DerivativeLiabilitiesCurrent>
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      contextRef="i_2023-12-31"
      decimals="INF"
      id="c111385895"
      unitRef="USD">224180</us-gaap:DerivativeLiabilities>
    <us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock contextRef="d_2023-01-01_2023-12-31" id="c2625769">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 33%; border-width: 1px; border-style: solid; border-color: black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Derivatives not designated as hedging instruments &lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; width: 22%; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Location of gain / (loss) recognized&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2021&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-top: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;Year Ended December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-top: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts&#x2013; Unrealized gain / (loss)&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(Loss) / gain on derivatives, net&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;153,835&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,223,839&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(4,036,107&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;)&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts- Realized (loss) / gain&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;em style="font: inherit;"&gt;(Loss) / gain on derivatives, net&lt;/em&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;(180,976&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;)&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;131,818&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;4,214,235&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Total net (loss) / gain on interest rate swap contracts&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&lt;em style="font: inherit;"&gt;&#160;&lt;/em&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;(27,141&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;4,355,657&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;&#160;&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&lt;b&gt;178,128&lt;/b&gt;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and amount due from related company. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, accrued expenses, derivatives and amount due to related company.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&lt;b&gt;&lt;i&gt;Interest rate risk &lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;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 agreed 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 bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note &lt;em style="font: inherit;"&gt;15&lt;/em&gt; they do &lt;em style="font: inherit;"&gt;not&lt;/em&gt; qualify for hedge accounting, under the guidance relating to &lt;i&gt;Derivatives and Hedging&lt;/i&gt;, as the Company does &lt;em style="font: inherit;"&gt;not&lt;/em&gt; have currently 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 recognizes the change in fair value of these derivatives in the &#x201c;(Loss) / gain on derivatives, net&#x201d; in the consolidated statements of operations. As of &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;the Company had &lt;span style="-sec-ix-hidden:c111386768"&gt;one&lt;/span&gt; open swap contract for a notional amount of $20.0 million and hence, the Company is exposed to increases in interest rates on the remaining amount of its interest-bearing debt.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Concentration of credit risk&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&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 quality 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 &lt;em style="font: inherit;"&gt;not&lt;/em&gt; require collateral for its trade accounts receivable as the Company in most cases gets paid in advance. The Company&#160;&lt;em style="font: inherit;"&gt; may&#160;&lt;/em&gt;be exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Fair value of financial instruments&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;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.&#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 &lt;em style="font: inherit;"&gt;one&lt;/em&gt; of the following &lt;em style="font: inherit;"&gt;three&lt;/em&gt; categories:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Level &lt;em style="font: inherit;"&gt;1:&lt;/em&gt; Quoted market prices in active markets for identical assets or liabilities;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Level &lt;em style="font: inherit;"&gt;2:&lt;/em&gt; Observable market based inputs or unobservable inputs that are corroborated by market data;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;Level &lt;em style="font: inherit;"&gt;3:&lt;/em&gt; Unobservable inputs that are &lt;em style="font: inherit;"&gt;not&lt;/em&gt; corroborated by market data.&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The estimated fair values of the Company&#x2019;s financial instruments such as cash and cash equivalents and restricted cash, trade account payable, accrued expenses and amount due from / to related company approximate their individual carrying amounts as of &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level &lt;em style="font: inherit;"&gt;1&lt;/em&gt; items as they represent liquid assets with short-term maturities. The fair value of the Company&#x2019;s long-term bank loans, bearing interest at variable interest rates approximates their recorded values as of &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;due to the variable interest rate nature thereof. SOFR 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;em style="font: inherit;"&gt;2&lt;/em&gt; items in accordance with the fair value hierarchy due to their variable interest rate.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;The fair value of the Company&#x2019;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based SOFR swap rates.&#160;SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level &lt;em style="font: inherit;"&gt;2&lt;/em&gt; items. The fair values of the interest rate swaps determined through Level &lt;em style="font: inherit;"&gt;2&lt;/em&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;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;&lt;b&gt;&lt;i&gt;Recurring Fair Value Measurements&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="14" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Fair Value Measurement as of December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 52%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;span style="text-decoration: underline; "&gt;Liabilities&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, current portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, long-term portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="14" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Fair Value Measurement as of December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 52%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;span style="text-decoration: underline; "&gt;Assets&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, current portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;1,142,682&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;1,142,682&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, long-term portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;2,669,244&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;2,669,244&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;"&gt;&lt;tbody&gt;&lt;tr&gt;&lt;td style="vertical-align: top; width: 97%;"&gt;&lt;p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;b&gt;&lt;i&gt;Asset Measured at Fair Value on a Non-recurring Basis &lt;/i&gt;&lt;/b&gt;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; September 2023, &lt;/em&gt;the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels as of &lt;em style="font: inherit;"&gt; September 30, 2023. &lt;/em&gt;The review indicated that such carrying amount was &lt;em style="font: inherit;"&gt;not&lt;/em&gt; recoverable for M/V &#x201c;Jonathan P&#x201d;. Details of the impairment charge are noted in the table below:&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 70%; border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Significant Other Observable Inputs (Level 2) (amounts in $million)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-top: 1px solid black; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Loss &lt;/b&gt;&lt;/p&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(amounts in $million)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-top: 1px solid black; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;M/V Jonathan P&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;7.1&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black; border-left: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt;13.8&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black; border-right: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;The fair value is based on the Company&#x2019;s best estimate of the value of the respective vessel on a time charter free basis, and is supported by vessel valuation as of &lt;em style="font: inherit;"&gt; September 30, 2023, &lt;/em&gt;which was mainly based on recent sales and purchase transactions of similar vessels. The Company recognized a total impairment loss of $13.8 million, which was included in the consolidated statement of operations for the year ended &lt;em style="font: inherit;"&gt; December 31, 2023. &lt;/em&gt;The carrying value of M/V &#x201c;Jonathan P&#x201d;, following depreciation of $0.2 million for the &lt;em style="font: inherit;"&gt;fourth&lt;/em&gt; quarter of &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; amounted to $6.9 million.&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;The Company did &lt;em style="font: inherit;"&gt;not&lt;/em&gt; have any other assets or liabilities measured at fair value on a non-recurring basis during the years ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023.&lt;/em&gt;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&lt;/p&gt;
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    <us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
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      id="c1441B2BE-DD24-49DE-B2AF-5F9B84B77D0A">
    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="14" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid black;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Fair Value Measurement as of December 31, 2023&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 52%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;span style="text-decoration: underline; "&gt;Liabilities&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, current portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;56,042&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;Interest rate swap contracts, long-term portion&lt;/p&gt; &lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;$&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;168,138&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;-&lt;/td&gt;&lt;td style="width: 1%; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/tbody&gt;&lt;/table&gt;

    &lt;table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; text-indent: 0px;"&gt;&lt;tbody&gt;&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="14" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Fair Value Measurement as of December 31, 2022&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: center; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 1)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 2)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid black;"&gt;&#160;&lt;/td&gt;&lt;td colspan="2" style="text-align: right; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: right; margin: 0pt;"&gt;&lt;b&gt;(Level 3)&lt;/b&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; width: 52%;"&gt; &lt;p style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"&gt;&lt;span style="text-decoration: underline; "&gt;Assets&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;td style="font-family: &amp;quot;Times New Roman&amp;quot;, Times, serif; font-size: 10pt;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;As per the Company&#x2019;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.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;Each outstanding share of common stock is entitled to &lt;em style="font: inherit;"&gt;one&lt;/em&gt; vote, either in person or by proxy, on all matters that &lt;em style="font: inherit;"&gt; may &lt;/em&gt;be voted upon by their holders at meetings of the shareholders. Subject to preferences that &lt;em style="font: inherit;"&gt; may &lt;/em&gt;be applicable to any outstanding preferred shares, holders of the Company&#x2019;s 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 &lt;em style="font: inherit;"&gt;not&lt;/em&gt; have preemptive, subscription or conversion rights or redemption or sinking fund provisions. All issued shares of the Company&#x2019;s 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;em style="font: inherit;"&gt; may &lt;/em&gt;issue in the future.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;During&#160;&lt;em style="font: inherit;"&gt; February 2021,&#160;&lt;/em&gt;following the Company&#x2019;s prospectus supplement filed with the SEC on&#160;&lt;em style="font: inherit;"&gt; May 12, 2020,&#160;&lt;/em&gt;as further supplemented by the prospectus dated&#160;&lt;em style="font: inherit;"&gt; May 29, 2020&#160;&lt;/em&gt;and&#160;&lt;em style="font: inherit;"&gt; February 3, 2021&#160;&lt;/em&gt;the Company issued and sold&#160;82,901&#160;shares of common stock at-the-market (ATM) for gross proceeds net of commissions of $0.74&#160;million.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"&gt;On &lt;em style="font: inherit;"&gt; June 30, 2021, &lt;/em&gt;the Company converted the remaining outstanding 6,365 Series B Preferred Shares into common stock by issuing 453,044 shares covering the full redemption of the remaining Series B Preferred Shares amounting to $6.365 million.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In addition, during the year ended &lt;em style="font: inherit;"&gt; December 31, 2021, &lt;/em&gt;the Company issued 49,650 common shares to the Company&#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note &lt;em style="font: inherit;"&gt;12&lt;/em&gt;).&lt;/p&gt;
   &lt;p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"&gt;&#160;&lt;/p&gt;
   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; May 2022, &lt;/em&gt;the Company&#x2019;s Board of Directors approved a share repurchase program for up to a total of $20&#160;million of the Company's common stock. The original repurchase program approved in &lt;em style="font: inherit;"&gt; May 2022 &lt;/em&gt;had an initial duration of &lt;em style="font: inherit;"&gt;12&lt;/em&gt; months and was extended in &lt;em style="font: inherit;"&gt; May 2023 &lt;/em&gt;for an additional &lt;em style="font: inherit;"&gt;12&lt;/em&gt;-month period. Share repurchases will be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. The program does&#160;&lt;em style="font: inherit;"&gt;not&lt;/em&gt;&#160;require the Company to purchase any specific number or amount of shares and&#160;&lt;em style="font: inherit;"&gt; may&#160;&lt;/em&gt;be suspended or reinstated at any time at the Company's discretion and without notice. During the year ended &lt;em style="font: inherit;"&gt; December 31, 2022, &lt;/em&gt;the Company repurchased under its share repurchase program and cancelled 238,335 shares of common stock, in open market transactions, for an aggregate consideration of approximately $5.03 million. During the year ended &lt;em style="font: inherit;"&gt; December 31, 2023, &lt;/em&gt;the Company repurchased under its share repurchase program and cancelled 162,375 shares of common stock, in open market transactions, for an aggregate consideration of approximately $3.15 million.&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In addition, during the years ended &lt;em style="font: inherit;"&gt; December 31, 2022 &lt;/em&gt;and &lt;em style="font: inherit;"&gt;2023,&lt;/em&gt; the Company issued 60,000 common shares and 60,500 common shares, respectively, to the Company&#x2019;s directors and officers and employees of the Manager in connection with its equity incentive plans (Note &lt;em style="font: inherit;"&gt;12&lt;/em&gt;).&lt;/p&gt;
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   &lt;p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"&gt;In &lt;em style="font: inherit;"&gt; May 2022, &lt;/em&gt;the Board of Directors reinstated the Company&#x2019;s common stock dividend plan. In the year ended &lt;em style="font: inherit;"&gt; December 31, 2022, &lt;/em&gt;the Company declared and paid a dividend of $0.50 per share of common stock in each of &lt;em style="font: inherit;"&gt; May, &lt;/em&gt;&lt;em style="font: inherit;"&gt; August &lt;/em&gt;and &lt;em style="font: inherit;"&gt; November &lt;/em&gt;amounting to $10.87 million. In the year ended &lt;em style="font: inherit;"&gt; December 31, 2023 &lt;/em&gt;the Company declared a dividend of &lt;span style="-sec-ix-hidden:c111386830"&gt;&lt;span style="-sec-ix-hidden:c111386956"&gt;&lt;span style="-sec-ix-hidden:c111386960"&gt;&lt;span style="-sec-ix-hidden:c111386959"&gt;&lt;span style="-sec-ix-hidden:c111386958"&gt;&lt;span style="-sec-ix-hidden:c111386957"&gt;$0.50&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt; per share of common stock in each of &lt;em style="font: inherit;"&gt; February, &lt;/em&gt;&lt;em style="font: inherit;"&gt; May, &lt;/em&gt;&lt;em style="font: inherit;"&gt; August &lt;/em&gt;and &lt;em style="font: inherit;"&gt; November &lt;/em&gt;that were respectively paid on &lt;em style="font: inherit;"&gt; May, &lt;/em&gt;&lt;em style="font: inherit;"&gt; June, &lt;/em&gt;&lt;em style="font: inherit;"&gt; September &lt;/em&gt;and &lt;em style="font: inherit;"&gt; December 2023, &lt;/em&gt;amounting to $14.02 million.&lt;/p&gt;
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&lt;tr&gt;&lt;td style="vertical-align: top; width: 3%; padding: 0pt; text-align: right;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 1%;"&gt;&#160;&lt;/td&gt;&lt;td style="vertical-align: top; width: 96%;"&gt;&#160;&lt;/td&gt;&lt;/tr&gt;
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On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. (&#x201c;Piraeus&#x201d;) for an amount of $32,000,000. 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 November 18, 2019. The loan was 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 payable together with the last instalment in November 2023. The loan bore interest at SOFR plus a margin of 3.50%.

On November 26, 2021, the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on November 29, 2021 drew the amount of $16,500,000 in order to finance general corporate needs of the Company. The loan was payable in sixteen consecutive quarterly instalments, the first four in the amount of $1,500,000 each, the next eleven in the amount of $560,000 each and a final balloon instalment of $4,340,000. The loan bore interest at SOFR plus a margin of 2.60%. The Company paid loan arrangement fees of $115,000 within 2021 for this loan.







F- 31



Euroseas Ltd. and Subsidiaries

Notes to consolidated financial statements

as of December 31, 2022 and 2023 and for the

years ended December 31, 2021, 2022 and 2023

(All amounts expressed in U.S. Dollars)



9.

Long-Term Bank Loans &#x2013; continued




 	 	On July 13, 2023, the Company signed and drew a new term loan facility with Piraeus of $40,000,000  in order to refinance all the outstanding amounts of the two previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in sixteen consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in July 2027. A margin of 0.9% above SOFR is applicable to the portion of the loan equivalent to the Company&#x2019;s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 2.25% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V "Synergy Antwerp&#x201d;, M/V "Synergy Busan&#x201d;, M/V "Synergy Keelung&#x201d; and M/V "Synergy Oakland&#x201d;, (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within 2023 for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.</link:footnote>
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        <link:loc
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        <link:loc
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        <link:footnote id="fe5f6b03f-3d60-4534-9ce9-41814fb1f400" xlink:label="fe5f6b03f-3d60-4534-9ce9-41814fb1f400" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-us">On September 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (&#x201c;Sinopac&#x201d;) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V &#x201c;Aegean Express&#x201d; and M/V &#x201c;EM Corfu&#x201d;, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V &#x201c;Aegean Express&#x201d; and M/V &#x201c;EM Corfu&#x201d;, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan.</link:footnote>
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        <link:footnoteArc
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        <link:loc
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        <link:loc
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        <link:footnote id="f029b2fd1-859c-440d-baed-3703836fd6cd" xlink:label="f029b2fd1-859c-440d-baed-3703836fd6cd" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-us">On  March 30, 2023, the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0 million or up to 67% of the vessel&#x2019;s market value, in order to finance part of the construction cost of M/V &#x201c;Gregos&#x201d; (Hull No. 4201). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on March 31, 2023. The loan is payable in twenty-eight consecutive quarterly instalments, twelve in the amount of $700,000 and sixteen in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in March 2030. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) first priority mortgage over M/V "Gregos", (ii) first assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</link:footnote>
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        <link:loc
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        <link:footnote id="fd5915dd7-6ec0-4979-936a-d792e3679592" xlink:label="fd5915dd7-6ec0-4979-936a-d792e3679592" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-us">On May 30, 2019, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#x201c;Eurobank&#x201d;) in relation to the financing of M/V &#x201c;EM Astoria&#x201d; and M/V &#x201c;Evridiki G&#x201d; totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in 16 equal consecutive quarterly principal installments of $375,000 followed by a balloon amount of $6,000,000 payable together with the last principal installment in May 2023. The margin of the loan was 3.90% over the Secured Overnight Financing Rate, or &#x201c;SOFR&#x201d;. On June 26, 2020, Eurobank agreed to defer the amount of $1,125,000 (the remaining three installments of 2020) to be repaid together with the balloon payment in May 2023, increasing the balloon amount to $7,125,000. The loan was secured with (i) first priority mortgages over M/V &#x201c;Evridiki G&#x201d; and M/V &#x201c;EM Astoria&#x201d;, (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. On May 30, 2023, Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7,500,000, by using the Company&#x2019;s own funds and became unencumbered.</link:footnote>
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        <link:footnote id="f90527a34-b3f3-4648-8847-dfa2fb61b062" xlink:label="f90527a34-b3f3-4648-8847-dfa2fb61b062" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-us">On  June 29, 2023, the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V &#x201c;Terataki&#x201d; (Hull No. 4202). The loan is payable in twenty-four consecutive quarterly instalments, twelve in the amount of $800,000 and twelve in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in June 2029. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) first priority mortgage over M/V "Terataki", (ii) first assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company.</link:footnote>
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        <link:footnote id="fe10fb9f1-5fad-4a2b-9d82-7352a9516015" xlink:label="fe10fb9f1-5fad-4a2b-9d82-7352a9516015" 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. (&#x201c;HSBC&#x201d;) for an amount of $12,500,000. 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 August 8, 2019. The loan was payable in fourteen consecutive equal quarterly installments of $450,000 plus a balloon payment of $6,200,000 payable together with the last instalment in February 2023. The loan bore interest at SOFR plus a margin of 2.95%. The loan was secured with (i) first priority mortgages over M/V &#x201c;EM Hydra&#x201d;, M/V &#x201c;EM Kea&#x201d; and M/V &#x201c;EM Spetses&#x201d; (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. On February 6, 2023, the Company repaid the full amount of outstanding indebtedness amounting to $6,650,000, by using the Company&#x2019;s own funds and the three abovementioned vessels became unencumbered.</link:footnote>
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        <link:footnote id="feb59904f-6bd9-466b-967a-ff61960e0ebc" xlink:label="feb59904f-6bd9-466b-967a-ff61960e0ebc" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-us">On December 14, 2021, the Company signed a term loan facility with Eurobank Ergasias S.A. (&#x201c;Eurobank&#x201d;), and a loan of $34,000,000 was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V &#x201c;Marcos V&#x201d;. The loan is payable in sixteen consecutive quarterly installments, comprising twelve installments of $2,000,000 followed by four installments of $750,000 each and by a balloon payment of $7,000,000 payable together with the last installment in December 2025. The loan bears interest at SOFR plus a margin of 2.80%. The loan is secured with the following: (i) first priority mortgage over M/V &#x201c;Marcos V&#x201d;, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 within 2022 for this loan.</link:footnote>
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